Ok, took the plunge yesterday with half my FGX $: bought MAN
at 98-99. Will commit the rest if trades lower.
I have no idea if the next 20 cents on MAN is up or down, and without doubt it's been a tough stock on early investors, but IMO this is going to be one of the great mining districts, if not the greatest in the world in a few years. Bottom line: the Peruvian govt owns 25% of it and stands to make hundreds of millions from these superlative VMS deposits.see pages 6-8:
sedar.com
The new Minister of Finance Kuscinsky is unabashedly pro-mining and will push through the govt's agenda. They will deal with the town site and the 1600 homes in the vicinity of TG-1 will be relocated, and the district will be successively explored out and developed. It will be a change of a way of life, but also an economic boon. Change is the way of the world, and Tambo Grande can expect it in spades. It's ludicrous to expect to just grow mango trees when you are sitting on one the greatest mineral troves on the planet, and it's clear this Peruvian govt ain't interested in fruit.
manhattan-min.com
It may be a two-three year play, but MAN has greater ten-twenty bagger potential than any junior in the market.
Notes:
39.5 million out at a buck= US$25 million market, about two and million cash (Incrediably CHEAP!). Positive management change last year. Prior to the town upheaval, MAN drilled 416 holes/76,000m. Nobody questions the geology, and the discoveries are remarkable: see page 15, three world class VMS and numerous unexplored additional targets. Ranking of the three VMSs discovered to date out of 819 in the world: TG-1: 11th TG-3: 14th B-5: 16th.
Infrastructure is positive, flattish, only 100 km from a deep water port and there is a ready labor force. Indeed the people (poor) there face the prospect of large wage gains. My research suggests that opposition to this is small and fanatical, not widespread. There are concerns, but I question the notion that the "town" is in opposition. One aspect that has swung me towards stepping up with a large position now is the way MAN has conducted themselves. I now believe they are a class outfit and that counts for something in my book. This is near the Ecuadorian border and there is a renewed economic rivalry (border disputes have been laid aside) between the two countries to develop natural resources. In some respects Ecuador has left the starting blocks first: AOG with a pipeline and oil development, CTQ's copper discovery in the "Corriente Belt".
TG-1 has a gold cap start up pit with 1.25 m oz Au-Ag equiv. est. at a $40 cash cost to be followed by a ten year base metal operation, est 44 cent cc: 70,000 plus tons Cu, 40,000 Zn. Another VMS, TG-3, is located 500 m south of TG-1. Then B-5, with another gold cap is located 11 km south. Then there are about twenty more prospective (MAN stopped serious drilling two years ago when they ran into the local opposition and the junior market collapsed) VMSs throughout the district. Mouthwatering. Very good annual report cited above with additional details. Looking forward to intelligent comments from others!! |
