Turkey flies as mining destination THE AUSTRALIAN JUNE 16, 2014...

Turkey flies as mining destination

• THE AUSTRALIAN
• JUNE 16, 2014 12:00AM

Chesses Resources (CHZ) seems to have dropped off many a radar, including Pure Speculation’s. We can trace positive analyst approvals back to 2009 but in May 2011 this column noted the stock had fallen from $1.28 the previous November to 72c, yet there was no undue worry as the junior was seen by some analysts as having a good story to tell. But, alas, down and down it went. There was a slight reprieve about this time last year when the stock began to recover (from 10c in June to 15c in August) but we’re back down at 8.9c as of Friday’s close, making it worth just $20 million (even with $4.6m in the bank).
Grigor reports that CHZ’s updated resource statement from its Kestanelik project is due in a few weeks and the pre-feasibility study is assuming production of 85,000oz a year at C1 cash costs under $US500/oz. He reminds us that just a month ago Canaccord put a target price of 40c a share on Chesser.