KensinI am not promoting anything , I do not own KGN XRC or ITH. I brought these companies up to show there are better deals out there than CAN. Can 's market cap is over 800 million with best case 1.5 million ounces proved up. KGN has 3 million proved and 2 million inferred and a market cap of about 500 million and has about 200 million in cash with only 75 million shares. They also operate in a way more stable place in Africa, Ghana. Tanzania is not as safe as people think, riots broke out late Dec and the recent attacks on Barrick show how unstable Tanzania is. FRC was bought out for 2.3 billion with about 4 million ounces proved 3 million ounces inferred and open in all directions. Many posters on the board were commenting that they paid $600 /ounce but this was not the case, FRC will end up proving up over 10 million ounces and the buyers knew exactly what they were buying. No one pays $600/ ounce.
The last 30 holes released by CAN showed 25 misses and the two good holes were right on top of previous holes so no new finds. Missing 25 holes is one thing no one commented on in this board. Turn a blind eye to bad news.
Targets of 8-12 on CAN are insane as this is not worth 2 billion dollars. CAN has drilled a km or so and inferring these results to 15 km and having dream targets of 25 million ounces is way out there. This will take another 3-5 years to prove up those numbers. The question is will gold be $2000 or $800 in a few years. No one knows the answer.
As far as costs to mine CAN , everyone is just guessing as there is no pre feasibilty study out there. So how could anyone know that $288/ounce is the cost with no real solid information? CAN is not hitting right below the surface and there is no infrastucture nearby so I bet the costs will be closer to $500/ounce.
Can is a pure spec play but have caught my attention with 2 monster holes. The market cap is just way too rich for my blood with a company at the infancy stage of drilling. I have been following the story since .30 and some of my friends have made loads of money on this deal. The easy money has been made.
I will give you my spec plays I am gambling on : NES CYD ADG (see article in Northern Miner)
Best of luck