Quick calculation: Gabriel 23,830,833 outstanding (including those for purchase of Castle Europa.
1.4 issued for each share of GBU = 33,363,166
Existing PVo shares = 14,227,466
Result 47,590,632 shares!!!
Assets:
Peruvian no value in properties;
cash $12.8M
Gabriel
cash $1.07M
65% of 2.4 to 2.6M oz of Au and 10M of Ag in Rosia Montana.
Recent study shows cap and non-production cost of $210/ oz. therefore estimated value per oz with today prices 65% of 91.30*2.4M+ 65% of 6.18*10M=$182,000,000.
Today's acquisition of Castle Europa is worth of $22M for the value of their projects in the independent study.
Than $14.5M cash
Properties $204M potential
$218M/47M shares = $4.63 per share?
Comparison Rio Narcea (RNG) 2.6M oz. 48M shares $17M cash plus $14M receivable. Mining for about month now in Spain (Rosia Montana could be the biggest project in Europe according to GBU release, even like the name). Trading in RNG as of today 3.85-4.00.
Any comments or ideas, I think we will be lucky if it get to 2.00, if gold goes up than stock will get better value. No need of cash at least for a while.
Robert |
