RSN @2c is a good buy IMO. SP brought down by the OPES debacle. All Opes shares sold. Some convertible notes still held by ANZ.
Sold Tom Gully gold project for $51m, with $27m to be paid in 08 and 09. Tom Gully grade of 8g/t and resource of 500,000 oz should be worth $200m, but sold at $51m. This means the company believe the opportunities it is pursuing is worth significant more than $200m.
It is targetting 2 coal projects. Not a bad sector to be in right now! Coking coal is now US$300/t.
Arrawatta Coal (100%), coking coal. Drill results anytime now. Strike length 3km and still open to the north, with coal thickness of between 3m-18m. Width is unknown. Hope results to be announced soon would shed some light.
Ashford Coking Coal (50% with NEC). 18mt inferred. Results being tested in Australia and Japan.
DYOR.
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