Claude Resources (AMEX: CGR ) offers another prime example. Operating only a single small-scale mine that is expected to yield less than 50,000 ounces during 2011 at elevated operating costs, the miner garners little fanfare from an indifferent equity market. But the market's assigned enterprise value of $264 million for the company enters purely ludicrous territory when the rapidly expanding scale of its high-quality resource base comes into view. With 928,000 ounces of high-grade gold indicated at its Madsen project so far -- and 921,000 more ounces of gold-equivalent at the bulk-mineable Amisk deposit -- Claude is quietly amassing riches that remain wholly overlooked by a short-term and earnings-obsessed equity market. Claude's combined indicated resource plus reserves total 2.26 million gold-equivalent ounces, resulting in an enterprise value of just $117 per ounce (excluding inferred resources!). Not even the company's eye-popping discoveries to expand the resource at its existing Seabee mine have managed to move the needle, and the result is a stock that I consider among the industry's premier bargains.
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