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TOP PICK
Great company. Market cap of about $110 million with about $20 million banked post this current financing. Discovered a new Carlin Style (?) system in eastern Nevada and have proven up measured indicator 800,000 ounces. His calculations indicate it is worth $2.90 a share. Currently trading at fair value but the upside exploration potential downtrend is enormous. Has not been drilled in depth so could potentially become a major district.
precious metals
COMMENT
Gold: No time in history has there ever been the same circumstances that we now have, which could cause gold to shoot up substantially. Currently about $150 an ounce more than what he thinks its fair value. (His FV calculation is based on relative inflation rate of gold compared to the inflation rate of the US$.)
COMMENT
Market: This is a sucker rally. Far more downside ahead. In an over leveraged economy like this debt cannot be repaid and we need to see this shake out and we are years away from this. Bankruptcies and change of ownership is the bottom line. Not prepared to stick his neck out much further than gold and cash.
COMMENT
Junior Mining Companies: If they don't have projects that are economic it will be tough to get cash. Opens up opportunities for investors to get into companies at cash or less in cash with companies that have real assets for further down the road 2 of the main things is to check for the amount of cash and debt they have. Also check management for their record and burn rate. Need cash to make sure they can get through the next 2 years.
PARTIAL SELL
Fantastic deposit in the order of ten million ounces at a decent grade. The issue he has is that the Egyptian government is entitled to 50% of the revenue once capital is paid back. He doesn't know how this comes into the picture further down the road. If you own, consider taking some off the table.
precious metals
BUY
Great deposit. Have about 2.5 million ounces in pit. Another 2 to 3 million that falls outside of the pit. His model shows this at about $4 a share. Good takeover target for an outside company. Have about $24 million in the bank, which should get them through this year and into next year.
precious metals
