Thistle Mining

    mal angenommen es trifft zu, daß 13 Mio Rand Verlust im Monat anfallen.

    Das sind umgerechnet 20 Mio EURO p. a.



    Jetzt fehlt nur noch jemand, der weiß wieviele Jahre

    der Rand noch kleiner 8 für 1 USD notiert.


    Weniger als 3 Jahre wäre fein für THT.

    In der Spielbank sind die Chancen schlechter.

    Aber natürlich weisen wir weit von uns, daß die

    Börse etwas mit einer Spiel-Bank gemein hat.


    ABC oder ABN, was lernen wir in der Schule?

    Nachricht oben schon von Ulfur gepostet;

    aber hier "hopefully" (nicht so sehr für

    die Minenarbeiter)



    aus SHAREWATCH 22.07.05


    Thistle Mining sees 2,000 job cuts at President Steyn mine under revamp



    LONDON (AFX) - Thistle Mining Inc said up to 2,000 jobs may be at risk


    at the President Steyn mine in South Africa under a planned restructuring


    aimed at restoring the project's profitability.



    The affected staff represent about 38 pct of the total workforce at


    President Steyn, which continued to suffer losses due to the rand's


    strength against the US dollar.



    Thistle said the restructuring will hopefully allow the mine to start


    generating free cash flow early next year at current gold prices and


    exchange rates.



    "Although management is committed to exploring all alternatives, job


    losses may be unavoidable. A preliminary assessment would suggest


    that up to 2,000 jobs or approximately 38 pct of the labour force at the


    President Steyn operation could be affected," said Thistle.


    The group said it expects production to be affected during the mandatory


    60-day consultation with employees.

    Werde demnächst etwas zu THISTLE (THT) posten.


    Ist aber noch nicht dringend.

    Wahr wohl keine gute idee gleich mehrere

    ehemalige insolvente Minen in den Thread packen zu wollen.

    Die Sons of Gwalia (SGW) Goldminen jetzt bei Santta Barbara (SBM)

    beispielsweise. Ist zu speziell.

    Gruss

    Tambok

    aus STOCKWATCH Online vom 12.09.05


    Thistle Mining loses $6.7-million in Q2
    ==============================



    2005-09-12 09:35 ET - News Release


    Mr. Andy Graetz reports


    2005 SECOND QUARTER RESULTS


    Thistle Mining Inc. has filed on SEDAR today its second quarter report for


    the period ended June 30, 2005. A copy of the report can be obtained


    from the company's website.





    The company reported a loss of $6.7-million (one cent per share) for the


    second quarter and net loss of $14.7-million (three cents per share) for


    the first six months of 2005. Earnings were negatively impacted by


    continued losses incurred by the President Steyn operation in South


    Africa. The rand gold price has remained relatively stable over the past


    18 months with the strength of the U.S. dollar gold price being offset by


    the strength of the rand. In common with other South African producers


    rand costs have increased following real increases in the cost of labour


    and materials.



    President Steyn's realized gold price was $427 per ounce in the second


    quarter compared with a spot price of $427 per ounce. Gold sales


    totalled 42,376 ounces during the second quarter of 2005 and 85,285


    ounces for the first six months of the year. The cash cost per ounce sold


    was $554 per ounce in the second quarter of 2005 and $563 per ounce


    for the six months. Total costs per ounce sold in the second quarter were


    $577 per ounce of gold and for the first six months of 2005, $583 per


    ounce of gold. Initiatives have been implemented that have helped offset


    continued cost pressures from labour and input commodity costs. These


    include the placing of numbers 7 and 9 shafts on care and


    maintenance. Furthermore production from high-cost, low-margin


    working places is being phased out. Management is also engaging with


    trade unions and the company's work force in respect of a Section 189


    notice under the Labour Relations Act that could lead to a major


    restructuring of the work force at President Steyn with a view to restoring


    its profitability.




    Corporate overheads will be reduced with the decision by the company


    to shut down the Toronto office. Executive management will be based in


    South Africa in order to play a hands-on role in restoring President


    Steyn's profitability.




    Good progress continues to be made in advancing the company's


    Masbate project in the Philippines and the conclusion of the feasibility
    =============


    study. Exploration, drilling and feasibility study costs capitalized in the


    second quarter were approximately $1.0-million and for the first six


    months of 2005 amounted to approximately $1.1-million. Exploration,


    drilling and feasibility costs for the second half of 2005 are budgeted to


    be approximately $1.47-million. The estimated cost for the remainder of


    2005 is projected to be approximately $3.5-million and includes a


    provision to secure used processing plant and the remaining costs for


    the feasibility study, the drilling program and land acquisition estimated


    to be approximately $1.6-million.




    On June 30, 2005, the company had 461,520,685 common shares


    issued and outstanding. In addition, the 31,880,000 directors and


    employees stock options outstanding as at Dec. 31, 2004, were


    cancelled effective Feb. 16, 2005. The share purchase warrants


    outstanding as at Dec. 31, 2004, totalling 87,452,913 were also


    cancelled effective Feb. 16, 2005.



    As part of the restructuring under the Companies' Creditors Agreement


    Act (CCAA), which was completed on the close of business on June 30,


    2005, the issued and outstanding shares at March 15, 2005, were


    consolidated on the basis of one new consolidated share for 200


    existing shares. This resulted in 2,307,603 consolidated common


    shares. In addition, the majority of the convertible loans together with


    another long-term loan were converted into 11,538,015 new shares. A


    portion of the demand loans were also converted under the restructuring


    process into 32,306,442 new shares. As a result of the foregoing, there


    were a total of 46,152,060 common shares outstanding upon


    completion of the restructuring, which continues to be the number of


    outstanding common shares today.



    As at Dec. 31, 2004, the company's consolidated debt was $82.3-million.


    During the six-month period ended June 30, 2005, this debt increased by


    approximately $22.8-million to $105.1-million, primarily due to debtor-in-


    possession financing during the CCAA process.




    Upon the implementation of the restructuring plan this debt was


    restructured with approximately $60.0-million being converted into new


    consolidated common shares of Thistle, leaving a net debt of


    approximately $45.1-million.



    The company is anticipated to require additional financing through the


    remainder of 2005 in order to continue to finance its South African


    operations including the restructuring thereof, complete the feasibility


    study of its Philippines operations, service its debt obligations and


    finance its corporate expenses. Financing options are being reviewed for


    the Philippines operation and this together with the restructuring of


    President Steyn and management proposals to accelerate the


    exploitation of the No. 2 shaft pillar at President Steyn are planned to


    help the company to meet its objective of being self-sufficient from a


    funding perspective for operations from early 2006 onward.




    Casten Holdings Limited and MC Resources Limited have advanced a


    total of $3-million for the period July 1, 2005, to Aug. 31, 2005, to finance


    the company's South African and Philippines operations.




    Due to the restructuring of the company under the CCAA, the company


    was required to perform as at July 1, 2005, a comprehensive revaluation


    of its balance sheet referred to as "fresh start accounting," which


    included the following significant adjustments: the company adjusted the


    historical carrying value of its assets and liabilities to fair value reflecting


    the allocation of the company's reorganization equity value of $6.6-


    million. In addition, under fresh start accounting the company translated


    its reclamation provision using June 30, 2005, rates and fair valued other




    We seek Safe Harbor.

    Gold sales totaled 49,260 ounces during the third quarter of 2005 compared to production of 42,376 for the second quarter and 134,545 ounces for the first nine months of the year.Cash cost per ounce sold was $468(1) in the third quarter of 2005, $568(1) for the second quarter of 2005 and $528(1) for the nine month period. [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif]


    Loss of $9.9 million ($0.22 per share) for the third quarter of 2005 [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif]

    Eldo,

    für die Galeerensträflinge, ehemalige Thistle-Aktionäre,

    ist es schon Fortschritt, wenn die Peitschen kürzer gemacht werden.

    (Das ist nicht wie bei der Domina.).


    Es geht um President Steyn, d. h. hochwertige Reserven ohne Ende.

    Dazu noch 1,2 Mio Unzen Reserven auf Philipines.

    Man darf auf dem Weg zum Wasserfaß nur nicht verdursten. Aber genau das war passiert.

    Tambok Waterloo

    Minesite zu Tambok´s "sensationell guten Nachrichten" :D :


    ...Thistle Mining (TMG) gave up 17 per cent to finish at 15p after yet another disappointing set of results from its gold mines in South Africa.


    The announcement included the revelation that the company needs more money from shareholders before the end of the year if it to stay in business.
    With hindsight, it might have been better to let Thistle collapse a year ago as even the most optimistic investors have to stop somewhere and a return to profit seems as far away as ever.     [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif]
    http://www.minesite.com/storyFull5.php?storySeq=3134

    Sorry, schon erledigt, Tambok ;)


    Dann eben romisch katholisch weiter, wenn eine Dame sich nun hier aufhaelt.


    Versteckt schnell die Bunte,da koennten auch einige Hasen drin sein.


    Wie ihr wollt, ist eh bald vorbei.


    Eindruck schinden und Punkte sammeln brauche ich bei keinen.


    Ich habe alles was ich brauche Amigos.


    Hasta Luego


    XAX

    Nur zur Klarstellung:


    der oben gezeigte UnderCover-Agent Angie

    ist nicht Frau Merkel in jungen Jahren bei der FDJ





    Aus MINEWEB.com 23.11.05


    Gold now averaging R100,000/kg,
    ==========================
    but a meltdown could be around the corner





    JOHANNESBURG (Mineweb.com) -- The rand price of gold is now


    averaging over R100,000/kg just over half way through the fourth quarter


    of 2005, and if market watchers are correct it will remain above this level


    until year end. In the September quarter spot gold averaged about R91,000/kg.



    The last time South Africa’s gold miners received that sort of price for


    their gold was back in 2002, where gold averaged R104,500/kg for the


    whole year.



    One could then argue that if the price is the same as it was three years


    ago, then why is the JSE gold index so much lower than it was back


    then? On Tuesday, the index was sitting at 2,400 points, compared to


    2002 where it peaked at 3741 points on May 22.




    The answer is simple: costs. In 2002, Companies like Gold Fields,


    AngloGold and Harmony were paying an average cash cost of between


    R50,000/kg and R60,000/kg for the gold they produced.




    “The gold price is the same (as 2002) but the costs have risen


    dramatically,” says Leon Esterhuizen, precious metals analyst at Investec.




    At R105,000/kg, where gold is currently trading, but for a small amount of


    Harmony’s ounces, Esterhuizen says the South African gold industry is in the red.




    So where to from here for the domestic gold price? Well to figure that out



    we need to look at two factors, the rand, and the dollar gold price.



    Clint Fenton, a currency trader at Investec, says the rand should stay


    range bound in the R6.50/$ to R6.80/$ range until year-end. Fenton says


    the rand, along with other commodity currencies has been showing


    strength against the dollar, while at the same time he did not see a rate


    hike by South Africa’s Reserve Bank in December.




    The dollar price of gold meanwhile, is expected to touch $500/oz or


    $505/oz before year-end, according to a Johannesburg based bullion


    trader. He did add that the price may correct in the next few weeks before


    making the final run.




    “In the next week or two we could see it at go down to $482/oz or


    $485/oz,” said the trader, “It needs to get there before it tries $505/oz.”




    Taking the top and bottom forecast from each, gives a range of between


    R100,000/kg and R110,000/kg between now and the end of 2005.



    The trader did however caution that in the beginning of next year he


    reckons there will be a meltdown in the price of gold, with the dollar price


    retracing to the $430/oz-$450/oz level.

    Fourth Quarter 2005 - Highlights :D


    Cash Cost 499 $
    Total production cost: 595 $
    Erzielter Goldpreis: 482$
    [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif]



    Outlook


    Cash costs 2006 zwischen 510 und 540$
    Total costs zwischen 540 und 575$
    (subject to uncertainty)


    the Company still requires additional financing to fund its capital needs at PSGM, fund working capital needs in the Philippines, service its debt obligations and fund its corporate expenses.

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