XAM is a Mongolian coal exploration company just like CEO and TVN but it is more mature. I believe that very exciting time is ahead for XAM.
The Quarterly Report Period ended 30 June 2011 said:
"All four drill holes to date intersect significant coal intervals at Nuurstei including an aggregate of 42 metres of coal in the first hole; coal quality analyses expected shortly" (Nuurstei is a coking coal project.)
The announcement also said:
"Exploration and resource drilling completed at the Galshar Thermal Coal Project and a resource in accordance with JORC code expected late September" (exploration target of 175 -225 Mt)
That's 7-8 weeks away.
The company has 5 coal projects including 2 coking coal projects and 4 Au/Cu projects in Mongolia in total.
The company spent 3m last qtr and it had 23.4m cash on hand at 30 June 2011. Clearly, it's fully funded.
The current sp is below its Nov 2010 IPO price of 60c. Also, Noble group paid 69.89c a share for 9.9% company equity.
The company has 187m shares and 19m options on issue with a current market cap of 113m fully diluted. The net company value is 93m.
XAM Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
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