There is a really good (reading) Align Research report on BMV...

There is a really good (reading) Align Research report on BMV available online or via twit.
Align Research have a Conviction Buy and target price of 11.85p - currently 2.85p

"International Gold Limited undertook an Economic Evaluation Study (EES) on the Gubong deposits in 2011. It was based on the design, mining and development of a 0.5Mtpa gold mine and mill. The authors considered that the historic resource could be upgraded to JORC using 2007 core and further drilling. They also highlighted a number of satellite deposits which included: Imcheon, Pungsan, Ongam and Yangi where KORES has a calculated a total of an additional 300,000 ounces of gold.
EES estimated a total of 2.7Mt of ore at an average grade of 7.0g/t and with more than 575,000 ounces recovered. Using a world gold price of A$1,350, the authors determined a cash flow of A$285 million over a mine life of just over eight years. Based on the likely prevailing AUD/USD FX rate at the time, a gold price of US$1,285 per ounce was used and a cash flow of US$299 million was determined over the life of the mine."

Worth a read if anyone has the time.