Value Microcaps Junior Miners

[dr_airtime]

MND.TO - Reserve Update

http://www.mandalayresources.com/site/ywd_mandalayresourcescorp/assets/pdf/mnd_march_6_2013.pdf

If you add up P&P reserves they are 633k Au-equivalent ounces or about a 5 year P&P reserve life based on both of MND's mines.

This converts Ag at 54:1 and builds up P&P tonnes of antimony @ current spot of around $5/lb or $1100/tonne and then divides by spot gold @ $1580. The P&P Antimony is only around 50,000 Au-equivalent ounces.

M&I resources for their two producing mines (Cerro Bayo & Costerfield) are around 900 Au-equivalent ounces. You need to ignore the copper resources and back out 11M of silver resources from their Chilean La Quebrada development stage project.

MND has been my best performing PM stock in the slaughter and is up nominally because of the 4% divvy and cheap P/E and EV/CF ratios at current prices.

Big news decision this year was communicated in PR per below:

"At Costerfield, our wide-spaced drilling
program has shifted from focusing on increasing N-lode Resources in the second half of
2012 to focusing on increasing Cuffley lode Resources in the first half of 2013. We
expect a development decision for Cuffley lode, associated with expansion of mine
production to 500 tonnes per day (“tpd”) from its current rate of around 300 tpd, in
June of 2013.”