well undervalued or what, page-4

Agree Googs

A share price of 20 cents is only a MC of $100 million - with 42 million cash and at least 8 million in Goldstone shares and enviromental bonds this leaves an EV of 50 million. At the current 15 cents the EV is only 25 million.

Given that gold is nearing $2,000 per ounce and UML forecasting 50,000 ounces production per year over the next 4 years at a margin of > than $1000 (before this months upgrade)it won't be long before its cash position exceeds its MC.

Watching the share buying over the last two weeks I don't this is a secret as there has been very strong buying by the bots indicating at least one institution is on to it.

The other big advantage of this stock is that it has massive tax losses from prior years which means it will be a long time before it has to pay tax on its profits. This will allow it to keep all of its cashflow to continue to develop its existing projects.

In my opinion it may also be a takeover candidate if Goldstone continue to show promising results that indicate the potential of a million plus ounce goldmine in Africa.