We have picked our top 25 mining stocks and put them in a great list! Many of these stocks have already performed great. To track our performance go to our accompanying portfolio.
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[margin30]
[fancy_header3]TEXT VERSION[/fancy_header3]
Mining Top 2010
The Caesars Report Mining Top 25 for 2010 is composed entirely out of mining stocks we believe will be performing best in their sector this year. Our aim is to outperform the markets, through picking undervalued shares with an acceptable risk/reward ratio.
Index
[one_half]
[three_fourth]
1. Iron Ore Holdings
2. Churchill Mining Plc
3. BC Iron Ltd.
4. Tiger Resources
5. Metanor Resources
6. Copper Mountain Mining Corp.
7. Hawthorne Gold Corp.
8. Citigold Corporation Ltd.
9. Resource Generation
10. Polo Resources
11. Baja Mining Corp.
12. European Nickel Plc
13. Cortona Resources Ltd.
[/three_fourth]
[one_fourth_last]
A$ 1.650
£ 95.00p
A$ 1.300
A$ 0.190
C$ 0.560
C$ 2.080
C$ 0.340
A$ 0.140
A$ 0.400
£ 3.77p
C$ 0.720
£ 8.50p
A$ 0.145
[/one_fourth_last]
[/one_half]
[one_half_last]
[three_fourth]
14. First Uranium Corp.
15. Mosquito Cons. Gold Mines Ltd.
16. Hathor Exploration Ltd.
17. Geovic Mining Corp.
18. U.S. Silver Corporation
19. Universal Resources Ltd.
20. FerrAus Ltd.
21. Skygold Ventures Ltd.
22. Andean American Mining Corp.
23. Avanti Mining Corp.
24. Serengeti Resources Inc.
25. Fission Energy Corp.
[/three_fourth]
[one_fourth_last]
C$ 2.190
C$ 0.95
C$ 1.750
C$ 0.610
$ 0.170
A$ 0.019
C$ 0.66
C$ 0.255
C$ 0.365
C$ 0.180
C$ 0.280
C$ 0.16
[/one_fourth_last]
[/one_half_last]
[divider_top]
[dropcap4]1[/dropcap4]
Iron Ore Holdings
Company Statement
Iron Ore Holdings Ltd was first established in December 2003 and successfully listed on the ASX in May 2005. During the past several years IOH has progressed its strategy of proving up commercial quantities of Direct Shipping Ore on its tenements in the Pilbara region of Western Australia. A major new discovery of 160 Million Tonnes (JORC) (59%Fe) at the Iron Valley Proj- ect was announced during 2009 (today this is upped to 191M). Iron Valley is bordered by Rio Tinto, BHP and FMG in the Central Pilbara region and is situated within close proximity to exist- ing infrastructure. Further drilling is being undertaken and a Scoping Study has commenced. IOH is on track for mining to commence at Phil’s Creek by the second half of 2010.
Positive / Negative
[minimal_table]
| Positive | Iron Valley is a gigantic high-grade deposit, containing 191Mt of Iron Ore at 59% Fe, surrounded by the three major Iron Ore players BHP BIilliton (ASX: BHP), Rio Tinto (ASX:RIO), Fortescue (ASX:FMG), 51% shareholder Kerry Stokes knows Rio Tinto’s Iron Ore Division CEO Sam Walsh well, Rio has ac- quired the right to make an offer for Iron Valley within the next six months. |
| Negative | Only smallscale production on Phil’s Creek at the end of 2010 (1.5M tpa), Iron Valley not in production before 2013. |
[/minimal_table]
BHP has set a benchmark by offering 1.20AUD/tonne Iron Ore to acquire United Miner- als. We therefore strongly believe this will be the target price to valuate future acquisi- tions. Based on those valuations, Iron Valley is currently worth 230M AUD. But if those drill results on the newly discovered ore zone are somewhat positive, we think the 191M tonnes resource estimate may swiftly be upped towards the 250M tonnes mark.
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Resource Estimate on Lambs Creek
- Drilling Results of ten new holes on their Iron Valley project
- What will Rio Tinto do?
- Start of production at Phils Creek
[/fancy_list]
[divider_top]
[dropcap4]2[/dropcap4]
Churchill Mining Plc
Company Statement
Churchill’s business plan is to leverage off the growt used h currently being experienced in China and India and in particular their ap- petite for raw materials as feedstock in their burgeoning en- ergy and steel industries. Churchill’s growth plan quickly acceler- ated in 2007-2008 following the discovery of a very large thermal coal deposit (Churchill 75% owner) in the East Kutai Regency of Kalimantan, Indonesia. To date more than 3.18 billion tonnes of coal has been drilled to JORC standard and the project area ex- plored only represents 30% of the Company’s total land hold- ing in the Regency. Churchill has consequently focused its drill- ing to turn part of this resource into a mining reserve and to scope-out both short-term and long-term production scenarios.
Positive / Negative
[minimal_table]
| Positive | Huge Deposit (700Mt in Reserves, another 2B tonnes in Resources), plenty of exploration upside (only 30% drilled), proximity to Asia, short pay-back period, three parties interested in buying the company or the project, 4 parties interested to Join-Venture them, low cash-cost, backed by Pala Investments, coal price expected to rise, 1100 new coal-fired power stations are being built in Indonesia, India and China. |
| Negative | Capex unknown, what will Pala Investments do? |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Capex estimate at the end of January
- Buy-out, Joint Venture or offtake agreement announcement
- Bidding war possible
- Appreciation of its ridiculously strong undervaluation
[/fancy_list]
[divider_top]
[dropcap4]3[/dropcap4]
BC Iron Limited
Company Statement
BC Iron Limited is an emerging iron ore producer focused on Western Australia’s world- class Pilbara region. The Company was formed by combining the iron ore interests of Alkane Resources Ltd and Consolidated Minerals Ltd – which are now both ma- jor shareholders in BC Iron. BC Iron formalised a landmark JV (Nullagine Joint Ven- ture) with Fortescue Metals Group (FMG) in August 2009 and with a US$50m financ- ing and off-take arrangement recently secured with a Hong Kong based Industrial Company, BC Iron is on track to become Australia’s newest iron ore producer in 2010.
Positive / Negative
[minimal_table]
| Positive | Railway access, near-term producer (fall 2010), JV with Fortescue (ASX:FMG), solid cash position, offtake agreement in place. |
| Negative | Resources will only last for 11 years. We would like to see more resources, through exploring, or acquisitions. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Start Construction
- Start Production
- Further Exploration Results
[/fancy_list]
[divider_top]
[dropcap4]4[/dropcap4]
Tiger Resources
Company Statement
Tiger Resources is a copper/cobalt exploration company with excellent growth potential as it makes the transition from explorer to producer. Tiger has built up a highly-rated portfolio of properties, all strategically located on the world renowned Katanga Copperbelt in the DRC. The Company has completed the first feasibility study at its flagship Kipoi Project. The study is based on the exceptionally high grade Kipoi Central deposit where drill intersections of 104.5m @ 8.7% Cu, 109m @ 7.6% Cu and 118.6m @ 7.0% Cu have been reported. Tiger is now planning the Stage 1 development at Kipoi, scheduled to start in 2010 with annual production of 35,000 tonnes of copper (60% of this is for Tiger). The Company’s objective is to maintain its aggressive exploration and resource drilling programmes and grow its existing resource base of 13.4Mt @ 3.3% Cu for 439,000t of contained copper (inferred resource) to a level where it will support production of 100,000 tonnes of copper by 2016.
Positive / Negative
[minimal_table]
| Positive | Near-term producer, ultra-low cash cost (0.33US$/lbs), IRR of 87%(defensive scenario, see figure above), 1 billion lbs Cu Inferred, Fully Funded, Low CAPEX |
| Negative | Project located in Congo (DRC), Africa; 100M needed for development of Stage II (money should be obtained after 12 months of production) |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Start Construction
- Start Production
- Further Exploration Results
[/fancy_list]
[divider_top]
[dropcap4]5[/dropcap4]
Metanor Resources
Company Statement
Metanor Resources Inc. is presently pouring dore gold bars at its 100% owned Bachelor Lake Facility in Desmaraisville, Quebec. The ore pro- cessed is coming from the very promising Barry open pit. Further, the Company has undertaken a rapid expansion program, both at the mill and the underground at the Bachelor Lake Complex. Firstly, Metanor is proceeding with an ongoing mill capacity upgrade program augmenting the capacity from its existing 800 tpd to its targeted 1200 tpd expected before the end of this winter. Further, the Company has begun work to be able to mine underground at Bachelor Lake, work completion ex- pected by July 2010. At that date, Metanor expects to begin producing approximately 70,000 oz/yr, whereby the mill will be operating at 1200 tpd with 700 tons coming from Bachelor Lake and 500 tpd from the Bar- ry open pit. Metanor has 7 properties (6 in Quebec and 1 in Ontario) of which 4 of those properties (Bachelor Lake, Hewfran, Barry and Dubuis- son) have a total of approximately 1,000,000 oz (43-101 NI Complaint).
Positive / Negative
[minimal_table]
| Positive | Already in production, high grade ore |
| Negative | There are still uncertainties about the cause of the mine accident. The company might be liable |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Mill capacity upgrade H2 2010
- Ramping up to 70k oz/y with a 475USD/oz cash cost.
[/fancy_list]
[divider_top]
[dropcap4]6[/dropcap4]
Copper Mountain Mining Corporation
Company Statement
Copper Mountain Mining Corporation is a BC resource company that is developing the Copper Mountain Project located 15 km south of the town of Princeton in southern British Columbia. The Project is owned 75% by Copper Mountain Mining Corporation and 25% by Mitsubishi Materials Corporation. The Company completed an indepen- dent feasibility study that confirmed the economic viability of bringing back into produc- tion a conventional open pit mine with a 35,000 tonnes per day mill. The mine, a former producer, with a resource of 5 billion (NI 43-101 resource report april 16, 2009) pounds of copper is designed to produce approximately 105 million pounds of copper per year in a copper concentrate (first 12 years) with gold and silver credits by mid 2011.
Positive / Negative
[minimal_table]
| Positive | Fully funded, good economics, started construction already. |
| Negative | No production before H2 2011. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Progression of construction phase.
[/fancy_list]
[divider_top]
[dropcap4]7[/dropcap4]
Hawthorne Gold Corp.
Company Statement
Hawthorne Gold Corp. is a Canadian-based gold exploration and development company with key properties located in British Columbia, Canada. Hawthorne Gold is led by respected mining leaders Richard Barclay and Michael Beley, who co-founded both Bema Gold and Eldorado. Hawthorne’s goal is to become a junior gold producer by working towards production at the Cassiar Gold Mine and continued resource development at the Frasergold and Taurus deposits.
Positive / Negative
[minimal_table]
| Positive | Proven management, near-term cashflow |
| Negative | Small-scale production |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Start of gold production in H2
- Further exploration results
- Possibly a new resource estimate
[/fancy_list]
[divider_top]
[dropcap4]8[/dropcap4]
Citigold Corporation Limited
Company Statement
Citigold Corporation is an Australian gold mining company producing gold from Australia’s richest goldfield at Charters Towers in north eastern Australia. Citigold is a growth company that has a growing cash flow from expanding gold mining operations and the huge capital growth upside of an exploration company seeking to define up to 50 million ounces of gold.
Citigold has invested over $120 million to develop the goldfield, has commenced commercially extracting gold and plans to build up gold production from its underground mines in stages towards 300,000 oz annually by 2013. They hold 100% of the bonanza grade Charters Towers goldfield where a Mineral Resource of 10,000,000 ounces of gold (331 tonnes) at an average grade of 14 g/t gold, to strict JORC reporting standards, has been defined and documented.
Positive / Negative
[minimal_table]
| Positive | Gigantic high-grade deposit (23Mt @14g/t for 10M oz inferred), low cost (Cash costs under 350 AUD/oz anticipated for 2013) and great exploration potential. |
| Negative | They did not reach the production targets, so it is well possible the 300k oz target won’t be met in 2013. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Ramping up production towards 300.000oz/y in 2013
[/fancy_list]
[divider_top]
[dropcap4]9[/dropcap4]
Resource Generation
Company Statement
The strategy for the Company is to develop high grade “energy” related resources into viable and competitive mining operations. Accelerated shareholder value will be delivered through the delivery of physical mining activity.
The portfolio of resources already accumulated includes low overburden, inexpensive to mine coal deposits in South Africa and Australia as well as potentially very low cost ura- nium deposits in Cameroon. Exploration programs are currently underway and, in addition in the case of South Africa, mine approval processes to deliver feasible mining options that can ultimately lead to the commencement of cash flow positive mining operations in as short a timeframe as possible.
Positive / Negative
[minimal_table]
| Positive | Strong cash position, big deposit, large output possible. |
| Negative | Capex for Waterberg estimated around 700M. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Obtaining 70% in the 1B tonnes saleable Waterberg Coal project, if they spend another 2.1M USD
- Maiden resource estimate on its 49% owned Ledjadja coal-project.
- Exploration drilling on its Tasmanian Coal Project.
[/fancy_list]
[divider_top]
[dropcap4]10[/dropcap4]
Polo Resources
Company Statement
Polo Resources Limited is an AIM listed mining and exploration group focused on invest- ing in or acquiring and developing advanced stage uranium assets. It currently has an in- vestment portfolio of uranium and coal interests, and 50% of a joint venture with Peabody Energy Corporation, formed to hold all of Polo’s coal and uranium assets in Mongolia.
Positive / Negative
[minimal_table]
| Positive | Trading well below book value of 7 pence a share. |
| Negative | Are bound to price fluctuations of their holdings. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Good positioned in the Energy market with Coal and Uranium assets
[/fancy_list]
[divider_top]
[dropcap4]11[/dropcap4]
Baja Mining Corp.
Company Statement
Baja Mining Corp. is a Canada-based company engaged in the exploration and develop- ment of its mineral properties in Mexico. The Company’s primary focus is the development of the El Boleo copper-cobalt-zinc-manganese deposit (the Boleo Project) located near Santa Rosalia, Baja California Sur, Mexico.
Positive / Negative
[minimal_table]
| Positive | World-class Project, extremely-low cash cost for copper, even negative cash cost if we assume Manganese as by-product., Backed up by large Korean companies who also take care of financing |
| Negative | We are impatient for the financing deal, high CAPEX |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Financing for their 70%owned Boleo-project
- Final results regarding production of Manganese as by-product
- Start of construction of the mine.
[/fancy_list]
[divider_top]
[dropcap4]12[/dropcap4]
European Nickel Plc
Company Statement
European Nickel is an emerging mid-tier nickel laterite producer focused on growth. With over 1 million tonnes of nickel resources and assets in Turkey, the Philippines and Albania, European Nickel is targeting 50,000 tonnes of annual nickel production within five years.
European Nickel has developed a simple, low cost heap leach process for the extrac- tion of nickel from nickel laterites, the most abundant form of nickel in the earth’s crust. The Company is focused on finding and evaluating nickel laterite deposits that are amenable to its heap leaching process and, where economically viable, de- veloping these deposits into commercial mining and processing operations. The Caldag project in Turkey is the Company’s flagship asset with near-term produc- tion and will be the world’s first commercial scale nickel laterite heap leach operation.
Positive / Negative
[minimal_table]
| Positive | Two great nickelprojects, total output could reach 60M lbs/year at 2.5USD/lbs cash cost. Long life of mine, secured offtake at Caldag, Joint Venture at Acoj |
| Negative | Delays in financing for the Caldag project, may need to raise additional capital. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Financing on their Caldag Nickel project
- Definitive Feasibility Study on its 20%-Acojeproject. (may obtain 40%)
[/fancy_list]
[divider_top]
[dropcap4]13[/dropcap4]
Cortona Resources Limited
Company Statement
Cortona Resources Limited is a dynamic Australian gold company who maintain a portfolio of advanced gold projects in Western Australia (WA) and New South Wales (NSW). Corto- na’s principal focus is to continually expand its gold resource inventory with the primary objective of becoming a successful and profitable gold producer at a time when demand for the metal is strong and the price is at historic highs.
The Company’s Directors possess a range of technical and corporate skills including a strong background in gold exploration, and are highly motivated to achieve success.
Positive / Negative
[minimal_table]
| Positive | Strong cashposition, Low Capex (30M AUD), low operating costs (475 AUD/oz), and lots of exploration projects. |
| Negative | At this point low resource base (but upgrade in Q2), low production output (40- 50koz/year). |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- 11,200m drill programme to expand the Dargues Reef resource estimate, starting Jan 2010
- Resource Estimate upgrade in Q2 2010
- Definitive Feasibility Study anticipated in Q3 2010
- Production targeted for 2011
- Approvals expected in October
[/fancy_list]
[divider_top]
[dropcap4]14[/dropcap4]
First Uranium Corporation
Company Statement
First Uranium Corporation is focused on the development of its South African uranium and gold mines with the goal of becoming a significant low-cost producer through the re-opening and underground development of the Ezulwini Mine and the expansion of the Mine Waste So- lutions tailings recovery operation. First Uranium also plans to grow production by pursuing value-enhancing acquisition and joint venture opportunities in South Africa and elsewhere.
Positive / Negative
[minimal_table]
| Positive | Should be fully funded now, Gold and Uranium are a good combination, in our opinion. |
| Negative | 7% of the gold will be sold to Gold Wheaton at 400USD/oz (under cash costs), located in South Africa. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Reaching milestones towards full production.
[/fancy_list]
[divider_top]
[dropcap4]15[/dropcap4]
Mosquito Consolidated Gold Mines Ltd.
Company Statement
Mosquito Consolidated Gold Mines Limited is a Canadian natural resource exploration and development company with a diverse portfolio of precious and base metals proj- ects in high return, low political risk environments in North America and Australia. The company has high expectations for near-term low-cost production, and has no debt.
Positive / Negative
[minimal_table]
| Positive | GI-GAN-TIC deposit, other attractive projects, Chinese shareholders |
| Negative | Very high Capex (2.5B), will need to raise capital for ongoing expenses. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- We hope that in 2010, the market will finally appreciate the value of the CUMO deposit.
- As we see that the Chinese are active in acquiring US and Canadian-companies, as we see they are already a large shareholder (15%), as we see they do have the money Mosquito needs (Short-term and long-term), and are effectively interested in Copper and Moly, as we see the Chairman of the board is a Chinese Citizen, We wouldn’t rule out the possibility Mosquito will be bought out in 2010, or will sell the CUMO project.
[/fancy_list]
[divider_top]
[dropcap4]16[/dropcap4]
Hathor Exploration Limited
Company Statement
Hathor Exploration Ltd. is a junior uranium company focused on exploration projects in the Athabasca Basin of Northern Saskatchewan, Canada. To date, the Athabasca Basin is the only location in the world that hosts high grade uranium deposits. Hathor’s main explora- tion properties are located in the eastern side of the Athabasca Basin along the same geo- logical terrain that hosts all of Canada’s currently producing uranium mines and accounts for 23% of global production.
Hathor is currently advancing its Midwest Northeast Project which represents the best discovery in the past 20 years by a junior uranium company. Early entry into the Athabasca Basin has allowed Hathor to acquire a large and strategic land package in close proximity to the producing properties of Cameco and AREVA.
Positive / Negative
[minimal_table]
| Positive | Key Player in the Athabasca Basin, earlier exploration successes |
| Negative | Still exploring |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Winter Drill program of 26,000m
- We anticipate an updated resource estimate
- Attractive buyout candidate, but the company might be the consolidator itself, given its recent acquisition of Northern Continental Resources.
[/fancy_list]
[divider_top]
[dropcap4]17[/dropcap4]
Geovic Mining Corp.
Company Statement
Geovic Mining Ltd. (Geovic) aims to be the world’s largest cobalt mining company through its 60% ownership of Geovic Cameroon PLC (“GeoCam”). Geovic Cameroon’s Mine Per- mit covers 1,250 square kilometers in Cameroon, Africa, and provides exclusive production rights to seven large cobalt-nickel-manganese deposits. The first and second of the sev- en deposits and Mada (directly adjacent to Nkamouna), are currently under development.
Nkamouna’s proven and probable ore reserves are 54.7 million tonnes at average grades of 0.25% cobalt, 0.69% nickel, and 1.33% manganese. This reserve yields 11.7 mil- lion tonnes of concentrates grading 0.74% cobalt, 0.99% nickel, and 3.78% manga- nese suitable as a feedstock for the Company’s unique processing facility. Addition- ally, GeoCam has 323 million tonnes of inferred resources at Nkamouna and Mada with grades of 0.21% cobalt, 0.61% nickel, and 1.25% manganese. Total measured and indicated resources increased by 97% due to the 2008-09 drilling program, with updat- ed proven and probably reserves expected to be completed in the first quarter of 2010.
Cobalt has many diverse applications, including rechargeable batteries for cell phones, com- puters, and hybrid electric vehicles, alloys for jet engines, chemicals, catalysts, and magnets. Global cobalt demand in 2008 was 60,000 tonnes compared to 31,000 tonnes in 1997, and in late 2009 cobalt prices were trading roughly in line with their 15-year average of $20/lb.
Positive / Negative
[minimal_table]
| Positive | High-grade Cobalt, Low cash cost, GIGANTIC deposit, an incredible amount of cash. |
| Negative | Although Cameroon is considered to be one of Africa’s safest mining regions, it still is Africa. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Updated Reserve estimate on Nkamouna Project early 2010
- Updated Resource estimate and maiden Reserve estimate on Mada Project early 2010
- Maiden Resource estimate on Rapodjombo Project early 2010.
- Updated Feasibility Study half 2010
[/fancy_list]
[divider_top]
[dropcap4]18[/dropcap4]
U.S. Silver Corporation
Company Statement
US Silver Corp owns and operates the Galena Mine in the historic Silver Valley of North Idaho. The Galena Mine and Mill, along with the Coeur Mine and Mill and the Caladay Proj- ect were acquired from Coeur d’Alene Mines Corp (NYSE-CDE) on June 1, 2006. A total of 11,000 acres of patented and unpatented mining claims, along with surface facilities and equipment were acquired for $15 million.
The Galena Mine lies in the heart of the Coeur d’Alene Mining District. Throughout the long history of the Company’s properties, the mines have produced some 9.9 million tons of ore containing over 200 million ounces of silver, 160 million pounds of copper, and 22 mil- lion pounds of lead at an average grade of 21.2 ounces per ton of silver, 0.8% copper and 8.8% lead. The Galena Mine ranks as the second largest primary silver mine in US history.
Positive / Negative
[minimal_table]
| Positive | Silver Valley provides a great location to mine, Once Galena Shaft is repaired, we forecast a 50% production increase from 2011 on, the new management is production-focused. |
| Negative | Relative high cash costs for silver (10.5 USD/oz anticipated in 2011), but it’s a nice leverage to silver prices. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Repair of Galena Shaft anticipated for February 2010
- Higher output for 2010 (our estimates are around 2.75M oz of silver)
[/fancy_list]
[divider_top]
[dropcap4]19[/dropcap4]
Universal Resources Limited
Company Statement
Universal Resources Limited is an Australia-based mining and exploration company with a focus on base and precious metals within Australia. The Company’s major asset is the Roseby Copper project in the Cloncurry area of northwest Queensland. The Company has company mineral rights to approximately 2,150 square kilometers of prime explo- ration ground in the Mt Isa Inlier of North West Queensland and in the Lachlan Fold Belt in New South Wales. On September 14, 2009, the Company announced the commence- ment of drilling at the Bedford North and Lady Clayre prospects within the Roseby Copper Project and Ivy Ann within the Cameron River Project. On September 28, 2009, the com- pany announced a merger with Vul- can Resources creating a significant copper-focused global developement
Positive / Negative
[minimal_table]
| Positive | Merger with Vulcan provides a cash-injection of A$ 28M, Xstrata is shareholder of the company (4.5%), after the merger there are two projects with Feasibility Study. |
| Negative | Reverse split coming up in January, Capital Expenditure (capex) of 170M AUD > Further dilution probable. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Merger with Vulcan Minerals
- Construction decision on one of the two copper projects in Finland or Australia
- Xstrata holds a right to buy 51% of the Australian Project until June 2012
[/fancy_list]
[divider_top]
[dropcap4]20[/dropcap4]
FerrAus Limited
Company Statement
FerrAus Limited is an emerging developer of iron ore in the East Pilbara region of Western Australia. As an emerging developer, it has a wholly owned, strategic foothold in the un- der-explored, highly prospective new iron ore sub-province East Pilbara region of Western
Australia, encompassing more than 540 square kilo- metres with a potential strike length of 20-30 kilometres.
Within this strategic holding, FerrAus is fast tracking de- velopment of its Robertson Range iron ore project, which has a current resource of 52.3 million tonnes at 59.0 per cent Fe, to produce low-cost, direct-shipping hematite.
FerrAus is simultaneously exploring for similar style Marra Mamba as well as Brockman-type iron ore deposits on its adjacent Davidson Creek Project, which has identified cur- rent resources of 114.2 million tonnes at 58.4 per cent Fe.
The company currently owns two other exploration proj- ects in Western Australia:
– the Enachedong Project (manganese) located in the East Pilbara near the operating Woodie Woodie Mine; and – the Silver Swan North Project (nickel and gold) located approximately 45 kilometres northwest of Kalgoorlie.
Positive / Negative
[minimal_table]
| Positive | Big (Chinese) Shareholders, keen on Iron Ore, nice project. |
| Negative | Still needs access to a railroad to be able to ship ore to a port. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Access to railway
[/fancy_list]
[divider_top]
[dropcap4]21[/dropcap4]
Skygold Ventures Ltd.
Company Statement
The flagship Spanish Mountain gold project is one of the first recognized occurrences of a sediment hosted gold system in British Columbia. The project is at an advanced stage and Skygold has released an updated NI 43-101 compliant resource estimate in 2009. The Spanish Mountain gold project is located about 6 kilometres from the village of Likely, in the Cariboo region of central British Columbia, approximately 70 kilo- metres north-east of the city of Williams Lake. This project is host to a potentially bulk mineable, large tonnage sediment hosted gold deposit with significant size potential.
Positive / Negative
[minimal_table]
| Positive | Great advanced (Spanish Mountain) and early exploration project (Spanish Creek), recent private placement at C$ 0.33CAD, Mining Friendly Jurisdiction |
| Negative | low-grade ore |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Ongoing drilling on its properties
- Development decision in 2010
[/fancy_list]
[divider_top]
[dropcap4]22[/dropcap4]
Andean American Mining Corp.
Company Statement
Andean American Mining Corp. is an international mining and exploration company focused on growth. The Company is actively pursuing new early stage gold and silver opportunities in Peru and currently has two key assets: the Invicta gold-silver-copper feasibility stage project and 59% of Sinchao Metals Corp., owner of the Sinchao polymetallic mineralization project.
Andean American continues to maintain excellent community relations and a commitment to responsible environmental practices. The company has a strong management team with over 60 years experience and an effective board dedicated to excellence in corporate governance. Andean American Mining is committed to a dynamic exploration and development program.
Positive / Negative
[minimal_table]
| Positive | Good project economics, large position in Sinchao Metals (SMZ.V) |
| Negative | Peru as mining location |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Financing
- Further exploration programmes
[/fancy_list]
[divider_top]
[dropcap4]23[/dropcap4]
Avanti Mining Corp.
Company Statement
Avanti Mining Inc. is focused on acquiring, exploring, and developing mineral resource proj- ects. Avanti’s strategy will be threefold: first, to acquire advanced molybdenum prospects and move them towards development; to purchase by-product molybdenum production streams from copper producers; and, lastly, to become a consolidator in the junior Molybdenum mar- ket. In October, 2008, Avanti announced it had acquired an undivided 100% direct interest in the past producing Kitsault Molybdenum mine in Northern British Columbia. Avanti intends to develop this mine in a manner acceptable to First Nations and all stakeholders involved.
Positive / Negative
[minimal_table]
| Positive | Proven management (including the founder of Silver Wheaton, a director at New Gold, and former COO of Thompson Creek Metals), Feasibility Study in place with good economics, reserves for a 15-year mine life, converting 20M of debt into equity. |
| Negative | High Capital expenditures (capex) (650M USD) |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Bankable Feasibility Study in Q4 2010.
[/fancy_list]
[divider_top]
[dropcap4]24[/dropcap4]
Serengeti Resources Inc.
Company Statement
Serengeti Resources Inc. is a Vancouver based junior exploration company focused on exploration for copper (Cu), gold (Au) and molybdenum (Mo) deposits in the Ques- nel Trough, Northern British Columbia – the largest copper-gold porphyry belt in Canada.
Positive / Negative
[minimal_table]
| Positive | Very Strong Cash position, Kwanika is an attractive project, located in a mining friendly region. |
| Negative | Kwanika is a low-grade deposit. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- New resource estimate on the Kwanika-property (1) early 2010 (Currently: 1.6Moz Au and 1.1B lbs Cu)
- Choo (5) and Mil (12) drill results. Both properties are near Terrane Metals’ Mt. Milligan project.
[/fancy_list]
[divider_top]
[dropcap4]25[/dropcap4]
Fission Energy Corp.
Company Statement
Fission Energy Corp. is a Canadian based uranium exploration and development company with properties in Saskatchewan’s Athabasca Basin, Quebec, and the Macusani District in Peru. The Company’s shares were spun-out as a distribution by Strathmore Minerals
Corp. portfolios in Saskatchewan’s Athabasca Basin; home of the richest uranium deposits portfolios in Sas- katchewan’s Athabasca Basin; home of the richest uranium deposits in the world. Fission’s most valuable exploration asset is Waterbury Lake KEPCO Consortium Joint Venture, which is located in close proximity to Hathor’s Midwest NE discovery (“Roughrider Zone”) and the AREVA/Denison Midwest deposits. This project has the highest priority. Fis- sion’s 2009 winter exploration program included a ground based gravity geophysical survey, followed by a 6,500m drilling program that began on January 14th. A total of
C$4.0 million was budgeted for exploration in 2009, which was fully funded by the KEPCO consortium as part of their earn-in agreement.
Positive / Negative
[minimal_table]
| Positive | Cash Position, Joint-Venture with KEPCO |
| Negative | Uncertainties on exploration programme. This can turn out positive or negative. |
[/minimal_table]
Main catalyst for 2010
[fancy_list style=”bullet_list” variation=”silver”]
- Winter Drill Program starting January. 20 drill holes totaling an estimated 7,500m
[/fancy_list]
[divider_top]
Index
[one_half]
[three_fourth]
1. Iron Ore Holdings
2. Churchill Mining Plc
3. BC Iron Ltd.
4. Tiger Resources
5. Metanor Resources
6. Copper Mountain Mining Corp.
7. Hawthorne Gold Corp.
8. Citigold Corporation Ltd.
9. Resource Generation
10. Polo Resources
11. Baja Mining Corp.
12. European Nickel Plc
13. Cortona Resources Ltd.
[/three_fourth]
[one_fourth_last]
A$ 1.650
£ 95.00p
A$ 1.300
A$ 0.190
C$ 0.560
C$ 2.080
C$ 0.340
A$ 0.140
A$ 0.400
£ 3.77p
C$ 0.720
£ 8.50p
A$ 0.145
[/one_fourth_last]
[/one_half]
[one_half_last]
[three_fourth]
14. First Uranium Corp.
15. Mosquito Cons. Gold Mines Ltd.
16. Hathor Exploration Ltd.
17. Geovic Mining Corp.
18. U.S. Silver Corporation
19. Universal Resources Ltd.
20. FerrAus Ltd.
21. Skygold Ventures Ltd.
22. Andean American Mining Corp.
23. Avanti Mining Corp.
24. Serengeti Resources Inc.
25. Fission Energy Corp.
[/three_fourth]
[one_fourth_last]
C$ 2.190
C$ 0.95
C$ 1.750
C$ 0.610
$ 0.170
A$ 0.019
C$ 0.66
C$ 0.255
C$ 0.365
C$ 0.180
C$ 0.280
C$ 0.16
[/one_fourth_last]
[/one_half_last]
[divider_top]
