Well, if this is the entree, I can’t wait for the main...

Well, if this is the entree, I can’t wait for the main course!

OK, I know it has been a long time coming; however it’s not a bad start coming up with 270m pounds of copper worth approx. $1 billion dollars in the ground at current prices – not including silver & gold credits.

The cynics out there may say that it’s only an inferred resource, they may also say that it will take years until there is a producing mine – I beg to differ.

No doubt the resource is still at an early stage but there seems to be ENORMOUS exploration potential. Similarly, reading between the lines, it’s apparent to me that the proximity to Weatherly’s Otjihase Mine, and more importantly, their plant, would mean that a toll treatment deal or partnership of some kind could make NCO a producer sooner rather than later without having to invest lots of money & time in building & financing a plant.

So, what’s it worth to NCO right now? I spoke to an analyst mate of mine who reckons that at this stage of development it’s worth between 2-4 cents a pound to NCO. If you do the sums using 3 cents as the median, it values the resource at $81 million. Last time I checked, NCO had somewhere around 80m shares. That equates to $1/share.

Now I know the stock hasn’t traded in about 7 months & I’m sure they’ll be some stale bulls itching to get out once trade resumes. Consequently, I don’t expect the stock to come on at anywhere near $1 or even half that; although I would like to proven wrong.

There are at least a couple of other variables though. The company will need money for further drilling etc. & I don’t believe they have enough in the tin to go full steam ahead. That means a placement is highly likely. Whether it will be before or after relisting, only the directors would know.

Also, NCO didn’t ask for the suspension to be lifted. That means that Ongombo wasn’t the reason for the trading halt/suspension. Given the length of suspension, I would assume/hope the deal being worked on would dwarf Ongombo & that could set NCO off to the stratosphere & my patience & faith in Ikin would be vindicated.

I can’t wait to see what Ikin has in store & for trade to finally resume.