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Johno I know a fair bit about MCO and agree with mouseyman it's a strong buy (I do hold a lot so please temper this against my view)...... I also liked Silver Lake buit worry about their longevity as others have mined their main Daisy Milano asset...... but they are doing everything right with strong managers.......
but back to your query on MCO which is undervalued for mine as.........
- 116M shares on issue - 30% held by MD and he speaks for at least another 30% among family + close associates....
- large holder was once a key guy there sold out last year which was major overhand 5M ++ shares sold caused stock to fall
- will have $2M cash in bank and no debts come mid-late Feb after current pro-rata oppies issue......
- the md is green in mining experience but understands needs to be surrounded by mining guys... he is very approachable and a straight talker...... they have a geo and mining engineer on the Board and restructuring senior operational managers at present......
- the asset was once australia's biggest gold mine... (morning star mine in Vic) was a key western mining asset before they chased the nickel in 60s......
- they have a 900,000 ounce resource some of it measured and indicated jorc categories.......
- they have done a lot of development towards production and are weeks away from pouring gold upon restart......
- they have a 1c issue happening right now of options - you have to hold by late jan 2009 to participate.... it's a 1 for 1 so at this point you are paying 1c for an option valued over 4 cents......... they will be listed......
provided mco get their mining plan right, they will be profitable this year..... that's right profits....... the mine there produced at around 25 grams per tonne in the past across 100 years of producing records.....
I would recommend Silver Lake and Hill End in same vein...... no pun intended.... but these are both more advanced and producing.......
AGAIN MY DISCLAIMER I hold quite a few shares in MCO (& HEG and SLR) and have done so for some years in case of mco so temper my position against my comments....... Good Luck DYOR of course.....
