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Calling Brean Murray, Carret & Co. LLC
and inquiring about HMIT and Mark Klok has helped.
If someone believes that talking to this company is a waste of their time so be it.
I once read that picking a mining company with JV involvement by a larger mining company or having an investment company interested should offer proof it is for real.
Still always risks involved.
Interesting - reason enough to stick around here.
wtehan@hidalgominingint.com
lrentz@hidalgominingint.com
redwards@hidalgominingint.com
lrice@hidalgominingint.com
New contacts, anyone want to give them a try?
HMIT updated their project on the web-site
THE FIFA LAND PROJECT
As a result of a strategic acqisition of a portion of the key dredging asset of Consolidated Mining and Mineral Inc. ("CMM"), the company now holds mining rights to the prospective Tinkisso River project in Guinea, West Africa within the Siguiri Basin.
The Fifa land prospecting permit is located in the northwest corner of the Siguiri Basin, approximately 88 kilometres west of the town of Siguiri and approximately 65 kilometres west of the Siguiri gold mine operation that is owned and operated by AngloGold Ashanti.
On May 7, 2003, the Guinean Government granted HMM a prospecting permit for gold and associated minerals over an area that forms a rectangle extending north from the Tinkisso River. The permit was issued for a period of two years and is renewable twice for two years, but each time its surface needs to be reduced by half. The permit has been renewed until April, 2009. The Fifa land prospecting permit is bounded to the south by the Tinkisso River dredging permit.
The Fifa permit area is underlain by finely stratified siltites, argillites and minor feldspathic sandstones typical of continental marine platform deposits and filling up most of the Siguiri Basin and is almost entirely covered with laterite duricrust plateaus, pediments and recent alluvial deposits. Outcrops are rare and mostly saprolitic in nature.
Immediately south of the Fifa permit area the pelitic sequences are cut by lenses and larger bodies of monzogranite and granodiorite of the type recognized throughout the Siguiri Basin. Altered and weathered cobbles of a fine to medium grain rock of basic composition (diabase) have also been observed in the area. The ductile deformation affecting the sedimentary sequences is along a general north-northeast axis. East-west attitudes are also noted south of the projects. The linear pattern of some of the streams draining towards the Tinkisso River in and around the area suggests that north-northeast to north-south and east-northeast to north-northeast structures have affected the rocks. The various orientations of quartz veins and some of the ridges observed on the projects and elsewhere are concordant with these orientations. Evidence of hydrothermal activity is obvious on the projects where extensive quartz veining and kaolinite alteration is pervasive.
The free gold recovered from the alluvial deposits on the permit area finds its source in the country rocks. Lateritic processes acting in tropical climates have extensively transformed these rocks. Reconnaissance prospecting and soil sampling around the village of Fifa has highlighted the potential of the permit for both lateritic type and primary gold deposits.
Several quartz veins related to hydrothermal activities, often associated with gold mineralization, have been found on the permit. Pits and a trench have been excavated to properly sample one of the veins located south of the village of Fifa. The trench revealed that the vein is part of an extensive hydrothermal veining system similar to the one hosting some of the gold deposits at the nearby Siguiri gold mine. Sampling in this trench returned anomalous gold concentration in the altered wall rocks. The highest value obtained was 13.4 grams of gold per tonne over a 60 centimetre section of the trench.
Historic Exploration
Artisanal mining activities have been carried out for over 300 years in this area and a substantial amount of the gold potential has already been mined. Nevertheless, preliminary indications from sampling pits dug in areas already mined by artisans are that as much as 75% of the original gold rich gravel remains untouched and a substantial amount of gold could still be recovered from these previously mined fields.
Exploration Conducted by HMM
Between June 2002 and July 2007, HMM maintained a prospecting crew in the Fifa land prospecting permit area with the objective of testing the potential for economic gold deposits in the alluvial deposits and laterite formations. The field work program consisting of pitting, soil sampling and trenching was carried out mainly west and south of the village of Fifa in the eastern section of the permit area. During this time HMM outlined four blocks where previous local mining activity had taken place within the Fifa land prospecting permit area: Kolen-Jima, Kele-Lolou, Siguiri-Sila and Kabine-Bee. HMM estimated that the four areas have a first resource estimate of 488 kilograms (approximately 15,700 ounces) of recoverable gold. A first conservative estimate, based on the data available to date and assuming that 50% of the original ore remains in-situ, inferred that a resource of 1,000 kilograms (approximately 32,000 ounces) of gold could be recovered from the four blocks.
* Fifa Land Prospecting Permit - Identified Resources.
Block:
Length(m)
Width(m)
Thickness(m)
Grade(g/m3)
Au(g)
Kolen-Jima
1,300
150
1.0
1.50
146,250
Kele-Lolou
2,000
100
1.0
1.17
117,000
Siguiri-Sila
1,500
300
1.0
2.8
630,000
Kabine-Bee
1,000
200
1.0
1.5
150,000
A preliminary prospecting program for alluvial gold deposits was carried out on these four blocks. A total of 28 prospecting pits in the alluvial deposits of the Bereko River were excavated. The Kabine-Bee block, located 4.1 kilometres north of Fifa where the alluvial flat of the Bereko River narrows, has been extensively exploited by past artisan operations for at least 500 metres along the course of the river. Along one line, three prospecting pits were excavated at 100 metre spacings. The basal gravel composed of sub-rounded quartz cobbles with minor amounts of pisolitic pebbles in a brownish sandy quartz matrix was reached at depths ranging from 5.6 metres to 9.44 metres under an upward sequence of sand, silt and clay overburden. The thickness of the gravel ranged between 0.27 and 1.16 metres and the calculated grades ranged between 0.2 to 1.97 grams per cubic metre.
At the Kele-Lolou block, located east of Fifa, a single pit was excavated on the edge of a large alluvial mining field. The gravel was 1.90 metres thick but the recovered grade was 0.4 grams per cubic metre.
At the Siguiri-Sila block, approximately 2.0 kilometres south of Fifa, 14 pits on four lines were completed over an area of about 300 cubic metres that was untouched by the local miners. The average depth to saprolitic bedrock over the area ranged between 5.0 to 9.0 metres with a basal gravel ranging in thickness between 0.5 to 2.0 metres and had a recovered grade range between trace to 7.37 grams per cubic metre with an average grade of 2.18 grams per cubic metre. These results are considered significant and of economic interest but additional prospecting will be necessary to outline larger volume of gravel with similar grades to justify an eventual mechanized operation.
During the prospecting program, several areas with outcropping quartz veins were identified in the eastern portion of the Fifa land prospecting permit area. The veins often formed positive relief and outcrop along the flanks of ridges and hills above the edge of the pediment deposits. The thickness of the veins ranges from 40 centimetres to approximately 1.0 metre. Five of these veins were sampled. Results showed gold content varying from less than 10 parts per billion gold to 250 parts per billion gold. Two samples revealed concentrations of 1.3 grams of gold per tonne over 0.5 metres and 9.5 grams of gold per tonne over 0.7 metres.
HMM also carried out prospecting for gold in eluvial deposits. During the course of HMM's program approximately 500 soil samples were collected at 100 metre spacings from the eluvial deposits and adjoining saprolitic zones over an area covering approximately 19.25 square kilometres and extending along the west bank of the Bereko River and south of Fifa. In the southeast corner of the grid, following the emergence of a significant anomalous area (up to 1,249 parts per billion gold) the sampling grid was reduced to 50 metres around the anomalous sample area. The overall average gold concentration for the entire sample population available was 5.0 parts per billion gold including samples with gold concentration below detection limits of the analytical method of 10 parts per billion gold. Excluding these samples, the average concentration was 139 parts per billion gold with 78% of the samples with concentrations between 10 and 130 parts per billion gold. Gold in soil anomalies were found in each of the sampling grids and were forming relatively scattered but persistent northeast to north-northeast trending zones. These anomalous zones are continuous for several metres along strike.
In April 2004, Pro-Veinor Resources Inc., who had entered into a joint venture agreement with HMM that has since been rendered null and void, engaged an independent consulting geologist to prepare a NI 43-101 compliant evaluation report on the gold potential of the Fifa permit area. This report estimated that the original potential for gold from alluvial gravels of the Fifa land prospecting permit area was approximately 8,400 kilograms of gold or 269,600 ounces.
Projected Production
The Company believes that a large resource of alluvial gold remains on the Fifa land prospecting permit area. The Company plans to prospect the Fifa permit area to assess its full potential for alluvial, lateritic and primary gold deposits. Additionally, HMM identified additional highly probable areas for quick gold recovery that CMM will have extracted. The first indications for lateritic and primary gold mineralization on the permit area are promising, with the presence of extensive quartz veining of anomalous gold values. The entire permit area will be mapped and the location and extent of artisan alluvial exploitations properly recorded. The most promising drainage will be sampled at regular intervals with prospecting pits. A test to uncover the amount of gravel that has been extracted by the artisan in the alluvial deposits will also be completed at chosen sites. Production is expected to begin in January 2007. Following is a table showing revenue projections for the first five years of production at a gold price of $550 per ounce.
* Fifa Land Prospecting Permit - Projected Production.
Year 1
Year 2
Year 3
Year 4
Year 5
Total Ore Mined (t)
195,000
200,000
225,000
225,000
200,000
Processing Rate (t/day)
650
640
721
721
641
Gold Recovered (g)
146,250
117,000
315,000
315,000
117,000
Ounces of Gold
4,702
3,762
10,128
10,128
3,762
Revenue (US$)
2,586,100
2,069,100
5,570,400
5,570,400
2,069,100
Anybody have a guess if a PR might be released next week from HMIT?
Has enough time elapsed for some ;ilot sampling to have been accomplished?
exec_7777 there was a problem with the previous management concerning 55milion restricted shares being transferred out of the T/A office and used for what ever reasons unknown to me. Since then they have been returned and canceled.
I not sure if all previous press releases during that time are still active for reading on the internet. I have hard copies IMO maybe noidea and shorts have copies also.
That all I wish to say at this time maybe you are also aware of the past history of HMIT.
If anyone goes back and starts reading from the first post forward the story is right here on IHUB.
see ya, off to the gold mine and I will be digging
You got it...that is the play here is not?
Hype this company?? ROTFL
Ok, will do right sources? Like IHUB
I have spoken to their compliance office also.
I had some questions, but I was able to discuss many things about a variety of topics.
Ask for Wit Tehan...I am excited that your calling
Spoke to Wit a couple of times, he traveles a lot ask for his cell phone.
Good third party to get unbiased information. He has no stock in HMIT.
Your a good man noidea.
Habits are hard to break.
But it is cool seeing posts again and all that comes with it.
I like that the board went nuts today..it has been slow and dull lately.
Since the PR was released I been trying to find something that would back me up so that I could confront HMIT in asking for more information. And Get it!!!
Nothing so far...good luck to you could use the help.
Good stuff -
just a brief note - assuming they have the equipment on site, permits? yes they have those. Nothing prevents anyone or any company to start mining in a location they feel would be viable without futher testing.
Many people do just that.
It is good and interesting discussion your having here please keep digging (so to speak) look forward to your final interpretation of any rules you may find.
From March 8th - Hope this helps I sure HMIT will provide any updated information concerning the float.
Reply from Mark K
Sorry for the delay but I am very busy. Approximately 158,000,000
On Fri, Mar 7, 2008 at 4:18 PM,
Sir, thank you for the information.There still seems to be resistance on disclosing the float do not know why. But anyways hope more information in the form of a PR is coming soon. David
Mark Klok <mdklok@gmail.com> wrote:258,914,171 common shares issued and outstanding
Yes, I posted this a time back and has not changed since
Float a touch over 158M supplied by HMIT via e-mail I have on file.
O/S a touch over 258M per T/A has of Monday the 9th.
Not bad
Good Luck
I do not appreciate HMIT coming out and implying hypothetically I am might be wealthy. (I still have some stock)
Some other investors might.
I find the PR distasteful.
Why not at least perform a pilot study first and state the findings.
Why the hurry to get the news out?
To all I need to make a correction from an earlier post.
"the Company's local geologist has delineated a new high grade mining block".
I stated the company's employees were not involved.
Hope my english is up to par.
I have taken a position on this latest PR.
It out there and it is what is.
I hope you folks can sort through this thing and see what happens on the other side.
This is a resource it is either there or it is not, not like a product we have to worry about selling.
So no matter how I feel or say time will provide the answer.
It seems ironic that after years of trying to hook up with other finanicing and joint ventures that disolved into nothing now we find out that they had been looking in the wrong area all along.
If they had found this 3/years ago..well it is odd to think about.
Just do not swallow the bait so hard you choke on it.
I would also keep my back to a wall so I can see what is coming.
The only implied resources is the 115,000/oz of alluvial gold on the Tinkisso River Dredging Permit.
Recoverable Au (@1.28 gr/m3) 3,584,000 (115,241 oz)
HMIT has stated 1 to 8/grams possible from production.
In the latest PR the work was not accomplished by employees of HMIT. There is no mention of this in the PR, this give HMIT deniability if there turns out to be nothing.
The PR was irresponsible unconfirmed hypothetical, hype.
Not the kind of PR one would expect from a world class JR mining company.
Nothing against charts but they can not detect hypothetical hype.
You have read the latest PR I take it.
So are you ready to buy into HMIT?
And become rich with everyone else?
Going for the Gold
Someone walks out digs a 38/foot hole and says...what?
THERE IS GOLD, GOLD, GOLD EVERYWHERE
Have fun
Your chart should be called a BS monitor
Anyone that points to the statements in this latest PR and thinks there is any validity to it is saying 'the more fantastic it is the more believable it is'
WOW!
Lets all call HMIT and here more this is truly a tale to tell the kids.
OK - lets see 20hrs per day at 50yards per hour at a yield of 23/gr per yard = 23,000 grams per day or 718/oz per day at $850 per oz $610.300.00 per day. They say they have the equipment on site. This would be an open pit mine, trenching only. Vrew Gold has the diesel fuel on site, there is also a a work force SAG and Ashanti also have any necessary back up equipment also the town can support maintenance needs.
Why in the F...would you sell, you and everyone that owns 100K + is sitting on a .004 cent stock.
If true the BANK of HMIT will have its grand opening in July 2008.
Now ask yourself this question how many millionaires will this stock produce? How many winning lotto tickets have been sold? Do you really feel that lucky?
We will see what happens.
If the implied resource is real then the stock will go up.
Let the industry insiders check it in to it. I am sure they will do some follow up and confirm this claim. Why $$$$$
This stock is selling right now at the possible future EPS x 1 per the previous estimates at the low end.
Now the low end EPS just jumped to .25 x 1.
On second thought I do have a comment...total BS unbelievable
What kind of idiots would ever believe such a story.
Done, finished good bye HMIT see ya.
No Comment - you stated it pretty well.
HMIT drew the line in the sand today that is for sure.
Fact vs fiction
And that's the fact Jack!!!
LOL
Well this one is nice, got some expectations for Legend.
Good Luck to all, lets see what the future holds.
IMO think it will dip for short term while the private investors sell to get most of their investment back. 40M at $2.50 gives a base price to look for. Adding slowly here.
Although I am a seller now, looking for exit doors.....
You can get a copy of the 2004 NI43-101 and copies of the permits. How much I leave in this deal remains to be seen if HMIT reports. To me world class means a number of changes need to take place. We will see....(.38)? give or take a full year of production results.
Now that there is an LOI to bring in the FIFA projects into HMIT I feel better.I have waited nine months of bugging Mark K about the FIFA permits.
Some people say there is no gold but to those people sorry your wrong.
.38
Have some T-storms moving this week...first of the season
http://www.qwikcast.com/cgi-bin/forecast.cgi?zip=Siguiri,GN&pid=weatherbase
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZwhat!ZZZZZZZZZZZZZZZZZZZZZhuh?ZZZZZZZZZZZZboringZZZZZZZZZZZZZZZZZZZZZZZZZnochangeZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZflatZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZohwellZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZbacktosleepZZZZZZZZZZZZZZZZZZZZ.03ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
Shorts - good question!
IMO - do not give up on a company involved in dredging or open pit mining.
Guess if you want private investor or retail investor? Or both?
Good luck!
MANAMA: Recent highs that saw the gold price breaching $1,000 per ounce barrier for the first time were supported by strong demand from investors fearful of the prevalent banking climate.That is the view of Blackrock, one of the world's largest publicly traded investment management firms, which points out that central banks in Asia and the Middle East, known for storing US dollar reserves, have started to diversify away from the currency and it would not be surprising if some turned to gold as an alternative.
Demand for gold jewellery may also grow in the long term as a prosperous middle-class emerges in the developing world.
"Gold equities remain inexpensive relative to gold bullion and the bullish trend looks set to be maintained and we would view any pullback as an opportunity to gain or increase exposure to the gold equity market," says a Blackrock report on the market.
"Gold mine production has been flat or declining since 2001. During the 1990s, the price of gold was kept low by central banks selling off substantial parts of their reserves, adding to supply in the market. As gold prices fell, mining companies scaled back exploration and reduced spending on existing assets. Investment has not kept pace with the subsequent rise in the gold price, so new gold supply is hard to come by.
Notably, some industry forecasts suggest that production is set to decrease further, by 10pc to15pc, over the next five years."
"Looking ahead, although we would not be surprised to see short-term gold jewellery demand weaken as a reaction to the new price highs, the long-term outlook for this underlying factor remains favourable due to the rising wealth of emerging economies," it adds.
"At the same time, with regards to the stagnant, or falling, nature of gold mine production, we would suggest that it may need a price in excess of $1,000 per ounce in order to stabilise or reverse this trend.
"Given these strong fundamentals, gold bullion does not look quite as expensive as it first seems. In fact, putting today's price in perspective, it is worth noting that the previous high of $850 per ounce, set in January 1980, would be equivalent to approximately $2,279 in today's dollars."
business@gdn.com.bh
World credit crunch may be boon for Africa-financier
Mon 7 Apr 2008, 15:00 GMT By Katrina Manson
FREETOWN (Reuters) - Africa will be well-placed to weather a global economic downturn if it uses high oil and commodities prices to diversify its economies, one of the continent's most successful businessmen said in an interview.
Nigerian tycoon Aliko Dangote -- one of the world's richest men with business interests in oil and gas, food processing, mining and telecoms -- said the world's poorest continent could benefit while developed nations suffered an economic slowdown.
"The credit crunch works better rather than worse for Africa in terms of investment," Dangote told Reuters while on a visit to Sierra Leone late on Sunday.
"It means there is a lot of money that needs to be invested somewhere and the best place is ... developing countries like Africa," he said, pointing to growth rates in some African nations more than double those of their Western counterparts.
Tortuous bureaucracy, rampant graft, crumbling infrastructure and a lack of political stability have long proved a major turn-off to all but the hardiest foreign investors in many parts of sub-Saharan Africa.
But in recent years the region has enjoyed its best period of sustained growth since independence, much of it driven by demand for raw materials from rapidly industrialising nations like China and India.
The International Monetary Fund (IMF) said last October it expected sub-Saharan Africa's economy to grow 6.8 percent this year. Its latest global forecast puts world growth at just 4.1 percent due to the weak outlook in the United States and Europe.
"African countries have a lot of resources like iron ore, manganese, oil. They are all right at the top. Even cocoa, cashew nuts, the prices have hit the roof," Dangote said.
He added that some states were simultaneously benefiting from the effects of debt relief.
"DUTCH DISEASE"
But some economists worry that "Dutch disease" could afflict commodity-rich African nations, a phenomenon in which high revenues from natural resources lead to a strengthening of the currency, a rise in imports and a fall in productivity.
Such a situation could put countries in dire economic straits in the event of a sharp drop in oil or commodities prices, leaving them import-dependent but saddled with falling revenues and a lack of local production.
Dangote -- whose business empire in Nigeria has led to his fortune being rated at $3.3 billion by Forbes -- has built up diversified holdings in a country whose wealth mostly derives from its position as the world's eighth-biggest oil exporter.
"What we are trying to do is to ... broaden the base of our revenues, those who are investing in banking, who are doing several other things, so that by the time oil starts going down ... oil will no longer constitute the major factor in our national economy," he said.
A close ally of former Nigerian president Olusegun Obasanjo, his group of companies dominates several key markets in Africa's second-biggest economy including sugar, flour and cement.
Two of his companies -- Dangote Sugar Refinery and Dangote Flour Mills -- have been floated on Nigeria's stock exchange in massively over-subscribed public offerings in the past year and his group has $12 billion of projects underway, including expanding cement factories across the continent.
He is a major player in the fuel import business and snapped up a telecoms licence and mining concessions in a rush of privatisations in Obasanjo's last few months in power. Forbes ranks him as the world's 334th richest man.
(For full Reuters Africa coverage and to have your say on the top issues, visit: http://africa.reuters.com/ )