If we take the share price to be 2.5c, this puts the market cap at $11m, with 275000oz mineral resource and $1.9m cash.
How does this compare with other gold explorers of a similar market cap, or with a similar resource?
Also, does anyone have any idea how much more gold resource might be required to initiate a feasibility study for a processing plant to be built onsite?
With the increasing POG and lower operating costs associated with onsite processing, there is a chance that further resources will be proved up quite easily.
If nothing else, it could be a cheap long term punt to buy into the rights issue. After all, it would only represent a small proportion of my total loss on this one.
rights issue, page-5
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