Yeah...poor buggers. The notes were issued for the development...

Yeah...poor buggers. The notes were issued for the development pf Panorama--a project that was and still is a solid goer in $1.00+ zinc. At the time, people were falling over themselves to get a piece of this sort of project.

Since metals prices went down the gurgler...panorama has been shelved and the money not spent of development was used to buy back the notes. I wonder how much money was actually spent out there and what sort of equipment is on hand. They had ordered all the long leadtime stuff like the ball mills etc.... Anyone know if cbh actually took delivery or if the order was cancelled???

Anyway Panorama is a nice asset just waiting for better times and a sale or JV will happen sometime down the track.

if you think cbh will be 80c, just buy the fpo. imho, 10c is a pretty solid floor for the sp. it values the company at roughly 100mil market cap which i reckon is quite cheap atm. toho is on standby with loan facilities so the company is not going under anytime soon.