ASX Code BAR
Company Name Barra Resources
Share Price 0.310
Shares 180 million
Market Cap $55m
Current Production 27 koz/year
Cash Cost 648 A$/oz
Just kicking the rocks with this one - following on from spectacular drilling results, and re-start of production in Jan 08? Market depth is virtually non existant, so share price volatility ahead? At 31c, EV now greater than market cap - and doesn't include any resource upgrade from latest drilling - undervalued by the market.Our key project at Burbanks, Coolgardie, is a highlight and main focus as the Company moves successfully from junior explorer to gold producer in August 2006. The Company remains unhedged and looks forward to further likely exploration success. Burbanks has historically produced 366,000 ounces. Drilling in 2005 and 2006 has delivered an initial resource of 74,000 ounces with latest drilling confirming depth and strike extensions of Burbanks gold mineralisation. This resource is considered the first step in the establishment of a major mining operation at Burbanks.
Burbanks lease covers over 5kms of the Burbanks shear, the most significant gold producing structure in the Coolgardie Goldfield. The Ida fault is a major gold producing structure which runs for over 400kms from Coolgardie in the south to beyond Agnew in the north. Major deposits located on the trend include Davyhurst, Riverina, Mt.Ida, Emu andBellevue, all high grade deposits. Barra holds large tenement positions at three strategic positions along the Ida Fault at Phillips Find, Riverina and Quinns.
Nov 15 2007 ann -
The Company is pleased to announce the intersection of stunning high grade gold mineralisation associated with its deeper drilling campaign of the Tailor Shoot - Eastern Reef system at its 100% owned Burbanks Gold Project, located 8 kilometres south west of Coolgardie, Western Australia. These latest results include:
6.0 metres grading 39.7 grams per tonne gold (including 0.5 metres grading 468.6 grams per tonne gold)
6.1 metres grading 27.1 grams per tonne gold (including 2.2 metres grading 70.5 grams per tonne gold)
3.5 metres grading 16.5 grams per tonne gold (including 0.4 metres grading 45.7 grams per tonne gold)
1.5 metres grading 23.5 grams per tonne gold
9.1 metres grading 5.2 grams per tonne gold (including 0.9 metres grading 27.3 grams per tonne gold)