OTCPK:ICNOF - Post by User
Post by
SevenFigureson Aug 30, 2011 3:00pm
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Post# 18994578
56,000 ozs?
56,000 ozs?Using $300/oz in the ground and 47,600,000 shares and 0.355 CAD share price today, the current "valuation" of ICN assumes 56,000 oz in the ground on all properties. Knock off another 2,900 ozs when negating cash & marketable securities. Leaves 53,100 oz. We have entered "beyond ridiculous" terrority here. Even Hering's low-end target of 300,000 oz is almost 6 times this for GF Bonanza alone. His midpoint target of 1,650,000 oz would be 31 times the value that ICN is being given today. Want to use $200 oz? Still 4x to 20x misvalued currently using Hering's low-end and midpoint GF Bonanza targets. (Also, zero value of course being given for all other properties and assemblage of management as well)
Greece's July "bailout" is fast becoming bunk; and if it weren't for the ECB stepping in to buy Italian bonds, their 10 year notes would be well over 6%, possibly 7%. 7%+ begins the death debt spiral for Italy of course. Bullish for gold.