tam gets positive mention, page-3

Market depth is looking better than it has for months. I think we're on the cusp of another run up to $1. More analysis from the report below:

Targeting 200,000ozpa by 2013: TAM is targeting >200,000ozpa once the 1.5Moz Central Tanami Project comes on line in 2012. TAM recently completed its Stage 1 upgrade to the Western Tanami treatment facility.

Stock Undervalued: Based on our all of our valuation metrics, TAM is attractive. Our 1.0x NAV of $1.53 is based on our sum of the parts valuation. On a P/CF (13)/(14) basis we determine a value range of between $1.43-$1.86 per share and on an EV/oz basis TAM is trading at $109/oz compared to the peer average of $196/oz.

Situated in a Well-Endowed Gold Region: TAM's Central Tanami Project is analogous in geological setting and located 100km north-west of Newmont's (NEM:US) 2.5Moz Callie mine which produces 400kozpa. NEM recently discovered a parallel orebody and expects to add up to 75% to reserves over the next decade to the Callie inventory. Importantly, it appears NEM has identified three Callie lookalike targets. The majority of drilling on TAM's tenements has been shallow and has not tested the deeper Callie-style targets. TAM is targeting deeper targets this year.

Catalysts: Ongoing exploration results; Q4/FY2011 reserve statement; end-CY2011 CTP Feasibility; mid-2012 CTP Production.