White Cliff Minerals (WCN)

Discussion in 'Stocks & Derivatives' started by long john silver, Oct 31, 2015.

  1. long john silver

    long john silver Member

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    Did a search and could not find a thread dedicated to WCN so decided to start one.

    I did discover that Bullion Baron has been a holder in the past so i would be very interested in his opinion. :) ( Always enjoyed reading your detailed company research in the past)

    Picked up some shares last week and considering getting some more next week as a short term trade. WCN are currently drilling their Aucu project (89% owned)in Kyrgys Repblic which already has a resource of 156,000 OZ AU at 4.2 grams per tonne.
    On paper it looks like they are onto something big with four large gold bearing zones discovered and only a tiny percentage drilled for the 156000 OZ resource. Drill results are due in mid November so it will be exciting to see what is discovered especially as there has been a few multi million OZ gold resources drilled in the surrounding area.

    Other than their Kyrgys Assets they are committed to drilling 4 prospects in WA over the next few months 2 Gold And 2 Nickel, that means heaps of assay results expected over the coming months.

    This is high risk/reward but happy to take a punt.

    Some Positives:
    > Cashed Up after recent capital raising.
    > Drilling in areas that are known to contain large deposits
    > Multiple prospects, helps spread risk.


    Some Negatives:
    > Political Risk in Kyrgyzstan
    > Winter is coming in Kyrgys so may not manage to drill all that is planned before been snowed under.
    > Further Share dilution ( they know how to issue shares going from about 250 Million to over a billion shares on issue in a short period)

    Not posting this as any form of recommendation so please do you own research, just interested to hear if anyone else is holding or considering taking a position.

    Happy Investing/Stacking,

    John
     
  2. long john silver

    long john silver Member

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    Hi BB,

    Yes that CNF has been a real drag on the share price i have been watching for a while and any good news is accompanied by the issue of shares and a big sell off, thankfully there is only US$95,000 left going by the latest 3B

    http://wcminerals.com.au/content/uploads/2015/10/WCN-Share-issue-20.10.15.pdf

    Lately they had no problems raising a couple of million off new & existing holders so i am hoping that it will go on a run on the back of some good drill results.

    As you say they have some good projects so well worth a punt in my opinion.

    Best of luck to any holders,

    Regards,

    John
     
  3. trew

    trew Active Member Silver Stacker

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    Yet another company that never makes a profit but keeps mining shareholders...


    They are so efficient at it they even recycle the announcements !

    24 Sep 2015 - White Cliff Raises $1.2 Million in Oversubscribed Placement

    12 Mar 2014 - White Cliff Raises $1.2 Million in Oversubscribed Placement
     
  4. long john silver

    long john silver Member

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    All publicly listed mining company's started by raising capital be it Newcrest or Northern star resources, only a small percentage make it big but the winners reward early investors handsomely .

    Yes I agree that WCN have severely diluted early holder that hung in there with numerous capital raisings and the promise of big results only to come up short, but I have a feeling that the tide is turning.

    This latest drilling campaign will either make or break the company and I have decided to risk a bit of money on them hitting it big as there is a small possibility that they are in the process of discovering a multi million OZ resource of high grade easy to extract gold which is a rarity today anywhere in the world.

    Watching very carefully with one eye on the sell button :)

    Good luck to any holders, interesting few months ahead!

    John
     
  5. Silverstrat

    Silverstrat Member

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    Holding this one too,more positive news lately, hopefully it can do a BBX!
     
  6. long john silver

    long john silver Member

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    Hi Silverstrat,

    Wow just had a look at BBX, it's had an amazing run, assay results will have to be world class or they could be going back towards where they started real fast.

    If WCN could achieve 1/10 of that run I would be a happy stacker :)

    During the week WCN announced that the convertible notes which Bullion Baron mentioned above had been fully extinguished by buying out the remaining notes with cash.

    I have seen junior company's do many strange things and maybe I don't fully understand this announcement but it seems like the raised money off shareholders at .006 and used it to buy out the notes at what must have been at least .0066, it makes no sense to me that a junior who has struggled to raise money in the past would do this as it was available capital that I imagine all fees and costs had already been paid on.

    There must be some logical reason to do this so they get the benefit of the doubt for now but they had better not be going back to the market to raise funds anywhere near .006 again.

    Looking forward to some drill results in the near future.

    Good luck to any holders,

    John
     
  7. ghost rider

    ghost rider Member

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    Just had a bite @ .007 could this company be the next big thing
     
  8. Silverstrat

    Silverstrat Member

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    No, total flop.Been in and out a few times but luckily not recently, crap announcements, no sign of mining, dilution after dilution.
     

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