I'll vote for Clifton Star (CFO.V / CFMSF.PK) as a good smaller gold company that is attractive at current prices. CL mentioned it on this board a few weeks ago when the SP rebounded off the $4.00 range on high volume.
Positives:
Their project is located in a mining friendly area - Quebec
They have a very respected joint venture partner in Osisko who can earn 50% if they put 70 million of work into the project
They have a good share structure with only about 30 million outstanding, just over 35 million fully diluted
Their current resource is 2.6 million ounces at about 3 grams per ton. Early next year Osisko should put out an NI 43-101 that includes the 120,000 meters of drilling they are doing this year and expectations range in the 5-10 million ounce range for the whole project.
Their project shows potential for an open pit mine with higher grade zones at depth which could be accessed with underground mining techniques
The current SP is attractive, only about 30% above its summertime low. The SP has fallen significantly this year due to it getting to far ahead of itself late last year and early this year after the Osisko JV was announced. Further, one of the largest shareholders, Joe Dwek Management Consultants, lost a proxy battle last year and became a major seller this year. From what I read, the Oct 28 volume spike was from them selling off the last of their shares (though they may still hold warrants).
Clifton Star has good buyout potential with Osisko being the obvious buyer.
Negatives:
If Osisko chooses not to go ahead with the joint venture, the SP could take a significant hit. I see that as a fairly remote possibility at this point given the drill results they have been getting
Management has never put a gold mine into production. However if Osisko continues with the JV, that should not be a significant issue.
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