Extremely cheap at this price for multi resourced company.
HGO has raised debt and equity to bring its Kanmantoo copper mine in South Australia into production. More significantly from the perspective of investment leverage, the company has raised sufficient capital to continue aggressively exploring its two very prospective exploration properties in Indonesia, namely Sumba Island and Birds Head. Both properties are considered prospective for both epithermal gold mineralisation as well as porphyry copper-gold style mineralisation. Early 2011 will see deep drilling focussed on the latter. Our valuation is now $0.31/sh (previously $0.34/sh) which includes a very conservative $19m (2cps) for exploration value.
HGO Price at posting:
26.5¢ Sentiment: Buy Disclosure: Held
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