Is anyone following these guys? Big profit posted last year...theres not much in the way of analyst research however...
130,000 in FY2012 and the Company has targeted an increase in production to around 250,000 ozpa,
principally through organic growth over the next two or more years.
As at 30 June 2011, Gold Resources stood at around 3.6 million oz while
Reserves stood at around 0.83 million oz.
The Carosue Dam operations area contains a large
number of known gold deposits within two regions,
the Southern and Northern regions. (see Figure).
Current gold production is from open pit mines in
the Southern region (“Southern Operations”).
This will be supplemented by additional open pit
mines, and (subject to positive feasibility study and,
where applicable, trial mining results) underground
operations at Porphyry, Red October, Whirling
Dervish and Deep South.
A development programme at Red October has
commenced, with a view to establishing trial
underground mining operations in the Northern
region (“Northern Operations”).
From the latest quarterly.
SAR have been moving along nicely, however have been missing the excitement factor or spectacular drill results, not to mention they are based in Australia rather than West Africa.
Minor interruptions have resulted in decreased production in the latest quarter, however this is acknowledged by management and increased grades are to be fed through to maintain the 120-130 kOz target for the year. Such great information provided by management, clear, concise and easy to follow.
Technically not very inspiring, in fact a bit of a worry with the 80c support not holding. This may be due to better goldies producing at this time, SAR costs / Oz are high and rising at the moment, which makes their operation more sensitive to POG.
Always watching as SAR are a good operation with plans to move into the 200kOz/annum arena in the next few years, along with RMS, NST.
Further drilling ongoing, but generally extensional in nature it seems at this stage.
Perhaps with the lack of debt and plenty of cash, there should be consideration of either a dividend or some aggressive exploration/acquisitions ?