Analyst Research Report Snapshot

Title:

ELECTRUM RESOURCES - PHASE 1 COMPLETED

Price:

$10.00

Provider:

Edison Investment Research

Date:

01 Dec 2010

Pages:

5

Type:

AcrobatPDF

Companies referenced:

ECRE.L

Available for Immediate Download
Summary:

THEMAC Resources – the TSX-Venture listed vehicle in which Electrum is due to have a holding of 14.5m shares and 14.5m warrants – has updated the market on various aspects regarding the acquisition and development of the Copper Flat project. Principal among them was the fact that it has secured interim finance to make a US$1.85m payment towards exercising its option over Copper Flat. This represents a precursor to the completion of the C$10.2m equity financing announced with Marley Holdings earlier this month, which will allow THEMAC to substantially complete a pre-feasibility study with respect to the deposit in 2011 and a full feasibility study in 2012. THEMAC shares have risen more than five-fold since February and now trade at C$0.60 per share. Excluding all other assets and liabilities, we estimate that Electrum’s holding in THEMAC alone is worth £8.7m alone (cf its market capitalisation of £6.3m).

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