promojoe, Im am happy with the sp, especially considering what the overall market is like. I think it was a great announcement, but being tightly held it will discourage some from investing in it - low liquidity. I dont expect the sp to drop - but I also cant tell the future - wished I could:)
The announcement stated the comments below from which I think we can assume they will do a capital raising followed by a drilling program.
"The large high grade haematite exploration target supports Waratahs strategy for a rapid drilling and resource estimation programme in 2011 with the aim to delineate a substantial DSO haematite JORC compliant resource estimate."
With a MC of $68m and a target of 1-2Bt of Fe at 60%FE + its too cheap imo. Patience.
MBM Price at posting:
42.5¢ Sentiment: LT Buy Disclosure: Held
