Comparative to DOM:
- VRE ramp up to 120k Oz per year is now in full swing...
- DOM's full year production is slightly less than 120k, DOM market cap is probably 3 times VRE....
- DOM's reserves are double of VRE but VRE's exploration will certainly increase its gold reserves significantly....
- Nickel project will be another cash cow....
- Thus, at current nickel & gold price, if VRE at full production capacity (by early 2008), EBITDA is approx. $60mln ($40mln gold & $20mln nickel).... at 5X of EBITDA = $300mln.
I conservatively give VRE a target price of 75c base on above calculation.... but then if gold & nickel go higher, +$1 is possible
Comparative to DOM:- VRE ramp up to 120k Oz per year is now in...
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