Phoenix Gold - PXG

[trackers]

Phoenix Gold - PXG

JORC: ~1million ounces Au @ 1.7g/t

$16.5mil market cap (some sites report 11mil m/cap as only 50mil shares quoted, @ 22c)
$2.8mil cash
=EV $13.7mil ($13 p/ounce)

- 19k ounces in stockpiles

Relatively new listing (Dec2010).. thanks to duncanjones and Denpal for mentioning this under the radar play on the low ev thread!


Current share price, 21-22c. High leverage through:

PXGO 20c ex 01/2012
PXGOA 25c ex, 11/2014

Company wants to start small-scale mining next quarter in order to generate near-term cashflow, and feasibility studies are sufficiently along the track to support this:


Business Development (from quarterly):

Assessment of 12 small scale mining projects (“SMP’s”) during the Quarter identified 5 higher priority
SMP’s that have the potential to generate internal cash flow for the Company. Scoping studies
were completed on those 5 highest priority SMP’s to test their economic viability. Following positive
indications from these studies further, more detailed, grade control drilling commenced late in the
Quarter. This drilling is being undertaken to confirm the geological models and allow detailed mine
design work to be completed and will continue towards the middle of the June Quarter.
It is anticipated that detailed planning and evaluation of these 5 SMP’s will be completed in the June
Quarter and will enable the Company, subject to economics, to commit to commencement of small
scale mining before the end of the June Quarter.

http://www.stocknessmonster.com/news...E=ASX&N=539505
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These guys have got some nice reserves, good land and a workable plan to achieve cashflow... At an EV of $10 per ounce the downside is protected, with very nice upside provided by oppies.

Holding: PXGO @ 5c, acquired a couple weeks ago...

This, alongside YTC, is my holding I'm most excited about. Cheers again to denpal and duncanjones for bringing this one up