CRS 0.00% 15.5¢ caprice resources ltd

Huntley's recommendation!

  1. 1,533 Posts.
    See last paragraph!

    CROESUS MINING (CRS) $0.55

    Gold Miner Accumulate

    No. Shares: 284.1m Avg. Monthly t/o: 19.0m
    Mkt Cap: $156.3m Last Reviewed SCG 283
    52 Week High: $0.61 Low: $0.24

    The merger with Central Norseman Gold (CNG) is quickly delivering the anticipated synergies and exploration upside. Just six weeks after completing the union, CRS had slashed the CNG workforce from 209 to 160 and announced the discovery of a promising new zone of mineralisation at Daisy South.

    Better intersections from this property, located just eight kilometres east of the main Norseman workings, included 25 metres grading 11.9 grams of gold per tonnes and 13 metres at 15.02 g/t.

    All statutory approvals for mining the Daisy open pit have been received and the reserve is being re-calculated with management expecting to exceed the previously stated 58,000 ounces. A number of targets remain to be drilled along the Daisy trend, including the potentially exciting Launchpad anomaly. The existing Norseman workings at Harlequin continue to produce incremental discoveries and there is every prospect that this system will be just like every other major system mined at Norseman over the last 67 years - it will `keep on, keeping on'.

    We last suggested CRS as a strong buy at 38 cents per share as we felt the market would soon become comfortable with the CNG story. That is only just beginning to occur - we suspect the main reason for the recent share price re-rating is the exploration success at Daisy South.

    CRS now ranks as one of Australia's largest listed gold miners - cynics would say that is not a difficult task given the takeovers and mergers of the last two years. As the country's fourth largest producer, after Aurion Gold, Sons of Gwalia and Newcrest, CRS should be attracting institutional investors to its register.

    Management is now marketing the story to this group of investors and we believe many of them will move onto the register over the next six months or so. This holds the prospect of causing a larger re-rating to above 70 cents per share. Further exploration success and a firming gold price could see this target exceeded. Despite the move to date, we will retain a speculative buy rating.
 
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15.5¢
Change
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Mkt cap ! $5.076M
Open High Low Value Volume
15.5¢ 15.5¢ 15.5¢ $7.75K 50K

Buyers (Bids)

No. Vol. Price($)
1 50000 15.0¢
 

Sellers (Offers)

Price($) Vol. No.
16.0¢ 82458 2
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