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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (2265)9/13/2013 5:47:44 PM
From: Goose94Read Replies (1) of 202720
 
Mundoro Capital (MUN-T) is completing a maiden drill program on one of several concessions it holds in Serbia that adjoin either the large Bor mine complex or projects held by the Reservoir Minerals (RMC-V) and Freeport-McMoRan Copper & Gold (NYSE: FCX) joint-venture that announced an impressive discovery last year.

Reservoir has a 45% joint-venture interest in Timok and has garnered a $180-million market value thanks to it. Mundoro holds several concessions covering similar geology next door and began a 4,000-metre drill program in late July to test similar geophysical and structural targets to Reservoir’s Timok discovery. These are totally blind targets being tested with 700-metre holes. It’s by no means low-risk exploration. Mundoro does have a big ace in the hole, though: its bank account. The company had $13.2 million in cash and equivalents at the end of June. The junior is trading for cash value. In other words, there is no discovery premium. If Mundoro misses during its current drill program, there could be some selling, but the downside is limited by its strong balance sheet and the fact the company is also at work drilling other areas south of the Reservoir-Freeport project, and at another project in Bulgaria. If Mundoro is fortunate enough to drill a hole that looks anything like the broad, high-grade intercepts Reservoir has reported next door, it would trade at a multiple of today’s price. This is as good a risk and reward scenario, as you’re likely to get in a weak market.
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