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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: George Alazar who wrote (254)4/21/2001 10:32:03 AM
From: russwinter  Read Replies (1) of 285
 
MNP has been easily the worst performing stock in my portfolio, but from this price has as good as prospect for a fifty bagger as any stock I follow. Market cap now is a mere US 4 million and they have a million a half in cash.

MNP is a victim of the collapse of the exploration capital market. Mt. Kare is not an easy or cheap target. Just setting up camp (helicoptors,etc.)in a wild spot like this is expensive.

It's hard to call a project that can pull wide intercept two gram holes at every turn a dud. This is an immense elephant like deposit. The challenge for MNP though is to find the high grade supergene material that will create a faster payoff to the substantial capex required, or entice nearby Porgera (PDG) to incorporate Mt Kare. Unfortunately the chances of finding supergenes (likely to be there someplace) for a junior with a million and half bucks and a 14 cent stock is close to nil. They have apparently been unsuccessful so far putting together the right JV with a senior for the job.

But, of all the elephant targets in the world, this one has real resurrection potential. It should have a big pop if 1. POG rallies over 300 2. The cut a JV deal with a serious major willing to put twenty or thirty million into a supergene hunt. I think eventually a seniors are going to have a revive the exploration budgets to survive and this would be a good project. 3. They get lucky and find it on their own (that's the fifty bagger).
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