Hi Troyus,
A useful yardstick to value ASX junior gold companies right now is Gammon Gold's friendly all-share takeover offer of Capital Gold (CGC) announced overnight (TSX exchange):
http://www.proactiveinvestors.com/companies/news/1090/gammon-gold-snaps-up-junior-gold-producer-capital-gold-corp-in-all-share-deal-1090.html
The deal values CGC at $C 168m ($A 200m), a heap leach open pit producer since mid 2007. Production rate is 50k oz pa increasing to 70k oz pa in 2009. Current cash cost is very low $US 255 ($A 390) per oz.
CGC has proven and probable reserves of 832k oz. I calculate it to have a further indicated resource of 853k oz (their announcements only explicitly state reserve ounces). So reserves plus resources = 1.68m oz.
CGC is unhedged and its market cap would be very near its EV (cash is $A 10m and they would have negligible debt given the low $18m capex to bring the operation into production).
Rowingboat.
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