RE: RE: what gives?Richy, I don't pump and I'm not foolish enough to believe my message board posts can have any significant effect on the market. My post is to reassure myself about my investment as much as anything else. $4.37 is not a target but an example of what this would be worth in a better market. I don't expect to see that price any time soon, but I think that if this estimate had come out at this time last year we would be a $4-$5 stock - and at one time this stock Was $4+. As it is, I own plenty of gold juniors that are undervalued, however I also own gold juniors with smaller resource estimates and less cash at hand than serengeti, which are valued higher by the market. I think the reason sir.v didn't do better today is that there is too much copper compared to the gold, and nobody is looking to invest in copper right now. I was hoping we might get something more like 2.5 million gold, and 500 million copper. The market clearly liked the news though, which is why there was plenty of buying from 0.25-0.30 today. Measured and Indicated resources are considered pretty reliable, it is inferred resources which usually are valued at basically nothing. Proven & probable reserves are not established until the decision to mine has been made, so why would you expect them here? In ground resource for serengeti is $3.2 billion. Market cap is $11 million, and we have $8+million in cash, so this entire resource is being valued at $3 million! Undervalued any way you look at it even in this market. By the way here -
https://www.corebox.net/properties/kwanika/index.php?deposit=189 - is a 3d model of the deposit. It is low grade, but as you can see, it is open at depth and there is plenty of near surface mineralization.
Dirtmerchant, if you are interested in gold exploration companies, have a look at evolving gold corp, evg.v, another gold junior I own. They have a large property in Wyoming, $19 million or so of cash, and current market cap is $22 million. Unlike serengeti they DON'T have a resource estimate but recent holes include 131 metres of 2.74 g/t gold which is a better intercept than sir.v ever hit, so you know there's gold there. I'd advise you to stay away from companies exploring in South America, where you can frequently find amazing intercepts, but the government tends to be hostile to foreign mining companies. Everyone has their own strategy, just trying to help you out a bit
EReal