Just a watcher wrote: Hopefully u have averaged down... I think the quick money is over for this counter liao.. Not good for day trading.
The upside is great if Pulau Mining holds a lot of gold and other mineral reserves. The CEO's words are very positive.
Mr Chris Lim, CNMC’s Chief Executive Officer, said: “One of our immediate priorities
is to complete the due diligence for the proposed acquisition of adjacent-situated
Pulai Mining, which will expand our portfolio as it has licences to explore and mine for
not just gold but also iron ore and feldspar. We believe this asset will add a lot of
value to CNMC once we get it off the ground.”
As announced on 28 June 2016, CNMC has signed a non-binding letter of intent to
acquire 51% of Pulai Mining Sdn Bhd, which is authorised to carry out mining work in
an area in Kelantan almost four times the size of its flagship Sokor gold field project.
The Company proposed to pay RM13.8 million for the stake.
.....the Company received a letter today from the Kelantan State Lands and Mines Office of Malaysia stating that the Company’s application for Large Scale Operation for its Sokor gold field project (“Sokor”) has been approved. With this approval, the Company is allowed to mine unlimited amounts of ore at Sokor with the Mining Lease extended to 31 December 2034. This will provide long-term certainty to CNMC’s operations as the original lease on Sokor expires in 2018.
This announcement will add to the bullishness around CNMC. Probably will reach 65 cents in the next few weeks
Gold prices .... were on track to make of November the metal’s worst month in over three years as strong US economic data boosted the dollar, rising expectations of an interest-rate increase by the Federal Reserve next month.