Hello Peter: One that appears to be undervalued and slammed in the
past is REX Mining. Currently the beneficiary of 17Mil Canadian
upgrades on its 3 fissure producing mines., last report as of Dec 1
their last quarter turned 690,000 net profit. The Sierra Leone property
alone is estimated in the neighbohood of 3.3 Bil They also have other JV in S.Africa . Recently obtained permits totaling around
54,000 Sq. K in North West Africa., and another pending for 25,000
Sq. K. Prior placements done at 3.50 C before the coup in Sierra
Leone., but when things settle out they will be in an immediate
production scenario there. The plan being to mine the upper areas of
the dykes while developing lower areas and eventual production.
The diamonds are large., high gem quality reported by Rombouts
study of around 175.OO/carat. Currently the net asset value of the
REX mines should be 1.40C with a trading range of 2.40 to 3.50
per share exclusive of Sierra Leone., or any other land package
additions. The bonus here is 100% ownership by REX of current production (Ardo., Rex., Bellesbank.) 100% ownership of Sierra Leone
claims as well as the newly acquired North W. Africa claims.
In my opinion severly undervalued with great leverage going forward
with Sierra Leone. The majority of the stock is owned by insiders.,
over 50% currently trading under 1.OOC. but probably not for long.
Sincerel;y
George |
