The key to this float is that it is very well priced. Market cap...

The key to this float is that it is very well priced. Market cap of $25mn at full subscription priced at 25c. Cash of $12mn leaves an enterprise value of $13mn for:

- near term gold production of 30,000 ounces per annum
- fully operational plant
- WA tenements where million plus target ore bodies have been identified for drilling in early 2011

Maldon gives near term production and cashflow to fund exploration in WA. The WA tenements offer the blue sky when it is drilled in early 2011. The tenement is located adjacent to Silver Lake's Daisy Milano mine.

Interesting that Newmont will own approx 9% of Octagonal.

Looks cheap imo.