RE: $1.20I'll give you my opinion. I have owned FMM sporadically and have no interest in them so I can be honest about it unlike most longs who are biased in their postings (no better than the proverbial 'shorters'). In fact the only reason I had a look is because Allan Barry guy spoke about them on the commodiites report. Not that I follow him but he was on this week's report.
Grandich flogged Lucky Shot a few years back but when you spoke to mgt and they discussed their drill plans it was very clear that there was no plans to do any kind of accelerated drilling = in my view no real hope of development - it was just one of those drag em out for a good NR or two a year properties. Regarding the potential of their huge acreage, in a good market that makes good copy and marketing; in a bad one its called lack of focus, no REAL prospects, no cash flow, I need money for exploration, but no 'real' prospects. That is the percetption I'd say, who knows if and when in all that land what there is and when and WHO will ultimately produce. In short, I'll buy it on the basis that someone else will pay more for my shares, nothing to do w/ future cash flows....uh in this market that doesn't fly.
In this market even real juniors that are going to be producing REAL cash next year, FULLY FINANCED to production are trading at 1 or 2x next year cash flow!!!! I know because I own some (GMI, IAE)! So FMM at $1.20, GXM at $.50 level doesn't sound out of line at all. Like so many Venture stocks it relies on the greater fool.
So there you have it, straight.