Bob Moriarty, 321gold (6/17/11)
"I have little doubt most of our readers are familiar with the phrase, 'The best place to find a new mine is in the shadow of the head frame of an old mine'. . .I spent the week of Memorial Day banging on rocks in Idaho. My second visit of the week was to the Empire Copper mine now owned 100% by Musgrove Minerals. I've followed Musgrove for a couple of years but it never caught traction. Part of the reason was legal issues between the landowners and a prior MGS JV partner. Eventually, Musgrove simply bought out its partner and is now proceeding on its own.
In 1997. . .the historic resource was about 28 Mt. at 0.42% Cu, 0.33% Zn, 0.33 g/t Au and 10.2 g/t Ag. At today's prices, that's about $70/ton rock or $1.9B worth of metal in the ground. With a market cap today of just under $5M, that makes the company look pretty cheap. If you gave the company a market value of only 1% of gross metal value, that would be $19M. That's cheap."
It's all happened before and it will all happen again. Might as well profit from it.