Robert Cohen B.A.Sc., MBA, CFA
Mundoro Capital
MUN-X
WATCH
Feb 12, 2007
Very good project in China. A joint venture with the local government. Business license was not renewed and their exploration license expired. New management seems to be making some progress. Risk/reward is really quite good.
Have about 8 million ounces of gold resource refined so far in China. Working on a feasability study to see the costs of building a mine. Could increase their resource up to 15 million ounces.
A chinese operation. A well sponsored company. They have at least 5 million ounces and it looks like they are expanding that. The stock price does not reflect how much they've got.
A large, but low grade, ore body in China. Well advanced. Good management. In a higher gold price environment, people will seek this type of operation out.
Had some great difficulties over in China with the local authorities. Having trouble getting their business license back. If they get this rectified, which he expects, the stock is really undervalued. An enormous ore body.
Just had a top management change. Made a few mistakes with their main project in China. Business license wasn't renewed. Now going through a long arduous process of getting their license renewed. Risk/reward is terrific.
If you count all the reserves that they have on their properties, it would be trading at around $4 an ounce in the ground. Have had permitting problems. New CEO has had experience dealing with the Chinese government. Significant upside if they get the permits, but worth zero if they don't.
They're focused in Serbia. They have a good land package; major joint ventures wtih a copper producer; and they're drilling. Their market cap is reasonable and they have working capital. Just waiting for drill results now. (Analysts’ price target is $0.20)
(A Top Pick Mar 05/19, Down 33%) A copper play in Serbia. It has three joint ventures including Newport. They still have a large land package that could lead to other projects. They also have assets in Bulgaria. He will continue to hold it.
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