RE:RE:RE:RE:RE:RE:RE:RE:Buyout on the table.......?"This is a once in a lifetime find and no one knows this better than the hand"
Yeah, I find it remarkably short sighted that so many traders look for a "takeover offer by a "Major" " as being the be-all and end-all objective for a junior mining company which makes a strike.
If Barrick had decided to accept being taking over by a major, following Barrick's monster discovery at Goldstrike, they would probably never have become the gold mining behemoth they are today, with a mkt cap ~ cdn$49.795 Billion.
Let's remember, 40 years ago, Barrick was a penny ante failed would be oil company. They only switched to looking for gold in 1983, and their IPO totalled cdn$2.5 million (1.3 million shares @ ~ cdn$1.92).
The following year, they took over a struggling Camflo, gaining some high quality personnel in the process.
In 1985, they listed on NY and financed at cdn$1.40 .
Another acquisition (Mercur) resulted in surprisingly good revenue flow of $42 million in 1985.
1 986 marked the acquisition of the Goldstrike Property in Nevada, which hosted a small scale mining operation.
Goldstrike became the richest gold deposit in North America, a jewel of the Carlin Trend, in the number one jurisdiction, Nevada.
Due to their success at Goldstrike, Barrick went on to acquire many other companies and mines, and build it's production, resources, profits, and cash flow to gargantuan levels.
Barrick would probably not be today's Barrick if they had sold out shortly upon making their discovery.
The "NFG goldrush" may well ultimately prove up to be a similar type of rare opportunity for NFG to graduate to the "big leagues", quite possibly bringing some other companies along for a ride for the history books.