MUM - Mount Magnet South NL - Aussie Stock Forums

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  1. #1
    Make the drill work for YOU springhill's Avatar
    Join Date
    Jun 2007
    Mental Institution

    Post MUM - Mount Magnet South NL

    MUM are a little gold spec that might (or might not?) be worth looking into.
    Mount Magnet are exploring the Curara Well Gold Deposit and have recently concluded a 27 hole, 3327m RC drilling program.
    Highlights included
    16m @ 10.71g/t Au from 6m including 4m @ 34.17g/t Au from 8m
    4m @ 2.59g/t Au from 10m
    4m @ 8.18g/t Au from 46m
    4m @ 6.6g/t Au from 85m
    1m @ 9.55g/t Au from 63m

    They also seem to have a plant that is under care and maintanence.

    Current Share Price 4.9c
    MC $7m
    Shares on Issue 145m
    High/Low 13c/4c
    Cash at Hand $1.72m
    Expenses this Quarter $350k

  2. #2

    Default Re: MUM - Mount Magnet South NL

    Agreed, it is interesting.

    Based on the recent feasibility study there is value at the current market cap even in light of the costs coming through a little higher than expected. It is also worth noting that the subsequent resource upgrade was not factored into the FS. That said, given the cost of production one would expect another capital raising in the midst should they fail to secure non-equity financing, and this might weigh on the price post raising - but a run leading into the raising wouldn't be uncharacteristic of a speccy like this

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