I have been watching this one closely, and have had a look at some of their Zinc prospects, which I understand are being eyed off by prospective buyers.
In addition to this, I firmly believe that the company has enough zinc tenements to warrant its own separate zinc spin off, which if it eventuates, will be done on a basis that provides maximum benefit to existing shareholders - just look at how UTO, PMH, and RHI have performed for GIR shareholders.
An announcment was made this morning that the company has sold 70% of one of its nickel tenements to HAZ for 4,000,000 shares in the company worth over $900,000.
The quarterly activities report is also worth a read. The company has indicated that they have received an acceptable offer for the sale of their Munro Bore gold project that has an inferred resource of 270,000 tonnes @ 1.6g/t of gold. So this is likely to provide further cash injection.
And for those who need reminding, Giralira also has a 12% stake in uranium explorer U308, which has been flying lately. It has a 10% stake in PMH, which has massive potential as a copper play with their Ann Mason and Blue Rose copper projects and uranium assets. And it has a further 19.6% stake in Red Hill Iron (RHI). According to their quarterly report, these interests are worth about $17million.
This one is a big sleeper. Unfortunately, the company is poor at Public Relations, and many of its assets go unnoticed.
Not only does the stock give you exposure to zinc, which is flavour of the month at the moment, it also gives you exposure to uranium through its stake in U308, and its Lake Fome uranium project, which is on ground immediately surrounding the currently operating Beverly Uranium mine in South Australia. They are in a JV with Heathgate on this one, and the company considers this to be their best uranium potential.
Definitely worth a look, as I think this one has gone unnoticed for a while.
DJ Charmicaels recently wrote a report expecting this to get to 60cents by year end. It has been there earlier this year, so I guess anything is possible, and despite my own personal view that the stock is worth about that much, I think their time frame is a bit optimistic.
GIR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
