GLE : Bob, do you have any opinion on this one?
They recently began full production of a gold mine estimated to produce 60,000 ounces in 2006.
Gold sales increased 70% to 20,746 oz in Q1 2006 compared to 12,235 oz in the comparable 2005 quarter.
“This past quarter marks a milestone for Glencairn,” said Company President and CEO Kerry Knoll. “We achieved profitability, and gold sales increased by 70% over the corresponding period in 2005 following the inaugural quarter of production from our flagship Bellavista operation. We expect continued strong quarterly performances as Glencairn benefits from the twin effects of a remarkably powerful gold market and a more than doubling of production to nearly 100,000 ounces this year. The Company’s gold production remains unhedged.”
The balance sheet is stong. Book value is $0.32, while the current stock price is $0.61. P/B 1.9.
They are estimated to make eps of $.08 in 2006 and $0.11 in 2007.
I hear lots of people expecting a softer dollar making Gold and other precious metals a good investment I would think.
