views on this stock - nickel/gold?

Anyone have an opinion on MPI Mines? **Ticker code MPM which Hotcopper says is not valid** I just got set today at 45 cents and it looks as if interest is building.

Market cap is $36m but I think that is pre-placement (just raised $10m from 25m shares at 40 cents each) so market cap is actually about $46m. They initially intended to raise $15m but "the Company has benefited from strong cash generation in its mining operations, especially at the Black Swan Nickel Project. As a result, the Company has no present intention to raise any further cash through the issue of new equity
capital."

Paterson Ord Minnett forecast they'll have NPAT approx $6m for 2003 from existing gold and nickel production and they also have substantial exploration and resource upgrade potential.

Would be interested in the opinions of mining company followers as it looks to be a nice mix between current production and future potential.

Here is a press release/PR spin from 11 April:

MPI MINES LIMITED 2003-04-11 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
PRESS RELEASE

MPI Mines listed on the ASX on 16 January 2003. The Company is a producer of both nickel and gold from three mines in Australia. In mid 2002, MPI (80%) and OM Group (20%) formed MPI Nickel Pty Ltd (MPIN), to acquire the operating Black Swan Nickel Project (BSNP)
near Kalgoorlie, and the Honeymoon Nickel Project north of Mount Keith.

The Black Swan Nickel Project (BSNP) in WA will produce more than 9,000 tonnes of nickel in concentrate in 2003.

Currently, the Nickel business contributes approximately 75 percent of MPI's revenue and consequently the Company is progressing the
exploration effort at its BSNP.

Gold is produced from the Stawell Gold Mine (SGM) at a rate of 90,000 oz per annum. MPI currently owns 50% of SGM. Gold production from the Coolgardie Gold Mine Joint Venture is expected to produce some 40,000
oz in 2003. MPI currently owns 25% of Coolgardie. MPI manages the Stawell and Coolgardie operations on behalf of the joint venturers.