Comparing Galway to Ventana Gold Comparing to Ventana:
--> Gold is now 21% higher than when Ventana was taken over ($1390/ounce when takeover agreed upon, and $1680 now).
--> GWY owns 80% interest on California, Ventana owned 100%. Galway has first right of refusal in remaining 20% and it is a participating interest.
--> Galway owns a 360 meter-long fractional land position within the main La Mascota mineralized structure. This wasn't applicable for Ventana. Either Eike gets this resolved or his construction of the mine will be inconvenienced significantly through extra infrastructure to stay away from Galway's claim. This piece of land is what likely locks down the takeover from Eike.
--> Galway is at a lower elevation as compared to Ventana. This should result in lower costs due to water and the amount of infrastructure (roads, distance between mine and wash plant, etc).
--> Batista is already constructing infrastructure, therefore the cost for him adding additional ounces is a lot less than adding a property from scratch (taylor did a great write-up on this last week).
Ventana received approximately $400/inferred ounce 9 days after their 43-101 was released. Based on the above points (some pros, some cons), California should be valued at approximately the same value. 1.5mm inferred ounces indicates a value for California alone at $4/share. To get to today's current price we are currently paying ~$135/inferred ounce. Based on an estimate of 1.5mm inferred ounces in the 43-101.
All of this of course puts a value of
for their $20mm in cash, and
for their Vetas and Victorio property. My estimated value for Vetas is $50mm, while Taylor is in the ballpark of $75mm.
The 43-101 is near folks. She's been a long wait. The 4+ months of drill results will be included within the NR for the 43-101. Again, this makes you wonder, why haven't they published those drill results, and why haven't they mentioned anything about the 43-101 or Cali drill results since Nov 21st 2011?