Sirius On The Prowl

Excerpt from Growth Company InvestorCompanies: SXX17/08/2006Copper play Sirius Exploration is bullish o­n current Macedonian projects and o­n the look-out for acquisitions.AIM-quoted Sirius, chaired by financier Richard Poulden with well-connected mining geologist Nicholas Badham as managing director, has a joint venture agreement with major US miner Phelps Dodge o­n two projects in mining-friendly Macedonia.  Sirius says an investment of £8 million could take the first, Kadiica, into production in two to three years and yeild a potential £190 million over ten years.Poulden and Badham say it is possible that Sirius would take the leading role at Kadiica, which could be too small for a Phelps Dodge-operated project.  Copper at the other project, Osogovo (or Red Ridge), is abundant but at very low grades, though there is a rich seam at Kalin Kamen o­n the eastern boundary.   

Kalin Kamen, where Soviet era drilling showed results such as 3.7 per cent  copper over 60 metres, is wholly owned by Sirius, which has filed a new mining claim there.  The company has benefited from an agreement for a year's exclusive use of mining giant Rio Tinto's data from its own previous exploration in the area.Sirius, which lost £299,000 in the year to March, raised £865,000 before expenses in that year and tapped the market again for £250,000 in July at a lowly 4p, down from 6.5p a  year ago.  Still quoted at 4p and valued at £2.3 million, the company, which says it rejected terms of a possible invesetment by RAB Capital, would like to use paper to make o­ne or more acquisions in the sector.The shares' appeal is speculative.Robert Tyeman (Growth Company Investor)