Explorer with an EV of only $14.5mill and $7.5 mill in cash.The management has a excellent track record of discovering world class gold deposits in Indonesia.At no cost to ARX there is exploration activity occuring re their Anglo Strategic Alliance that has commenced preparations to undertake an airborne magnetics and radiometrics survey over the West Papua IUP. The results are expected to generate new prospects and drilling targets.
467,843,846 { 56%}shares on issue outside of the top 20 and really the volumes being traded are as John Carlisle stated paper thin.
This stock provides great leverage to explortation success . Recently there has been strong buying on market with this stock and now it seems the buyer had had their fill for the moment. At these levels this is extremely undervalued.
Last night Gold futures fell from a record $US1,684.90 an ounce as some investors sold the metal to cover losses in other markets; expect a strong run in gold. Look for a strong run re gold price in coming weeks.
ARX Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
