Gold Bull Resources Corp. (GBRCF)

[gfs_1999]

Target price C$ 1,0 or 4,0

april 2009 Casey Research opinion

Nevada Geothermal right now has completed drilling on its Blue Mountain projects and has received the plant components at the Falkner I project. This means the company essentially is just waiting to turn the key and begin production, slated to be in the fourth quarter of 2009. According to its Purchasing Power Agreement (PPA) and company filings, we estimate that its net present value is approximately C$90 million (including capital expenditures). This value is double NGP’s current market capitalization. The company also has few liquidity problems, as it still has an additional $100 million it can draw from its credit facility; not only for construction, but also for exploring the other geothermal properties. We have no worries for Nevada Geothermal, and we believe the new tax incentives proposed by Obama can only serve to benefit the company.

Strategy: Nevada Geothermal represents as much of a sure thing as a junior company can get. Though there is no exciting upside, we believe that when geothermal begins picking up and the general market recovers; NGP should be trading near the C$1.00 range.


CEO Opinion: has target has 4,00
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