After repurchasing and cancelling in excess of 8M shares in November, Golden Arrow Resources (GRG.V) announced last week they bought another 5.4M shares which were returned to treasury for cancellation.
Golden Arrow spent approximately C$4M on these buybacks, and currently has less than 42M shares outstanding, for a market capitalization of C$11.3M, which is very cheap, considering the company has approximately $12M in cash.
Drilling at their promising Chinchillas-project has re-started in November, and Golden Arrow plans to complete 6500 meters of diamond drilling which should result into a maiden NI43 compliant resource estimate at the end of Q1 2013. As we stated before, we think Chinchillas is one of the most exciting silver discoveries in the past years, and we are confident to see a triple-digit amount of ounces within 2 years.
Disclosure: The author holds a long position in Golden Arrow Resources Corp. Golden Arrow Resources will engage Caesarsreport.com next year. Please see our disclaimer for current positions.
