Another speccy I picked up in February for $0.049. Currently trading at $0.10 ABM Resources has 10 million acres in Australia. They are the number one mining lease holder in Australia. Their Old Pirate and Twin Bonanza properties hold extremely high grade surface gold. They have found about 1.7 million oz and have 30 more targets to drill. Their first mine is Old Pirate with 640,000 oz at 11 gpt. It looks like they are going to find at least 2 million oz of high grade gold at surface. If they can become a growth company, this stock could do very well long term otherwise a potential take over target from someone like Northern Star. They have zero debt and I expect them to grow organically from cash flow and perhaps some equity financing. There was some dispute within the management earlier last year which affected the share price, however this has since been resolved. Market Cap - $36 million Shares Outstanding- 343 million Cash on hand - $7.5 million DOYDD
Thread very carefully here. This company has sucked in lots of people including myself with glossy brochures talking high grades and huge exploration potential but have a read back over the last years announcements and see how over stated there resource was and how mismanaged there mining attempt was. It was almost criminal how they misled shareholders. They may have high grades but it is in a very remote area in narrow veins thus difficult and costly to mine. Maybe new management can make something of it, but i have had to cut my losses as i need money else where. Good luck to anyone taking a punt. As Caput says DOYDD especially on that 7.5 Mil cash, my crystal ball says a capital raising is not far off........
