I dont know if anyone else has noticed this, however given we have 18mil cash in the bank and an 87mil market cap, we have about 20% of the market cap in cash.
The current MC is trading so close to the cash value that it has the tenements and the exploration work to date valued at such a low price its unbelievable.
In theory if you sold all the EPL's, work to date etc minus cash it would only be worth 66m.
That seems a bit of a farce if you consider the number of lbs in the ground, even if you take into account fukushima and this more recent epangelo business.
Not sure what everyone else thinks, but this all seems silly to me! Really feels like deja-vu from 2008. Hopefully we find ourselves in a similar recovery in the next few months.
BMN Price at posting:
37.0¢ Sentiment: LT Buy Disclosure: Held
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