Bought some Zaruma, ZMRAF.pk, at .169. Seems like a slam dunk at this price with financing from Glencore secured and based on production estimates. I guess the short mine life (5 yr mines), waiting 14 months for production, and having to raise another $3 million might be holding the stock down at this point. Anyone adding ZMR/ZMRAF here?
"The Technical Report on the project, in compliance with NI 43-101 standards, (news release November 10, 2006), estimated proven and probable reserves of 4.4 million tonnes of ore with an average grade of 1% Cu. Based on production of 15 million pounds of cathode copper per year, the pre-tax net operational cash flow was estimated to average US$19.4 million per year for at least five years, based on a copper price of US$2.23 per pound."
111.5 million shares outstanding.
