Ivanhoe Resources were giving SK a lot attention until they switched their focus to Olyu Tolgoi in Momgolia. They bagged a couple of very nice high grade mines Eunsan and Moisin before leaving SK.
Simon Mitchell (current MD of SAU) worked in SK for Toro Energy (Uranium) in SK, prior to taking on the MD position of the unlisted Asiatic Gold, taking up where Ivanhoe left off.
Asiatic quickly became cash starved in the post 2011 gold equity bear market.
Simon Mitchell became MD of SAU and turned the company around with Cannon and other astute acquisitions.
Just over a year ago SAU merged with Asiatic Gold for effectively a couple of million bucks, with Simon brokering the deal.
SK is completely surrounded by massive deposits. Across the Yellow Sea, Jiadong has China's biggest deposits including a recently announced 18 MOz deposit. Hishikari Gold/Silver mine is just to the South in Kyushu (one of the World's greatest mines). Russia has great deposits to the North. SK is perhaps smack bang in the middle of one of the best AuAg geological plumbing systems on the planet. It's a very cheap and stable place to mine and do business. There's been very little modern exploration. It's difficult to gain tenure, however, SAU has managed to.
The Australian side of SAU is very exciting and why I became heavily invested. The SK side has far more potential IMO.
SAU Price at posting:
29.0¢ Sentiment: Buy Disclosure: Held
