RE:RE:New Presemtation outYou're right. Will the last junior gold investor in North America, please turn off the lights. This a special situation, though. It is becoming a mine and its in the same fault zone as gold elephants. Emperor was up to a feasability study before gold prices went way down.
Walter Berukoff must be one of the saviest gold guys out there , if not number one. Two of the mines he , basically founded eventually sold for over a billion. A third, La Mancha, sold for only half that but the stock price went from $.03 to $3.50 (I wish I would have known more about him then)
But consider:
Market Cap of $16 mill ($13. US)!!! For that you get: - a fully permitted mine with $6 mill in the bank that has had $30 mill invested in drilling and infrastructure done by Emperor, the former owner.. (as well as the large amount already invested by LIO.
- Its on the same structure zone and has many of the same characteristics, (collapsed volcanic caldera) as some of the major mines in the world-Porgera, Liher and of course there is:
- Vatukoula. The mine 32 miles away that has mined 7 mill oz.of gold since 1923 and has 4 mill more and counting. (About $13 billion at today's US gold price) Geologists figure both volcanoes have the same geologic history,and time table,. Both have highly mineralized collapsed calderas.Vatukoula has been mined down to 1300 meters--but
- Tuvatu has had only a relatively small area explored, and only some drilling below 300 meters (in places) with the veins getting wider and richer the deeper they go. The rock is solid, to make for easier mining. Apparently Tuvatu sits higher than Vatakoula so dewatering may be less of a problem,
- Tuvutu has a number of highly prospective spots on their property that have never been touched. (check out new presentation)
- Their current resource estimate is high grade at about 1 million ounces , indicated and inferred--BUT- they didn't include any of the veins narrower than 1.2 meters(lots of them) and the resource was capped at 40 grams a ton. Remember the 4.2 meters of 252 g/t.--there's got to be more of that.
- A trained and relatively inexpensive work force living near by. Vatakoula has laid off a lot of their men.
- 146 square miles under licence that contains many undrilled, highly prospective targets. Plus Fiji mining law gives first dibs to land near the closest mine.. Fiji wants and encourages more mining.
- 40 km paved and hard gravel road to deepwater port where dore will be sent somewhere to be refined-Austrailia/China?. Fuel costs way down. Electricity runs through property.
- And last but by far from least- management--Walter Berukoff, Chairman & CEO; Founder and CEO of Miramar Mining, Northern Orion, La Mancha Resources. First two sold for over a billion each and I think La Mancha for half a billion. Also George S. Young, Director; Former President & Director MAG Silver, and Stephen Mann, Managing Director; Geologist is very highly regarded in mining circles.
- Berukoff owns a third of the company so not diluting, or keeping it to a minimum would be very important to his interest and he certainly won't be bullied about.
I think that these guys getting this property and getting all the permitting etc. was a major coup. Tuvatu may be known by only a small percentage of gold investors, but I bet most executives in the major companies know a lot about it.
I don't feel right disclosing much of IR Joe Gray's thoughts on the mine, but it sounds like a relatively low capex to development and a low gold production price per ounce.
To me,in my very humble opinion, there seems little down side at such a low market cap, and the upside?