poured first gold - incredibly undervalued

The Company's name is Norton Gold, it listed in August 05, and has an on-market capitalisation of just $3m but will produce 10,000 ounces of gold per annum at a profit of $273 per ounce.

As a new listing, and being Christmas time, obviously this stock has gone under everyone's radar. The Company today announced their first gold pour, and state they will produce 10,000 ounces per annum at a cash cost of $AUD400. That equates to $2.7m profit. And here's the amazing thing, the on-market capitalisation of the Company is only $3m. That much profit would equate to 4.5c per fully diluted share. That a forward PE of 3, not even including the prospective value of the Company's gold and copper leases.

The Directors have stated that the revenue from gold production will be used for exploration on these gold and copper leases, without needing to raise capital from shareholders.

Additionally, they just competed extensive drilling, and the results are to be released in the first half of January with a view to expanding the gold resources available.

I can see this price (15c) doubling by mid january. I hold.