Industry: mining – precious metals
Rating: buy
Notes:
- bjorkdal mine in sweden
- target 75K oz gold per year by 2008 (37.5mm@500/oz, 52.5@700/oz)
- $5mm in cash €“ no debt
- 79mm share out
- sold 12mm units at $0.56 w/ 1 share, ½ wt at 1.00 per unit early 2007
- research
- latest quarterly
- assuming 75mm prod, net 300/oz, discount 0.1 => NPV $118mm
- mkt cap of $75mm on 10/12 (c$1.02, .93/sh)
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