undervalued jorc play with near-term drilling

Was put on to this one about a week ago, strange company.

Genesis Minerals Ltd - GES

53million shares on issue @ 11c = 5.8mil market cap.

2mil cash on hand, 0.6mil investment in WDR.asx = 3.2mil EV!

GES has many projects but the most prospective is the Plavica project in Macedonia: GES earning a 62% stake in the Plavica Project by funding all exploration up to FFS

Plavica JORC inferred resource of 1.65m/oz Au, 28.2m/oz Ag & 32.6m/lb Cu

"The latest and final results from our metallurgical testwork programme
on Plavica confirm the earlier data reported in detail in November and
are very encouraging. Following the receipt of the latest data, SGS
Minerals Services in the United Kingdom has concluded: ?that there is a
high likelihood that it will be economically feasible to process both ore
types contained in the Plavica deposit"

Further drilling planned in Q1

In ground value @ recent prices (sourced from: http://www.sharetrader.co.nz/showthread.php?8223-Ges-genesis-resources&highlight=ges ) @ Au $US1365/oz, Ag $US28.55/oz, Cu $US4.38/lb

Gold = $US2.2b + Silver $US0.8b + Copper $US0.14b = >$US3b (In situ Approx $US2b worth to GES @ 62%)

What's say 5% of that? $US100million?

Other Projects:


FENN GAP PROJECT: Iron Ore, Manganese (GES 100%)

GLADSTONE-MOUNT MILLAR PROJECT: Manganese (GES 100%)

ALICE SPRINGS PROJECT: Copper, Gold, Iron (GES 100%)

Previous exploration by Genesis and other explorers has identified high grade copper mineralisation
over a number of areas up to 30% Cu.

McARTHUR RIVER PROJECT: Manganese (GES 100%)

ARTUNGA PROJECT: Gold-Copper (GES 100%)

Check quarterly for more info on these: http://stocknessmonster.com/news-item?S=GES&E=ASX&N=513245

Quite illiquid, but a rerating could see this one rocket.

Its not often you can buy 62% of the in situ value of 1.65 million ounces of gold, 28.2 million ounces of Silver & 32.6 million pounds of copper for a grand total of 3.2million dollars, and get numerous other prospective greenfield projects chucked in for free...

Will be interesting to see what happens. Disc: Hold