this Qtr has just shown us they won't be needing to raise any cash till next year 1.7mill at the bank they only spent 300k last qtr even if they do double the drilling they'll still have 1mill in cash for the next 2 Qtr then 8mill raised by the opts mid 2011 an still only have no more than 90mill shares.
Now being conservative I'm confident ARD will have a 25moz interest way before opts date... I also am very confident silver will be no less than $25ozUSD an in many reason could well be north of 30
$25 x 25moz =$625,000,000 gross
current market value 8mill + 8mill if opts are raised 16mill +increase SP to get opts ex say 4mill max =20mill market value
ARD Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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