+ Watch MFN.DL
on My Watchlist
The Company is a mining exploration and development company. It is engaged in the exploration and development of precious and base metal mineral properties.
Minefinders has finaly started to show its strength, but remains very undervalued IMO. The Dolores project is a 15-year mine which will come to full production any day now (Spring 2008). While awaiting final touches on the facilities, they are stockpiling ore, currently at 600,000 tons, so when they do go online, they have a nice head-start for rapid ramp-up. The company projects $125 million free cash flow in 2008. Feasibility study was based on leach pads alone, but with rising gold they are looking at adding a crushing circuit and ball mill to the complex, which would improve recovery rates considerable. Trading at around $500 million market cap with 2.44 million ounces of proven and probable gold in the ground plus 126 million ounces silver... is just plain lunacy. :) Gold to $1,650 on its way to $2,000, silver to $50 on its way to $100.
Dolores experienced a commissioning delay as these start-ups often do, but unlike many others I've seen the company just kept plugging away at mining ore while prepping the remaining facilities. Dolores enjoyed first gold pour in November 2008, and will achieve commercial production during Q1 2009. This removes much of the risk of low production numbers during the ramp-up process which also is a common phenomenon within the industry. Here are my thoughts:http://www.fool.com/investing/small-cap/2008/11/19/a-golden-thoroughbred-named-dolores.aspx
I just got on board MFN with real money near the lows here. Somehow I am the score leader on that one from a few lucky in and out trades earlier. At $3 where it traded today it is a screaming buy in my opinion. We shall see.
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