Anyone have any thought on Miramar. I picked up a little recently at $us 5, having dropped down from $us 8. My thought were that the company has an operating mine that is producing 125,000 ounces per year and generating good EPS and cash flow. They have a market cap of about $us 300 million, and you get a 55% interest in Northern Orion
( Cuba and Agentina ) worth about $us 150 million when you buy Miramar
Total consolidated reserves are 3.2 million ounces proven and probable, and another 3.4 million in the measured & indicated category. Also, there is about 12 million ounces of proven & probable silver at Talapoosa. $300m for about 7 million ounces is a reasonable $us 43 per ounce. Just an idea for discussion. |
