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A tiny AIM mining company called Great Western Mining (GWMO) suddenly seems to be getting a bit of attention on social media, and as is so often the case with this type of company this just so happens to coincide with a placing.
US-focused AIM dog Great Western Mining (GWMO) has finally secured a reclamation permit enabling it to start drilling at Target 4 of its Black Mountain copper and gold projects in south-west Nevada's Excelsior mountain range. After an 18-month application process, the company, whose shares have halved since autumn in falling copper and gold markets to 0.33p, 97% down from their 11p float price in 2011, has secured the permit from the Nevada Bureau of Mining Regulation and says it can now drill on two of its prime objectives in the area, M2 and M4.
Copper may be testing new lows and shares in unloved Irish copper and gold explorer Great Western Mining (GWMO) may have lost 92% of their value since being floated in 2011 at 11p. But the Dublin-based company thinks it has something to cheer about with the first independently-confirmed formal Joint Ore Reserve Committee (JORC)-standard resource estimate for its M8-Smith copper project on the Marietta District of ‘Mineral County’ in south-west Nevada.
AIM dog Great Western Mining (GWMO) could be adding serious gold potential to its existing copper ambitions in the Marietta district of the south-west Nevada desert’s Excelsior Mountains following results of its latest field work in the area. The Dublin-based company, formerly chaired by veteran Irish entrepreneur Emmett O’Connell and still backed by some of his private investors’ fan club, says geological mapping and other work on four claim groups in the ‘Golconda Thrust’ claim zone suggests one of them, the JS group, could have the possibility of being a gold deposit of the type found in Nevada’s prolific Carlin trend, while another, the Tun group, could have the potential to prove an underground resource as well as a ‘much larger open-pit prospect’.
US-focused Great Western Mining (GWMO) has completed the second phase of drilling at its M2-Smith copper project in Mineral County, Nevada, and expects to announce a formal maiden Joint Ore Reserve Committee (JORC)-standard resource estimate for the project by mid-October, with luck.
What can I say to my colleague at ShareProphets James, who has just slammed Great Western Mining (GWMO), and the big boss Tom, who has previously highlighted the flaws in the team behind the company? What do I think is so great about this mining company? More to the point, why on Earth do I think it’s a buy with a 1.3p stop loss?!
Today I show you a classic example of a company that’s only real reason to list on AIM is for funding. Great Western Mining (GWMO) has decimated shareholder funds, ever since it first listed on AIM in 2011 at 13p. It has plummeted to 1.4p since.
I arrived late and so missed the presentation by Great Western Mining (GWMO) – a company where I have – correctly – been mega bearish for some time. However free booze was on offer and so I stayed for a long chat with the management and a couple of other stakeholders. I think I may have to initiate legal proceedings against non exec Mr Christopher Hall but that was not my only conclusion.
Trading while insolvent is a criminal offence. Before directors of AIM uranium, turned gold turned copper turn gold or whatever mining exploration company Great Western (GWMO) get sniffy about this article just remember what the law says.
Oh dear, the word on the street is that things are going badly wrong at Great Western Mining (GWMO) but apparently the company is saying that “it is all Tom Winnifrith’s fault.”
Shares in AIM cesspit listed Great Western Mining (GWMO) tanked on Friday after an RNS which – in the wake of the US Oil & Gas (USOP) and Teknomining debacles – simply does not was. At 2.55p and capitalised at just £2 million this company is heading rapidly towards having shares of “toast investment grade.”
The fallout from the Teknomining Scandal and the growing belief that US Oil & Gas (USOP) will turn from comedy to tragedy ( while remaining a long running farce) has had a knock-on at Great Western Mining (GWMO) a company also from the Liam McGrattan stable listed on the AIM cesspit.
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