Absolutely valid points there about the contrarian approach, its just having the stomach and the patience to execute it. The old "market can stay irrational longer than I can stay solvent" story. I realize that they are different size companies but guys like EVN and NST are also trading at 12 month lows so there is value in a lot of places depending on what your strategy is. Its strange that often gold producers have been even more punished than gold explorers though.
There certainly is some good exploration upside and its just a matter of getting it all drilled and permitted so they can extend the life of the operation.
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