Mason Res Corp MSSNF

update with CE

[dynarod]

Big mack

 

Spoke to chris and was very pleased with the conversation and his approach.  I congratulated him on his sterling efforts to date.  I would recommend if you feel the same then please call up and express your respect.  IMHO this chap has good set of Cojones to smell the coffee on PG and convince the board to over turn the blood sucking parasite.  Good riddance.  Now below are a few things we discussed if my memory serves me correctly.

 

-         Drilling targets have been identified – combination of infill drilling for tac and corac and some new targets at cervilli I think? Excuse my spelling

-         PEA should’nt of been sanctioned as it was premature and MNR did not take their 43:101 advice and infill drill

-         Been problems with locating a drill in turkey due to the gold rush that has occurred with the recent Alamos drill results – they have one now and we should have the drills turning in September.

-         1 million cash on hand -  tightened up the burn rate and non necessary expenditure

-         Frightening to understand how bad it got recently when PG was at the helm – believe it was touch and go from a funding perspective last summer– as the treasury was operating on fumes and PG went on holiday

-         He said that he was sick of using good for nothing IR firms who did sod all and added very little value.  Not sure how he intends to change that – although he is aware

-         CE is waiting for the final PEA to take to a newsletter writer – most probably Lawrence Roulston – which I think is a good choice.

-         A structural model analysis will be created – so all the data will be sent for someone at minimal cost to build a 3D model of the deposit.  That’s adding value and money well spent in my eyes

-         Forgot to ask about any news and announcements on the dam project?

-         The new members to the board have added value especially the Turkish chap from the other junior mining company can’t remember the companys name.  

 

In relation to MNR’s undervalue Doug casey mentioned what the shopping season has done for junior stocks with resources – big discrepancy between may and july – clearly we are seriously undervalued – probably more so now than in the whole bull market to date.

 

May 2011

Inferred $61 per oz

MI 69 per oz

P&P 232 per oz

 

July 2011

Inferred $67 per oz

MI 65 per oz

P&P 120 per oz

 

Whats MNR got 23mill MC / 1.8 Moz =  $12 per oz or 23mill MC / 2.5 Moz = $9.2 per oz = ridiculously cheap!!

 

@ $65 per oz we should be at $1.17 (1.8 Moz) and $1.62 (2.5 Moz)