best small cap gold stocks, page-35

Tribune Resources (TBR)

They have roughly $130m in bullion (- 2 quarters expenses) + as of last quarterly $12m in cash.

Market cap currently around $106m at current prices. No value priced in for the below:

Receiving around 50koz Gold production per annum from JV with Rand/Barrick @ Raleigh Underground Mine. Costs are low, grade was 13.4g/t average last 2 years.

They also have 100% owned project in Ghana (Just down strike from Perseus -> ASX: PRU), exploring the exciting possibility they have 6km worth of strike, results are reasonably shallow with potential for open pittable resource with further drilling to confirm:

Dadieso - 17m @ 5.19g/t Au from 114m
Japa - 12m @ 15.37g/t Au from 126m

They also have 43% stake in Rand (RND).

Basically they are priced at bullion with everything else thrown in for free.

Negatives:

Basically run like a private company. 90% owned by top 20 and only 50m shares on issue means illiquid.

Billis has colourful history (do you research there).