Hi Bac,
Try to click edgar.com
click SEARCH and type MINE
A lot of information there. IMO, MINE is a serious company.
You don't have to believe me but try to type IKAR or MDIN, and tell me what you get.....:)
When you visit MINE website, goldeneagle-mine.com
try to click any title and surf it. Sometimes, a picture has thousands words....:)
I quote this below from goldeneagle-mine.com
Technical Geological Report on the Gold Deposits at Cangalli, Bolivia (G. Paravicini; April, 1997). This report's most significant finding stated: "Using the definitions set out above, and the overwhelming evidence of geologic continuity, it is my opinion that the portion of the Cangalli claims that I studied, which would have been in any event less than half of the claims under contract, contain an Indicated Resource of 60,771,704 troy ounces of gold and an Inferred Resource of 111,414,800 troy ounces of gold."
The geology results, I hope, will be announced soon and not late than April 30, 1998 as a read from company press release, biz.yahoo.com
Let's said the company has 60 million troy ounces. Based on 10QSB on Nov 25, 1997 company has 87,853,654 issued share which is 44,517,143 outstanding.
I got 0.683 troy ounce gold per share when I divided 60,000,000 by 87,853,654.
With the current price of gold, $310.3 (try to check its current rate from bloomberg.com ), we got $211.935. And don't forget, the gold is in bullish trend now...:)
But it's just how much per share has gold reserve....:)
We have to subtract it from production cost. Based on someone said, the company production cost is $170/oz. So, based on Friday closed price, there is $140.3 gain from each oz or $95.82 per MINE share.
What is the current price of MINE? Only $0.125....:)
Why is it so low?
I don't know...:) My guess, it's because some people are waiting for the final result. They don't want to be like BRE-X investors....:)
I absolutely agree with it. MINE, IMO, has very conservative managements. There are also very professional with their jobs.
I felt it when I visited MINE website. They always remains us. Sounds like fair enough for me....:)
There are also many ways to indicate the company could be trusted or not. Let's started from it is a fully reported company or not, I mean does company send a regular report to SEC or not. I just have two others gold companies which I have mentioned above, IKAR and MDIN. Their price is good and I think they deserve it. But my focus here is our stock price is too cheap. MINE should traded above IKAR price. MINE should traded between $2-3 before the final results. After the company announces it with no much different from preliminary research, IMO, MINE could hit $70 short term (not more than 2 years).
Do I look too optimistic?...:)
I don't know...:)
I tried to compare this company with others. Just said, ABX
It's closed at $22 1/2 on Friday (please, check the current price at quote.yahoo.com ).
How many shares ABX has? 373 millions !!! biz.yahoo.com
How about its gold reserves? Only 51 millions oz
and with production cost at $193/oz. You don't have to believe me, just click:
barrick.com
I try to calculate how much gold reserves per share has.
51,000,000/373,000,000 = 0.13673 oz per share (compare it 0.683/oz MINE share has)
The net value is equal to:
($310.3 - $193) x 0.13673 = $ 16.04. ABX Friday close price at $22 1/2. Compare to MINE, we have $95.82 value per share...:)
All of the above is my opinion based on my own research. You have to do your own research before making any decisions.
Have fun with your DD.....:)
MM |
