Metanor Resources Update
MiningMarketWatch.net recently sent an update on Metanor Resources, which is one of my top penny mining stock picks. Metanor has exceptional management, great upside potential, and is a gold producer. Cash cost per ounce should be around $US 500 per ounce. I don’t of too many new gold producers you can buy today with a 1Moz+ gold resource, targeted to produce 60K-70K ounces of gold per year, with a cash cost of just $500 dollars, run by a great management team , and you can buy for about 50 cents/share. If you do, then please let me know. For more information, see Metanor Resources Trading Card for my complete review.
Metanor Resources Inc. (TSX-V: MTO) (US Listing: MEAOF) (Frankfurt: M3R) is a story of gold resource growth and valuation:
Gold Resource Growth: Both the Barry and Bachelor Lake deposits are wide open for resource expansion and the Barry deposit appears to hold the potential to take Metanor to mid-tier producer status. A new NI 43-101 compliant resource estimate on the Barry deposit is expected to be released within days and is the subject of a Special Situation Advisory.
Valuation: Once Bachelor Lake underground comes online we expect at least 5-6 g/t (mixing Bachelor & Barry ore) at 1200TPD with ~95% recovery, this should result in between 60,000 – 70,000 ounces gold per annum, with an anticipated blended direct cash cost under US$500 — it is obvious the stock of MTO.V is poised for significant upside revaluation. The current valuation of MTO.V is less than 2/3 the $150M infrastructure value alone ignoring the 1Moz+ gold resource, growth potential, and gold production potential. With 128,450,005 shares outstanding and currently trading under CDN$0.70/share, the present valuation appears to present exceptional opportunity. Source:http://miningmarketwatch.net/mto.htm
Source: http://goldstockmania.com/metanor-resources-update-7-2-2010/