RE: Nice Spec PlayAs one can see,from the corporate presentation, there is excellent chances for additional gold resources,esp in the South pit....................
https://www.americanbonanza.com/i/pdf/Copperstone_June_2010.pdf
In other words, a 10 year mine life.........about the norm for its peers........ seems very achievable.
Currently, producing junior golds with decent balance sheets, in a good jurisdiction and with a LOM of at least 10 years, trade at 12.5 times annual cash flows.
That is.....as you state.....your valuation estimates are conservative.
The close of the Balmoral PP should be today or early next week , and that will be the next significant development point.
Presumably, we shall then get an update outlining how the remainder of development costs will be funded....