Rumours abound re a good discovery by BHP 20km south of Olympic dam @ Wirrda Well.

BHP is saying "nuffin", but is working and talking to others in the area (as rumours have it)

Firing the rumour is BHP's recent deal of a majority stake in 5 tenements Wirrda from Archer exploration
for $3m, and up to a max spend of $50m.

RIO pounced on ground immediately north of Olympic dam from Tasman resources for $10m (max spend $92m)

In the area, and in the mix: Core exploration, Minotaur exploration, UXA resources.

Thanks jonno

..... it will be interesting to see if these these 'fly'; all three have been in sell-off mode for the last year

Core Exploration (CXO)........ 24c to 8c; market cap $2mill:
Minotaur Exploration (MEP)... 32c to 16c; market cap $16mill:
UXA Resources (UXA)........... 6.5c to 1c; market cap $4mill.

Thanks benthonic, was meaning to get to those figures, be good to see a map of those juniors tenements,
to judge their prosectiveness.

UXA 1c!

UXA map: http://www.infomine.com/index/pr/PB154184.PDF

Archer (AXE) 30.04.12

- Archer, through its wholly owned subsidiary Kensington Exploration Pty Ltd, and BHP Billiton have executed a binding Sale and Purchase Agreement.
- The Sale and Purchase Agreement covers the sale to BHP Billiton of five (5) exploration licences covering 3,699 km2 of the Stuart Shelf region.
- On Completion BHP Billiton will pay Archer AUD$8 million in cash.

Core (CXO) 27.04.12

- Core’s Roxby Downs Exploration Licence Application (ELA 09/227) has been offered for grant by the South Australian Government
- Grant will result in Core holding over 400km2 of 100%-owned tenements south of BHP Billiton’s Olympic Dam Mine
- Core to assess options which may include introducing a senior partner to its Roxby South Project

Minotaur (MEP) 23.04.12

• The Company, its wholly-owned subsidiary Minotaur Operations Pty Ltd , BHP Billiton and Billiton Exploration Australia Pty Ltd (‘BEA’) have executed a binding Sale and Purchase Deed.
• The Agreement encompasses the sale to BHP Billiton of 5 of MinOps’s exploration tenements covering 2,555 km2 in the Gawler Craton and proximal to the Olympic Dam mine ie: ELs 3761, 3762, 4762 and 4763 and ELA 2009/00074 (‘Roxby Downs area tenements’).
• Upon Completion, BHP Billiton will pay Minotaur A$10,000,000 in cash and BEA will transfer to MinOps its interest in EL 4745 (‘Bonython Hill’).

From benthonic Feb 1:
..... it will be interesting to see if these these 'fly'; all three have been in sell-off mode for the last year

Core Exploration (CXO)........ 24c to 8c; market cap $2mill:
Minotaur Exploration (MEP)... 32c to 16c; market cap $16mill:
UXA Resources (UXA)........... 6.5c to 1c; market cap $4mill.

CXO now 15c

MEP now 19.5c

UXA now 7c

rdm got some hope acreage around here, but it is not drill funded as well as some of their other stuff.

jonasson wrote:..... it will be interesting to see if these these 'fly'; all three have been in sell-off mode for the last year
Core Exploration (CXO)........ 24c to 8c; market cap $2mill:
Minotaur Exploration (MEP)... 32c to 16c; market cap $16mill:
UXA Resources (UXA)........... 6.5c to 1c; market cap $4mill.

CXO now 15c
MEP now 19.5c
UXA now 7c

actually jonno UXA is 0.7c -- an order of magnitude smaller

I am very wary about companies such as UXA (and there are many more) that finance through Convertible Note issuance, with USA slicksters. In this instance La Jolla Cove Investors Inc; which seems to be a revolving door .... but downward spiral. What happens is all benefit to the CN holder, imho. the Notes are issued at a discount, and the conversion, usually partial aka drip feed, is just above issue price so a profit to them but a dilution to existing s/holders. When all existing notes are converted, a new approach is made to 'prop up' the ailing balance sheet, and the process continues and the disempowered existing shareholders suffer some more.

So for me, this is Rule 15: Don't buy if Convertible Noteholders loom large on the registry. (Rule 14; no SAfrican miners stays)

the other two - CXO and MEP - are doing OK, though

agree b. the only time suicide bonds can be useful is if they fill a gap between market neglect, and a decent announcement that can give the company a chance to raise at nonsuicide rates.

every minnow claims the good news is just around the corner, but not a lot of corners get rounded.

Thanks for correcting my mistake b, and a good post to follow it up!

there is always the fascination of argonauts lake torrens project.

no point going over and over, but the full story of --how do i put it?.

lawyers paid millions tick.

country of australia and aboriginal australians end up with a sorry outcome.

tiny number of 'the right sort' feel the right sort of feelings .

lot of resources squandered and no one happy.

A useful reference for all budding explorers:

http://www.pir.sa.gov.au/minerals/geolo ... neral_maps

red metal announce they have put their acreage in this area up for tender.

old rdm just seem to be too late to every party going on.

they missed spinning out their uranium stuff by not much,they missed the potash boom by not much,now they announce good acreage when risk is being unwound everywhere.

rdm sold down as they need money soon. drilling results coming up, but motivated sellers rarely get good offers.