i want to buy small cap gold stocks, page-74

Plough, yes you're memory is correct. 2008 has been a year of transition. However, TRY has brought 5 mines into production this decade and does so without share dilution or debt. When U/G production starts in the March quarter, Andorinhas cash costs expected are USD 300 I think. Not sure if this qualifies as lower quartile, but I know average global cash costs are $US 450.

Finicky posted this balanced summary yesterday evening:

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Don't mine in Australia now, Sandstone being wound down, hence loss of cashflow. Mine in Brazil called Andorinhas, only targeting 50,000 ozs/pa when underground ramps up, starting Mar Qtr. Already has a fully operational mill and plant processing low grade open pit. Only Reserves/resources for a 5 year mine-life but with good prospects for more resource both within Andorinhas and on contiguous jv tenements. Spending quite strongly on exploration, so that will account for a few of those millions fy 2009.

Had about $60m cash after settling sale of a stake in Comaplex in July. So with market-cap of $49, not double. The share-price hasn't performed all that much worse than some quality peers like RMS or DOM over the last year. It has suffered badly from the break of multi-year, ultra tested support at 2.25. It's listed in Canada which I suppose brings in at least the possibility of shorting pressure. Others have commented on end of day sell-downs.

Free digging haematite project within the Andorinhas gold tenement should be a coup, but not finalised yet. M.D claimed it could pay all operating costs of the gold-mine, but they haven't been able to announce off-take agreements with local steel-makers yet. Iron ore a bit cheaper now. Going to contract all that out: digging, screening, trucking. The capital cost would be very low (about $5m) as the project could also use the facilities of the goldmine. They are also weighing up the option of an outright sale of the iron ore project = more cash.

I'm hanging out to add more a little cheaper, as I think the chart points to that possibility. If the gold price or the goldie mood recovers quickly that could sure change. My rough target still ~ 50c unless it shows new signs.
Doesn't hedge, has no debt, has cash and a couple of gold mines to flog or vest into a jv, and a few shares in some other company.