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23,919 Posts.
752
07/01/11
17:21
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interesting buying on the options a few weeks back also
someone bought a bag of them at 4c
excercise of 20c , puts the shares at 24c
shares were same today , 16c
so roughly paying an 8c premium
$3.5m MC is very cheap , especially with the $2mill cash as you say
EV of $1.5m give or take
if you look at the projects they have then take your pick at a multiple from current levels as a rough target
as John said , a possible monster IOCG system
only need to have a look at Prominent Hill
also have potential for REE exposure in other leases
don't think its possible to trade this one
more of a get your fill and wait for news stock (like VGM now CNL)
not sure if we'll have to sit on this one too much longer though
management confirmed results were due out early in 2011 - from that I would invisage some time in Q1
expect results will be about frazer drilling and then followed by the Ooratippra report
think I may wait in que for some of the NTRO's as a punt ;)
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