RE: market depth I'm not finding fault with your post, your thoughts are in line with present circumstances surrounding CMA and its perceived value.
The present share price, whether we like it or not, reflects management's actions/non-actions. If this machine, (CMA) were firing on all cylinders we would be seeing approximate values that I have previously posted, see below.
Revised July NI 43-101 Resource Totals
(From August 3, 2012 news release)
Measured & Indicated
Dos Hornos 1 and 2 and Veta Thomas
Au = 48,435 oz
Ag = 7,220,000 oz
Inferred Resources
Dos Hornos 1 and 2 and Veta Thomas
Au = 18,773 oz
Ag = 1,170,000 oz
Open-pit Potential
Once Bocas North and Once Bocas South
Au = 24,010 oz
Ag = 4,600,000 oz
Total – All Resources – M&I and Inferred to Silver Equiv
Au = 91,218 oz
Au (50 to 1) = 91,218 x 50 = 4,560,900 silver equiv oz
Ag = 12,990,000 oz
Total =12,990,000 + 4,560,900 = 17,550,900 silver equiv oz
17,550,900 silver equiv oz
(351,018 gold equiv oz)
It would not be uncommon to be off on the estimate 30% to 35%, (especially if we believe the estimate was conservative).
17,550,900 x .35 = 6,142,815
(351,018 x .35 = 122,856)
Total = 23,693,715 silver equiv oz (473,874 gold equiv oz)
473,874 gold equiv oz x $1,500 = $710,811,000
ROR (rate of return) 25% = $177,702,750
$177,702,750 / 215,000,000 shares = $.83 per share
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$.83 per share* - for 'each and all' fully diluted shares - based on 25% profit for all extracted precious metals.
The above gives investors something to compare to any and all possible buy-out offers and/or JVs.
*Note this is based on gold spot price of $1,500 per ounce.