Buster,While I agree with what you write don't fall into the...

Buster,

While I agree with what you write don't fall into the trap of comparing El Roble to a standard open pit operation where size X SG X grade allows a company to create a JORC compliant NPV which can then be used to raise money for capex.

We have no capex requirement and a tiny opex once mining starts proper.

You write about waiting for further indications on the size of the deposit, this is an open pit concept and will not necessarily apply to El Roble.

As an example conside the Norseman mine (quote from the Medusa Mining website)

"A well known Australian example of long lived narrow vein gold mine is the Norseman Mine in Western Australia which has been in almost continuous operation for some 70 years but is understood to have rarely had more than 2 years reserve life."

Rarely had more than 2 years reserve life but operated for 70 years.

In fact it is worth reading the entire presentation on thin vein mining as it explains how a JORC can be attained if needed during the actual mining process itself.

Link here ... http://www.medusamining.com.au/narrow-vein-mining/

MNE is thus harder to value on standard valuation models which is why I am delighted to see that the management have embarked upon a roadshow to explain to brokers and instos what they are doing and how to value the company based upon thin vein mining metrics and not the usual JORC / open pit scenario.

Like you I see MNE as stupidly undervalued and see a mkt cap at multiples of the current $10mn in the very short term, even as early as next week as more investors start to understand MNE's business model and the newsflow continues.

EB