Tasminex Warned

Press, Volume CX, Issue 32209, 30 January 1970, Page 17

Tasminex Warned

<N Z. Press Assn. —Copyright) MELBOURNE, January 29.

The Melbourne Stock Exchange would have suspended trading in the shares of the Dtest Australian nickel star, Tasminex, NL, if its directors had not issued further information on the company’s Mount Venn prospect Tasminex prices rocketed to 9500 c after newspaper interviews with t’ Tasminex chairman (Mr W. S. Singling), which mentioned “massive sulphides” at Mount Venn. But they settled back to around 4000 c at yesterday's close after a statement from the company, and another statement for Tasminex’s consulting geologists, Hall Relp and Associates. Tasminex’s statement to the stock exchange gave no indication of when assay results or core samples might be available. “The company is in the process of drilling water bores, it said. “These bores are being extended in depth for the purpose of geological sampling and the directors advise caution at this stage.”

The statement from Hall Relph dissociated the geologists from all speculation on the merit of Mount Venn, and was an even bigger dampener to Tasminex prices. “PEOPLE CRAZY”

Sir Cecil looker, the chairman of the Melbourne exchange, said yesterday that the possibility of suspension was “clearly communicated” to Tasminex, “and this resulted in the response we received.”

“I could not believe my ears when I heard people had lifted the price to 9000 c or more in London,” he said. “It is crazy that people are prepared to stake so much on so little information.”

A report from London today said Tasminex lost 70s to 330 s there yesterday after Mr Singline’s cautionary statement was reported. There were fears alsn of action by the London Stock Exchange Council.