post by tiffynry on Yahoo
Robert Cohen, Dynamic Funds on Aurizon
COMMITTEE BAY RESOURCES (CVE:CBR): JV with local Australian company..19 million tones grading around 2-3g/ton..production 2008 cash flowing about $10 million/year..market capitalization of only $27 million..market has not much appreciation for Nunevat assets..very expensive to get in there and drill but we think long-term this company has significant potential..conservatively pricing only Australian asset and not Nunevat at all can give price of $1.50..we do own it in our funds
REUNION GOLD (CVE:RGD): $130 fully-diluted market cap..three types of geology mixed in one project..several targets identified..geology looks like Cambior's Guyana mine..expect 2-4 million ounces fairly low grade around 2g/ton..stock can easily triple given geology..still classify as one of my top picks
PALMAREJO GOLD CORP (CVE:PJO): recommended before..large silver deposit in Mexico..same belt as ALAMOS GOLD (TSE:AGI) and GOLDCORP (NYSE:GG TSE:G) in Sierra Madres..you have a mine which goes into production a year, year and a half from now, will be producing about 10 million ounces silver/year, top ten silver mines in the world as far as production goes..byproduct credit of 100,000 ounces/gold..$11-12 without finding any more ore but very lightly explored..there are veins all over, impressed with regional geology and team..one of the largest holdings in our funds
ELDORADO GOLD (AMEX:EGO TSE:ELD): one of the holdings in our funds for number of years..average cost $0.50 so we have done well..they just put a mine in production in China, also in middle of last year put Turkey mine in production..little bit of growth, well-run..is the stock cheap cheap relative to gold price? Probably slightly discounted..not going to get deep value but will get good performance with gold price..$2 billion company..substantial company with good mining profile
WESTERN GOLD FIELDS (TSE:WGI): I do not own..do I like it? If you do think gold price is going up, this will do well because it has very high leverage to gold price because project is low grade..market capitalization on fully diluted basis is $310 million..fairly lofty market cap to pay for deposit..I just do not find mine quality that I want to put in my fund..if you have risk tolerance, can buy..
AURIZON MINES (AMEX:AZK TSE:ARZ): I know management very well..this is one of our holdings..stock has performed very well over last year..put Quebec mine back into production..market still has not realized full value..target $5.08 based on this morning's spot price in gold..combination of alpha and beta..lift of where target price today plus movement with gold price..certainly hold on to stock..
GOLD EAGLE MINES (TSE:GEA): do not have target, we do own it in our funds..they just merged..in Red Lake district of Ontario..geologically looks fantastic..think that we will see more terrific exploration results..pretty certain it will become a mine
ANDINA MINERALS (CVE:ADM): I do not own it..interesting gold deposit in Chile..low grade but they have economies of scale..target $3.25/share, trading fairly close to that..target conservative using 5% discount..
EXETER RESOURCES (CVE:XRC): certainly opportunity here..their project in Argentina..Argentina does not have same mining history..government can get very nervous..lot of NGO, environmental group pressures..they can become timid at making decisions..if we take these concerns aside, I have a $4.30 target..you have to overlay some discount until Argentines get together with their mining code
LAKE SHORE GOLD (TSE:LSG): target if $2.07..feel it is slightly undervalued..exploration company..very decent project..curiously beaten up over last year, I would certainly consider holding onto it at the very least
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COMMITTEE BAY RESOURCES (CVE:CBR):
Excerpted from the Press Release
Committee Bay Resources Ltd.: Substantial Resource Upgrade for Tindals Mining Center RJV Project, Western Australia
Tuesday January 9, 8:30 am ET
EDMONTON, ALBERTA--(CCNMatthews - Jan. 9, 2007) - Committee Bay Resources Ltd. (TSX VENTURE:CBR - News; FWB:C3M) (the "Company") and Australian Redemption Joint Venture (RJV) partner Focus Minerals Ltd. (ASX:FML - News) have added further weight to their plans to develop the Redemption Joint Venture at Coolgardie, Western Australia with the announcement today of a 100% increase to the Inferred Gold Resource estimate for the Countess deposit and initial Inferred Resource estimates for two other nearby ore bodies, Tindals East (Cyanide) and Empress West.
The doubling of the 43-101 compliant Countess Inferred Resource estimate to 246,000t @ 4.26g/t Au, for 33,700 ounces, together with the initial Tindals East Inferred Resource estimate of 367,000t @ 5.54g/t Au, for 65,367 ounces, and the Empress West estimate of 129,500t @ 4.68 g/t Au for 19,485 ounces, amounts to a greater than fivefold increase in gold resources for the combined Tindals Mining Center at Coolgardie to 742,500 @ 4.97g/t Au for 118,546 ounces.
This significant mineralized system - which hosts the Tindals, Tindals East, Countess, Empress, Dreadnought and Perseverance lodes - has to date produced more than 525,000 ounces of gold from both open pit and underground operations. It will be a key development focus for the Redemption Joint Venture as part of the rejuvenated Coolgardie operation, representing an important source of high-grade ore for the re-commissioned Three Mile Hill treatment plant.
The upgraded resource estimate for the Tindals Mining Centre has resulted in an overall increase in the resource inventory for the Redemption Joint Venture to 385,138 measured and indicated ounces and 1,151,419 inferred ounces.
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RGD
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ELD
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XRC
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