hartleys

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Source: Hartleys Research
CONCLUSION
Cortona‟s strategy is to develop a gold mining operation at its 100% owned Majors Creek Project in New South Wales. The Dargues Reef is the most advanced prospect with a DFS on the development of +50Kozpa operation expected before the end of the year (likely in November). The project is expected to deliver low operating cash costs and strong cash flows. A resource upgrade due in Q4 CY2010 should also demonstrate mine life extensions.
We see Cortona as a good quality explorer transitioning through to gold producer through the development of Dargues Reef. The Company will have steady news flow over the coming months, including resource upgrades, on-going drill results from regional exploration and the release of a DFS which is expected to be favourable.
The Company has a market cap of ~A$28m with A$6.3m in cash (EV of ~A$22m) and is trading at a significant discount to our A$70m preliminary valuation.
We initiate coverage of Cortona Resources Limited with a Speculative Buy recommendation.