alkusari (50.28)

Cardero Resources Valuation (Trading Halted Today)

March 04, 2011 – Comments (3) | RELATED TICKERS: CDY , THM , SVM

This is my attempt at a rough valuation of Cardero.

117M Market Cap.  $136,205,154 total cash/cash equiv/assets. Zero debt  
Cash and cash equivalents $ 52,264,003   Resource Related Investments $ 60,685,650

Check this out from their most recent Q report, a couple of their resource stock investments have rocketed over the past few months. does not include privately help Coalhunter Corp.

RESOURCE RELATED INVESTMENTS

                                                          Shares                                 Warrants
            2010                              number         FairValue               Number   Fair Value                   Total
International Tower Hill Mines Ltd.   4,591,223  $ 34,847,383                         $ -                   $ 34,847,383
Trevali Resources Corp.                 7,032,432       9,986,053          2,855,866  1,243,942          11,229,995
Wealth Minerals Ltd.                       5,022,806       3,164,368 

Dorato Resources Inc.                    2,416,000       3,020,000 - -   

Indico Resources Ltd.                          50,000           31,000 - -  -
Kria Resources Ltd.                       15,000,000      3,150,000            15,000,000 2,400,000         5,550,000 Corvus Gold Inc.                               880,711         871,904 - -  -
Totem Minerals Inc.                        3,782,000       1,891,000 - -  -
Ethos Capital Corp.                           100,000            80,000 - -  -

                                                                

                                                                $ 57,041,708                      $ 3,643,942        $60,685,650

 

Gain (current share price)

International Tower Hill Mines Ltd 4,591,223 x $9.30=$                                                        $ 42,698,373

Trevali                                      7,032,432 x 2.28=   16,033,924   2,855,866 x2.28=6,511,374  22,545298

wealth minerals                           5,022,806 x 1.04=     5,223,718

dorato res                                   2,416,000 x 1=         2,416,000

indico                                              50,000 x .57=            28,500

kria res                                     15,000,000 x .41=      6,150,000  x 2...............>>............... 12,300,000

corvus gold                                     880,711x .85=          748,604

totem min                                    3,782,000x 1.07=      4,046,740 

ethos capital                                  100,000x 1.10=          110,000

                                                                                                                                                                                                                                                                                   $90,117,233

 

cash + resource related investements at recent closing prices : $142,381,236

 

News on, privately held, Coalhunter's 43- 101 report is about a month past due, possible reason for trading halt. IPO? If my memory serves me correctly they purchased half the company for around 3M.

''All aspects of the 43-101 report are expected to be complete by the end of January, 2011.''

"The current verification drill program has confirmed the results of the historical drillholes and we believe the preparation of an initial NI 43-101 compliant resource estimate will significantly enhance shareholder value as we move forward."

They also have a couple of interesting propertie:

USA:

''Cardero has been aggressively drilling and evaluating potential resources at Titac and Longnose - both projects previously having been subject to historical exploration with Longnose, according to BHP Minerals (now BHP Billiton) being "the largest known ilmenite (FeTiO3) resource in North America."

Recent drilling results: Intersects Additional Massive Iron - Titanium - Copper Mineralization At Titac Project, Northern Minnesota, USA.

Hole-019: 462.1 metres grading 20.1% TiO2, 33.2% Fe2O3 and 0.4% Cu

Hole-029: 247.2 metres grading 17.5% TiO2, 33.6% Fe2O3 and 0.15 % Cu

PERU:

Cardero Receives Initial Mineral Resource Estimate for Pampa El Toro Iron Sands Deposit, SW Peru Indicated Resource of  241.8 million tonnes at 6.66% Fe2O3, 0.72% TiO2 & 172 ppm VInferred Resource of 629.9 million tonnes at 6.48% Fe2O3, 0.70% TiO2 and 166 ppm V Mineralization remains open to depth and in all directions

Argentina:

Organullo Gold Project, Historical Data Defines Significant Bulk-tonnage Style Gold Mineralization Highlights include: 189 metres of 0.66 g/t gold and 186 metres of 0.50 g/t gold

Mexico: 

Cardero Baja IOCG Project

 I rushed through this, so feel free to add and make corrections. I'm sure their needed. It seems illogically undervalued, what am i missing?