Went into this company at 16.4p this morning and added twice, its now up 29% and could go a lot futher over the next few days. Of all the gold juniors I thought it to be the most undervalued this morning. It is a company that as issued shares after shares, but as POG continues to stay strong and rise I feel this one will go from strength to strength. It has been over I think 32p already this year so thats the benchmark for the price.

REMEMBER this is a gamble and just that, there are no re- assurances from me on this one. If you like the story please DYOR and remember youd better be quick the way its shooting forward.

You are responsible for your own buying and selling actions.

cheers GF.

Its now up 31% and looking stronger.

gf.

Now up 42 % and looking very strong. There is news in the market that Dines letter ( a tip sheet type thing) over in America and here put a sell note on these very recently. With that being the case shorters running for cover will be helping push the price up, and dont forget there will be a lot out at work and wont know whats happened until they get home.

We could be in for a very interesting few days. But remember it is a gamble and not one of my usual long termers.

cheers GF.

you posted it just as i was going to. my broker did not deal in this stock,so i was unable to buy and missed out.Good luck to you gf.stock is flying now.

Talk about luck aswel blimey just look at this, I swear I did not have this info when I went in and bought it this morning. Think Ill have a quid on the daily lottery.

Thistle Mining Inc.
13 November 2003



Thistle Mining Inc.

Success at the Eldorado Massive Project
6.3 Tonnes of Gold Added to the Resource Category


Toronto, 13 November 2003. (TSX:THT, AIM:TMG) The directors of Thistle Mining
are pleased to announce the discovery of two significant resource blocks in the
Eldorado Reef Package at the President Steyn complex in South Africa. The
blocks have been identified as a part of the on-going compilation and
interpretation of historical data received during 2003. The results to date
have arisen from examination of a strike length of 150 metres out of a total
area of 2.5 kilometres.


The resource consists of two blocks, totalling 740,000 tonnes with an in-situ
grade of 8.5 grammes per tonne. The blocks are situated at the top end of the
Northern section of the mine approximately two and a half kilometres from the
Steyn Three shaft.


The first block, 'Line 65; Block #1' comprises vertically stacked thick
auriferous reef packages 12.5 metres wide between the EA1 - EA5 units. The
North - South strike length of this block is 150 metres. The resource sits
between the 52 and 54 levels of the mine site giving a vertical depth of 100
metres.


The second block, 'Line 65; Block #2' is twenty metres above Block #1 and
comprises a 15 metre wide reef package developed between the EA7 - EA 7A units.
The down dip extension in the East - West direction is 125 metres.


A programme of sixteen drill holes will be undertaken to lift the indicated
resource to the measured category, prior to the commencement of mining. It is
anticipated that mining of the newly identified blocks, utilising existing
infrastructure, will commence in approximately three months time (following
completion of an operating mine plan). Once this mining commences, it is
estimated that approximately 20,000 tonnes per month will be produced from the
blocks. The company has yet to decide whether to expand its own workforce to
mine these blocks or to use contract miners at a cost of approximately ZAR 250
per tonne. The ore will be treated at the Southern Section process plant in the
short term.


Commenting on the results Mr William McLucas said 'This initial discovery covers
only a small part of what we currently believe to be a much larger ore body. It
is very good news indeed to be able to commence mining from the area in the
short term. This high grade ore will be very profitable to treat, even at this
prevailing high Rand exchange rate.'


Peter Camden-Smith, (M.Sc. (UCT); G.D.Eng. (Wits); M.B.L. (Unisa); Pr.Sci.Nat.)
the Company's independent consulting geologist, commenting on the results to
date said 'This is a very encouraging start to the programme we planned in late
2002 of targeting the multi million ounce potential of the Eldorado Reef
system.'


The full report from the Company's independent geologist will be available
shortly on the Company's web site
www.thistlemining.com
and on SEDAR.



For further information contact:


Willie McLucas
President and CEO


William.mclucas@thistlemining.com
+ 44 131 557 6222


+ 44 7836 638 912


or



Harvey McKenzie
Chief Financial Officer


Harvey.mckenzie@thistlemining.com

+ 1 416 594 3293




This information is provided by RNS
The company news service from the London Stock Exchange



cheers gf.

With the price of gold going up I've been looking for another gold share to add to my holdings in Golden Prospect ( GOL ) and Oxus ( OXS ). Despite the fact that the price has gone North today I think this one has a lot further to go. Thanks GF.

Congratulations.

I particularly like the last 2 paragraphs ------independent consulting geologist
rgds ajren

What are your lottery numbers. Another fantastic call Goldfinger, you're peerless!

well done GF you are the best....
I didn't think twice just jump in at 21p (I like risk, you either make a lot or lose what you where prepared to loose...)

keep them coming...

Ciao

A report guys i gave out 2 mins ago on another site. please, please DYOR and keep your eye on the price and POG. Here it is.



Yup I agree to a certain point on that report CW, but the fact is nobody as made any profits on this one for a while ie, the winter, until today. Like ive said all along its a gamble and so are other gold stocks, but the trend is up and I can give you reasons why this may continue with this stock...........


1. POG is up and rising.

2. The company have reported late today very positive results on two workings.

3. This company as I said this morning looked well undervalued and early buying before the RNS proved that.

4. The South African Currency the rubble is now going agaist the dollar, in other words positive for us, can anybody clarify that please???.

5. Shorters are held in a bear trap and and are trying to get free. YES THEY HAVE TO BUY THEM BACK, and from what I have heard theres a lot out there.

Conclusion - this is still very high risk, but the RNS from CW this afternoon which came out of the blue and I mean that ( i was not aware of it until CW posted) brings the risk down an awfull lot.

How will they go in the morning, ??, up I would say for at least two days but as usual I am only human I could be way off. But I know where my early money is going.

DYOR.

Please look after yourselfs freinds, this business is cut throat. The last thing I want is anybody losing out on a gain or a nice gain. Keep your eyes peeled to the screen and keep checking POG. IF it does drift downwards and POG is going north think twice about selling. Its what you want as a profit.

Im just trying to help us all to an early xmas present.

cheers GF.

After tonights news there is a very big chance that these babes will move very higher, but please dont miss the action.

GF.

Looks like its 33p pdq and if it gets thro that then Gawd knows wher its going.
With CDN more than quadrulpling on similar news, could easily blast to new highs.

GF's right-33p minimum target, then off it go...
I add some more at 24.70 + 25

Ciao

looking good
GOL goin for it too having consolidated around 30p for a month

Think your right Guys. I first called it an out and out gamble yesterday morning but that RNS which i didnt know of until about 4.15 certainly reduces the risk on this one. At this price I do beleive it is as cheap as chips.

I have added twice through different stockbrokers this morning as I cant get the full whack I want. Do not know if they are short I am not that type that comes out with that type of statement which we always see banded about, but it maybe the case.

Anyway I think theres a lot more upside in these but please DYOR.

cheers GF.

By the way I forgot dont think for one moment this price increase is over, because its not. Dont forget they have quite a distance to move yet to their yearly highs. The opportunitys there go for it, but as usual DYOR.

cheers slater.

Profit taking in Canada pulled this one down as the day went on. If POG stays up its still worth sticking in there for more upside.

cheers GF.

GF,

Like Thistle, but wary of S.African gold stocks at the moment, so only watching, god luck though.

You mean the dollar v the rand ??, and its implications????.

cheers gf.

I am SURE Andy meant the dollar vs the rand and it's implications! It's no longer enough to have great production and huge resources, unfortunately, if you operate in a country which has a very strong currency against the dollar.

In spite of last week's upbeat news, go and look at the company's numbers. The latest financials are available from their website, and are well presented and easy to read. Alternatively you can find them at www.sedar.com, as Thistle is dual listed.

This was one of my favourites at the beginning of the year, but in spite of their currency hedging, and consequent massive debt repayment (which is continuing), the strength of the rand has trashed Thistle's profits over the last 6 quarters, and driven their mining CASH costs up to $399 an ounce by the end of their 1st half in June.

They registered a loss for the first half of over $2.1 million, compared with a profit for the first half of the previous year of $5.7 million. That was with turnover up by 50% to $34.8 million from $23.5 million.

They desperately need those new gold resources and reserves, because only by increasing throughput can they bring down unit costs. Recent moves with the trades unions to improve working practices may also help. And I understand that they currently have - or are about to have - outside consultants to study mining practice at President Steyn and advise on improvements.

Willie McLucas is a sharp cookie, and the company has great promise. He has just raised another $24 million in convertible loan notes to finance the Massives and Masbate, but while the rand stays strong, he will have a very hard row to hoe to start getting back into profit before Masbate, with its lower costs, comes on stream in 2005. He has been quoted as saying that $400+ gold and a rand standing at 10 to $1 could put him back into profit in S Africa. We may soon have $400 gold, but the dollar is still very, very weak against the rand....

Q3 numbers are due out any time, and I cannot see them being good.

Thanks for that well informed piece Wendy, very much appreciated. Yes I have heard that the figures could concern when they are released, but I have also seen a report were WM says there will be no nasty suprises or words to that effect. If I can find it I will post it.

There certainly are issues over the exchange rate here, and one of the main reasons I rec'od this as a a gamble and no re- assurances from me. I guess its a matter of keeping ones eye on POG and the relative currencys.

cheers GF.

ps, any thoughts on BEMA?, they would be much appreciated.

GF,

I have been continuing my research on this one (TMG) & have reached some conclusions - see:

www.sharecrazy.com/cgi-bin/ultimatebb.cgi?ubb=get_topic&f=3&t=009950

Wendy, I have been informed that you are a very knowledgeable poster on the Michael Walters site especially where mining companies are concerned. I am relatively inexperienced & would appreciate your comments on the above link!

Many thanks,

SB

Wendy, here the article I refered to in my last post.

Thistle down on rand
By: Stewart Bailey

Posted: 2003/11/12 Wed 19:18 ZE2 |

JOHANNESBURG – Toronto-listed Thistle Mining has fallen on hard times with more than a fifth knocked off its share price since the start of this week. Analysts were at a loss to give a firm reason for the dramatic fall in the share price, but most speculated that a stubbornly strong rand had raised concerns over the profitability of the group’s marginal South African operations.
The rand is tormenting the entire South African resource industry, given that it has appreciated by more than 50 percent against the dollar since the beginning of last year. The upshot of its performance is that the rand-denominated price of gold has sunk from highs of R120,000/kg last year to its current level of about R83,000/kg.

Thistle has been at the thin end of the wedge, with its older South African mines producing at close to the gold price. Operational problems earlier this year pushed the operations into the red.

After two “nightmare days” of trading, the usually garrulous company president Willie McLucas was in no mood to explain the reasons for the flagging share price. He promised a news release sometime on Thursday, which he said might provide some clarity.

What Mineweb did glean from McLucas, however, was that an unfavourable report in the Dines Letter, the monthly missive from US-based investment guru Jim Dines, had sparked a stampede of Thistle stockholders looking to exit their positions. “That’s how it goes, isn’t it? He tips you one week and sells you in another, that’s where a lot of this volume is coming from,” said McLucas.

The reason for Dines’ ‘sell’ call is unclear, but what is certain is that the strong rand is punishing the company’s margins. To compound matters, an underground fire during the June quarter – the second in a year – pushed the South African mines into a loss making position at the half-year mark. Cash costs of $399/oz were substantially higher than the $346/oz gold price received.

McLucas would not comment on the group’s September quarter results due out next week. He did say, however, that that although the group could always do better operationally, there would be no unexpected disaster in the number.

The rand has stirred up enough concern to prompt Thistle’s bankers, Standard Bank, to deploy independent mining consultants to assist management in re-establishing respectable margins at the mines.

South African mining industry sources said the engineers were working with Thistle to re-establish mining flexibility at the old President Steyn operations. The company has paid off loans to Standard Bank South Africa and has all but paid back $27.5 million it owed Standard Bank London, with only $6 million of the loan still to be repaid.

David Hutchins, fund manager at London-based Resources Investment Trust, which owns about 5 percent of Thistle, said the strong rand may have contributed to the slump in the share price.

“Fundamentally, though, I don’t think there’s anything wrong with the company,” said Hutchins. “I’m certainly not a seller at this price, if anything we might be consider buying.”ENDS.

Wendy you will probably have already read this article but the Guy does seem to have put his head on the block over the production figures, which does give me a lot more confidence. As Ive already said Im taking it as a gamble and have already earned a very decent return. If there is more upside and the present markets never fail to suprise me I will stay in for the ride, but Ive got a beady eye out.

cheers and good luck, GF.

cheers GF.

Looks like a bit of profit taking going on but buyers moving back in. Not a time to panic, will we hit the $ 400 mark on POG today????, it could be on as we have hit $399 on a few occasions. Will this lead to a stampede for all gold stocks????, it could well do. Keep your eye on the price of gold.

cheers gf.

Just topped up my holding in this company seems investors taking advantage of the profit making.

cheers Gf.

found this gf

THISTLE MINING (THT : TSX : C$0.60) - BUY -
12-MONTH TARGET PRICE: C$1.75 ... Mike Jones

Comment: Thistle announces that it has restructured its hedge book

Thistle announces that it has restructured its hedge book to
crystallize a US$7 million cash gain and increase the benefit it will gain from a rising gold price. The cash raised will be used to further develop the
expansion at the President Steyn Gold Mines complex in South Africa, with
production set to rise from the planned 220,000 ounces per annum to at least
280,000 ounces per annum. The company has also announced the completion of the
acquisition of the underlying royalties and convertible notes via the
96.8% accepted acquisition of the JSE listed PS Gold. The company will
now move to compulsory acquisition of the remaining minorities. The
effective cash funding, buying in of the royalty and convertible, and telegraphed production profile increase have led us to raise our target price to
C$1.75 from C$1.60.

I said on another site that Gold seems to have good potential
www.goldmoney.com as well

Slipped back again. Wonder what stage we are at in the speculative cycle? Time to get in again? GF any thoughts?

Must admit after taking top half profits its slipped back, but it was a gamble as I stated. There are production figures out this week sometime. Its just one big gamble with this one. SA miners always are. Watch out for YAMANA floating on Friday. Canadian miner in Bema class. May transfer my thistle funds over to this one.

If you have a look at Yamana can you please pass on your thoughts, oh and its pulling it out of the ground in brazil.

cheers GF.

Yamana far less speculative. Had a look at the website, as you say it is already producing in Brazil. Given recent political events in Georgia et al, Yamana in a less dangerous part of the world too. For anyone interested www.yamana.com and trades on Toronto exchange around C$3.70 (Ticker YRI). (about one pound 70p). Dunno the float price in London this Friday and don't want to steal others' thunder, who know more about this than I do!!

Apologies for advertising another BB on here, but for reference see Yamana at

http://www.sharecrazy.com/cgi-bin/ultimatebb.cgi?ubb=get_topic&f=3&t=010078

GF recommended these to me, expect a thread from him on here shortly!...

Blimey what are you doing up at this time SB, Yamana could be a a real gold mine. I was very impressed with the first look at its 'geting out of the ground' in Brazil, not the SA republic and the rubble, not Russia with all its problems.

Around $200 to extract, then mining oncosts say $50 at most and POG at say $400, very nice profit per ounce.

See you later SB, glad you like it thought you would, note my figs of top of my head from a little research last night. SBs will be more accurate.

Cheers GF.

Too many stocks to research, not enough time! God only knows why the markets open for 8.5 hours! Why don't they open at 9am, close at 12pm. Bugger all happens after midday anyway! We could all spend the afternoon researching and actually get more than a few hours sleep/night! LOL!

Goodnight mate, will be up at 7am to read the NAE results!

SB

Your right there SB, actually during the dot com boom years there was talk of after hours trading in London.

cheers GF.

Forget the NAE results, I completely forgot it was the AVM Results!!! As expected, but I was hoping for more in the way of new reserves found. Have taken some profits (25%) & will hold the remaining 75%.

Undervalued considerably. Hope they will prove themselves after creditors arrangement. One thing for sure -- they must have a sound plan for creditors to believe in them. My opinion is that they are worth more than their current price.

so after all I was right in saying the company was undervalued. Above 25P will be a better reflection.

Hmmmm, above 25p, at the moment less than a penny.

Trading suspended,is this a canditate for a reverse t/o, any views.

or bankruptcy, I bought when they were about 30p and again when they dropped to 17p, think it will be a long time till they hit that!!!

Do not really understand what has happened over the last couple of days, I am an amateur investor, and took a low captial, high risk gamble on these boys...

Woke up this morning and almost hit the ceiling, I bought for 2p and saw the shares at 25p. I bought 9343 shares, so you can imagine how I felt!!! I logged on to my trader, as I use moneyam to track the prices, and my share holding has reduced to 46!

Is this becuase they have re-issued the shares, or should I get on the phone to my broker? Any help appreciated.

Hi jcatilli, just seen it, cos of the amount i bought at the lower price I will be in profit, I am an amateur as well so am about to look at the Halifax site I deal on, if they haven't re-issued I will sell.

Can't sell, seem to be still suspended.

Rang Halifax, definitly suspended, the 3 deals that have gone through I have been told are delayed trades.

I managed to speak to someone about it...

They have issued 1 'new' share for every 200 'old' shares...

Price is for new ones.

So we all have probably lost. I need to new shares to hit at least 400p to start to make any moeny... long wait I think.

Looks like a 100/1 consolidation,sp.up by a100 times, and no. of shares reduced or divided by 100 , is this right.

READ the above post from jcatilli, 1 for 200, I had 7000, I now have 35, they need to hit 48.57 for me to break even and yet they got such a good write up before I bought the first lot, great management team etc, ah well, live and learn. DYOR.

Please excuse me for putting my foot in the door here, but did none of you know this was coming?

I would have thought the Compnay had to inform you first via EGM.

This share appeared dead for ages ,thena consolidation, 100/1or200/1 or whatever,then rises rapidly up then down no news ,what is going on.

Anyone in this still? should i research it further? looks decent from current prices?

Just bought myself a few of these after the results yesterday. This share seems very unloved and very undervalued based on the potential. 160.000 oz of gold per year from it's South African mine with with the potential of possibly over 200,000 oz of gold per year achievable. It also has a Phillipine mine which has just had a feasibility study conducted and at the moment Thistle Mining are looking for interested parties to form a joint venture to exploit the mine. There is substantial debt hence the lowly share price but a restructuring is intended in the not too distant future. Despite the debt I still think it is way undervalued and may possibly grab myself some more of these. Can't believe nobody else is talking about these! Could be a ten bagger!!! Is anybody else out there?

Well it seems there's no one here but me. Not so sure as I was about this share but I have decided to give it a year from now before I consider selling and see if the management can turn things around. I dont have much invested anyway but its either going to be 2p or 102p per share so heres hoping. Ill probably post again in another 6 months or so.