I bought some NAEO at 2 cents today (total cost 12 cents incl. exercise price). Gary Fietz and his team are building a good business in Columbia. This will definitely be one of my strategic stock investments for 2012. I estimate that stage 1 of the Terranova project will be worth at least 50% more than the current share price on a DCF basis (based on assumptions released by NAE). Add stages 2 and 3 as well as the thermal coal projects next door to tenements which Drummond sold a 20% stake in its operation for US$1.5b and you have a potential multi bagger. Certainly one worth watching closely. I will post a much more detailed review by years end.
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