Ann: Quarterly Report - June 2010 , page-3

An interesting comparison with RXM who released their maiden resource today:

100mt @ 0.7% Cu, 0.2 g/t gold for 700kt Cu, 650koz Au (all inferred)
market cap approx. $200m

compares to Roseby:

132.5 mt @ 0.68% Cu, for 900 kt Cu, 250koz Au (50 mt reserves)
market cap approx $23m


RXM may have the advantage on metallurgy, but URL possibly have an advantage on mining economics (URL have a small amount of overburden, but RXM deposit is steeply dipping). Both are good for infrastructure, both claim possible 200%+ exploration upside. A wild card for URL is what value the SEEP exploration can add - a shame there is not more information about on this and updates are few and far between.

Still URL seems significantly undervalued on peer comparison imo. Roseby isn't the most glamorous deposit in the world but could still be a very good earner.