This is off of so many radar screens, it has to be stealth technology.
I know there is something obvious I am missing in my DD on NTO, Northern Orion .
There are no major infrastructure impediments, and they have something like $150,000,000 in available working capital, with an income stream, depending on Copper price of $80 to 100 million a year from a 12.5% participation in the Alumbrera mine in Argentina.
This is the current mineral profile for their wholly owned Aqua Rica mine, to be developed, using primarily, existing, idled Alumbrera resources.
"An updated mineral resource estimate based on the full set of 176 drill holes was completed in March 2005 as part of the Feasibility Study by Giroux Consultants Ltd. and Hatch. This estimate differs from the earlier estimates in its geological interpretation of zone geometry and provides a more comprehensive set of geological and mineralogical parameters, complementing the previous data generated by BHP Minerals in 1999, and allows for more accurate grade interpolation constrained on revised variography. The updated resource accounts for the distribution and polymetallic nature of the deposit and has increased the Measured and Indicated resources, and significantly the Inferred tonnages previously released in 2003. Northern Orion has identified a Measured and Indicated resource of 1,457 billion tonnes at a 0.2% copper cutoff containing 14.1 billion pounds of copper, 8.9 million ounces of gold and 964 million pounds of molybdenum and a further 972 million tonnes of Inferred resource at the same cutoff containing 7.7 billion pounds of copper, 4.4 million ounces of gold and 771 million pounds of molybdenum."
Shares are trading on the AMEX in the US at around $2.40
Market cap is approx. $352,000,000., and they have nearly half of that in the bank.
I know the mining sector is not performing for some reason.
Still, this seems too far off.
Anybody aware of a major flaw or potential problem here?
Political issues or something?
Would like to know before I buy more...... |
