Shares in issue -334,123,383
Market Cap -£14 million
4 projects in Papua New Guinea.
JV partners are - Newmont, Barrick, Gold Anomaly, Newcrest
Also have a property in Vietnam, but it looks pretty useless to me....maybe look to sell or let someone else pay for the drilling in JV
Raised £2.2 million today at 4.5p
Directors bought into it in a small way, around £5,000 each
Worth noting they also have millions of options exercisable up to 2020 at 1p, and warrants at 2.5p
Gold Anomaly are drilling just now but theres nothing much to get too excited about, unless theres something more exciting at depth on the 1000m drill.
The drill results which should move the price (if there good) is the Newmont JV, where initial drilling was started in July-
FE Investegate |Triple Plate Junctn Announcements | Triple Plate Junctn: Drilling Commences at Hide's Creek
Newmont cannot dilute TPJ below 25% while exploring.
License is next door to Harmony's huge Wafi project (estimated 40 million oz Gold/ 15million tons copper)
Held these for a while from the run up from 2p to 7p earlier in the year, have been waiting to see where they would raise new cash. Not too bad a price in today's markets too. Downside is your at the mercy of JV partners timescales etc
Newmont did make a cheeky bid for them at 4p last year but was obviously rejected. They are a major shareholder and have taken part in the placing today.
There not dirt cheap but any kind of good results could easily send these over 10p+ imo.
[ame=http://www.youtube.com/watch?v=072ZunzoQC0]80th Minesite Forum - Triple Plate Junction Plc - Fraser McGee & Chris Goss - 23/06/2011 - YouTube[/ame]