Galways True Value Iamgold going after TRR should be one of many mining buyouts to come. Senior golds are sitting on a lot of cash and the cost to acquire is becoming much cheaper than hunting for their own gold. As more and more JRs get gulped up, this will lift the tide for all boats.
I of course believe Galway Resources will be one of many that get taken out this year. Given the level of manipulation in our share price, it seems that not only is California up for grabs, but so are the rest of the assets. If you want to argue and say this is forced selling by mutual funds then that is fine, it still doesn't lead to a true value for Galway within our share price. For the record I don't think this is forced selling by mutual funds. A robot has been on this stock for a few months now. I used to work for a mutual fund company and when it's forced selling it is all at once because of redemptions. You don't gradually draw down your holdings if that were the case.
We must all understand the intrinsic value for Galway. The share price no longer is relevant to our current value. Call me all the names you want for saying that, but given all the comparisons currently, and going back, you do not get all that Galway has for $140mm given their high grade.
Under no circumstances should Galway be sold for anything less than:
--> $200/ounce in the 43-101 at California, given what Ventena went for (over $400/inferred ounce), and given Galway holds significant pieces of land within Eike's claim that he needs unless he wants to build extra ramps, entrances, etc to his mine. Multiply by 80%, given Galway only owns 80% of California. Keep in mind gold is 20% higher now than when Ventana did their deal.
1,500,000 ounces (my estimate) * $200 * 80% = $240,000,000
--> $50mm for Vetas given their current drill results and their shared border with CBJ's glory hole that management believe they have a similar structure. This is currently 1/3 of what CBJ is worth.
$50,000,000
--> Victorio and Galca. Minimum $10,000,000 value.
$10,000,000
--> Cash $20,000,000
$20,000,000
Fully diluted shares of 144,274,676
Added cash from exercising of warrants and options (once above $1.50) = $25,315,391
$25,315,391
$240,000,000 + 50,000,000 + 10,000,000 + 20,000,000 + 25,315,391 = $345,315,391
$345,315,391 / 144,274,676 = $2.39
If we let Galway go for any less than this we should all quit investing! If two or more parties come to the table, I see us getting more than that.