2 year low, page-2

I find the share price unbelievable.

In fact I was buying today. Possibly a mistake but I think the company has some great assets.

At $1.78 the market cap is $880m.

From its presentations it has cash of $87.8m at the 30/6/11. It owns the Osborne mine site, est replacement of the P&E is $300m. The NPV of the Osbourne project is approx $400m.
Its owed value of EXCO is $66m.

It has a few liabilities but nothing to onerous.

Therefore the other assets are effectively a free carry.

In one presentation, it said it had 33 million oz gold equivalent or 5.5mt of copper equivalent. Refer presentation 14/7/11.

It has 2 projects going into production next year.

It hired a COO who has great experience in putting mines together and managing people.

It seems good buying at these prices considering its market cap was $500m higher about 2 months ago.

What do others think.