Ganz so ist es ja nicht, daß da nichts Neues drin steht, aber insgesamt für uns nicht viel Neues. Ich hab mal den letzten Goldletter Report vom Sept. 2012 mit dem Neuen Text für Text verglichen. Es sind einige neue Text Passagen drin. So z.B.: Im Januar sind 15 Mio$ Cash ausgewiesen. Außerdem: Sie arbeiten weiter mit SRK Beiing zusammen, um die Minenzone zu erweitern und die 7400tpd Lizenz zu erhalten. Komischerweise haben sie die Produktionsgrafik unverändert übernommen. Somit haben wir 2 unterschiedliche Grafiken. Lt. Factsheet sollten im letzten Quartal 2012 knapp 5000 Unzen produziert worden sein. Lt. Goldletter knapp 7000 Unzen. In 2 Wochen wissen wirs. Neue Text-Passagen: Gold production from the Song Jiagou Gold Mine by quarter for fiscal year 2012, ended September 30, 2012. Revenue increased by 197% to US$ 31.67 million in 2012 from US$ 10.65 million in 2011.
The Company anticipates contracting the work for the proposed upgrades in early 2013. The objective is to lower cut-off grade, improve waste management and increase mill throughput using the pit optimization model developed by Wardrop with the intention of ultimately ramping up production to the 100,000 ounces per year range. In that regard, Majestic’s representatives in China continue to work closely with SRK Beijing on an application to the China Government to expand the mining zone and mining permit to 7,400 tonnes per day.
These upgrades will allow Majestic to implement improved grade control in higher grades for ore delivery to the mill. Finance In July 2012, Majestic announced the closing of a Cdn$ 35 million equity financing consisting of 194.44 million units at a price of Cdn$ 0.18 per unit. Each unit is comprised of one common share and one common share purchase warrant. Each warrant enti-tles the holder to purchase one additional common share of the Company at an exercise price of Cdn$ 0.20 until June 22, 2014. The offering was led by NewMargin Ventures, a leading venture capital management company in China which currently has about $ 1.5 billion under management. Majestic has further engaged Deloitte to act as its financial advisor to pursue M & A transactions that will max-imize shareholder value. Potential transactions may include the acquisition of Asia Pacific gold projects with the aim of building a strong gold-focused group in the region. Majestic has raised a total of US$ 73 million since September 30, 2010. The Company has a cash position of Cdn$ 15.0 million as at January 2013..
At a current market capitalization of Cdn$117.6 million, including a cash position of Cdn$ 15.0 million as at January 2013, representing a current in-situ value of US$ 3.8 billion or approximately $ 3.40 per share (fully diluted) based on approximately 2.3 million ounces of gold potentially being recoverable, we con-sider the shares of Majestic Gold significantly undervalued. Our next price objective remains Cdn$ 0.40.
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