how many ways to make moneyPersonally, I like stocks that have multiple ways to make money - I still can't believe people are selling at this price
There is the Virgin River project which just had a nice news release Uranium
Don't forget the other project - the one that the Geologists at FCO felt was a surer bet (I assume) and so set the company up for a 20% interest
(excerpt)
The Kernaghan Lake project lies west of Wollaston Lake in the northeastern portion of the Athabasca basin of Northern Saskatchewan. The project is owned 20 per cent by Coronation and 80 per cent by UEM Inc. UEM is a corporation owned 50 per cent by Cameco and 50 per cent by Areva subsidiary, Cogema Resources Inc. The Athabasca basin hosts several of the world's largest and richest uranium deposits. These middle Proterozoic, large-scale, high-grade unconformity uranium deposits occur at the base of the clastic sedimentary sequence and can attain gross metal values in excess of $10-billion. The property, located approximately 400 kilometres north of La Ronge, is joint ventured with UEM and operated by Areva subsidiary, Cogema Resources. The target is an unconformity-type uranium deposit similar to the now mined out Key Lake deposit, which originally reported a resource of approximately 195 million pounds of uranium. The Kernaghan Lake project lies approximately 15 kilometres northeast along trend from Cameco's La Rocque Lake discovery, where Cameco and its joint venture partners announced in 1999 drilling results which included an intercept of 0.7 metre at 29.9 per cent U3O8. UEM has been drilling the Kernaghan Lake project in previous years and has proposed a budget of approximately $300,000 for 2005. Results will be released as available.
There is the refinery that is moving towards operating capacity - real business, real money, right now
There is of course the Cobalt Mine which has a mineable resource even with the bulk of the property unexplored, but with assumed additional significant assets.
There is the Black Pine Project also in Idaho
(excerpt)
Core drilling has defined a preliminary sulphide resource of 224,673 tons grading 4.17% copper, 0.013% cobalt and 1.269 grams per tonne (gm/T) (0.037 oz/t) gold has been calculated for the Swift East and Trench zones. Comparatively under-explored zones include the Regina zone where the best drill hole intersected a cobalt-rich horizon which assayed 1.133% cobalt. 0.02% copper and 1.920 gm/T (0.056 oz/t) gold over 17.5 feet and the Troll Zone where drilling intersected a copper-rich horizon grading 0.164% cobalt, 4.90% copper and 0.446 gm/T (0.013 oz/t) gold. over a 9.2 feet. All of these zones remain open in at least one direction.
Reverse circulation drilling has defined an acid soluble copper oxide resource of 1,565,464 tons grading 0.40% copper and 0.017% cobalt in the Swift West, Swift East and Trench zones. A preliminary resource of 169,214 tons of oxide copper grading 0.98% copper has been calculated for the Jacob zone. These copper oxide resources are amenable to low cost, solvent extraction - electro-winning (SX-EW) recovery techniques. Preliminary indications suggest a reserve as small as 2 million tons grading 1% copper may be economic given the proximity of the property to infrastructure.
There are the 4 gold and silver properties they own including my favorite at the moment
(excerpt)
Prospect pits sampled by Consejo Recursos Minerales (CRM) returned assays of 111 grams/tonne within one meter of surface just below a barite vein outcrop. A one metre chip sample from within three metres of surface assayed 5.4 kilograms/tonne silver.
Silver values across the dike in the Santa Maria workings vary from 0.8 to 3.8 kilograms/tonne over 4 metres. Accompanying base metal values include lead assays ranging from 10.3% to 12.3% and zinc assays from 2.8% to 6.8%. Anomalous copper values are also associated with the mineralization. Mineralization is very low in arsenic, mercury and cadmium and only slightly elevated in antimony.
The Milagro Mine was a fortuitous and relatively recent discovery and as such it is probable that other silver-rich vein and replacement zones exist within the large area covered by the Milagro and Santa Maria Properties. (recent is relative this is an old news release)
So why aren't they developing these? I cannot say for sure, but I would assume they are working to finish the cobalt mining process and refinery startup. Once the cash starts flowing they can either explore these themselves or set up JV at a very favorable to FCO percentage. Also these mineral deposits are not going down in value - in fact it is just becoming profitable (perhaps soon wildly so) to mine silver.
Remember this company has working exploration geoligists (among others) as principals and founders. Do you think that as they have been running around North America during the resource doldrums that they haven't been cherry picking the properties for the last 11 years.
These guys are working to build something significant, quite frankly I am sure they would rather have it sky rocket overnight, but they worked through the days when nobody wanted to be in metals and mining, and survived and thrived by concentrating on building a solid foundation. Look at the above - and the other items on their site that I did not post - and the over 10million cash and precious metals assets and tell me this company is not worth several times it's current market cap. I bought in not just because of these, but because they have news release after news release after news release coming out, and once these cheap shares are gone, I believe this stock is just going to keep giving joy.
Oh yes, and no debt.