OMC I think has some real potential. They are searching for...

OMC I think has some real potential. They are searching for heavy mineral sands in Tanzania on the east coast of Africa and just floated in July this year. They have significant holding of tenements along the northern coast of the country. But what caught my eye is that they have $3m cash in hand but the mkt cap is $4m. So in essence the market is valuing their holdings at $1m. What are people's thoughts on this? Anyone know anything about mineral sands?