🕐17.08.12 - 03:54 Uhr

RESOURCE CAPITAL RESEARCH [RCR] - RCR RESEARCH UPDATE, PLANET METALS LIMITED (ASX:PMQ)



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Resource Capital Research [RCR] 
http://www.rcresearch.com.au/


RCR Research Update, Planet Metals Limited (ASX:PMQ)

 Resource Capital Research (RCR) has released an updated research report on Planet Metals Limited (ASX:PMQ).

Key Points: 

  • Focused on gold and copper exploration in Queensland.
  • Mt Cannindah (QLD): gold bearing porphyry copper system.

    Regionally underexplored; large scale targets.

    4 priority drill targets identified.

    Resource 112mlbs Cu at 0.92% Cu.
  • Mt Cannindah: PMQ 100% – free-carried in the near term for a minimum 25% stake.

    Drummond (ASX:DGO) farm-in (Dec 10): spending $6.75m over 4.75 years for 75% stake.

    $1.75m spent to date (March 31).

    Drilling expected 2H12.
  • Mt Borium (Au, QLD): Similar geological setting and structure to nearby historic Kidston gold mine (>3moz Au).

    Strategic tenement position.

    Potential at depth.
  • Mt Borium: fast-tracking exploration; 3 priority target zones.

    Strong soil anomaly and good historic drill intercepts.

    Rock chips include 7.9g/t Au (2Q12).

    Drilling 2H12 (1,000m).
  • Casuarina Salt Prospect (QLD) earn-in: greenfield solar salt.
  • We value PMQ at 4.4cps post the 6.5cps capital distribution, (see adjacent table).

    With share price at 2.5cps, PMQ is trading below cash backing of 3.3cps (24% discount).
  • Capital return of $3.9m (6.5cps) follows sale of Wolfram Camp tungsten project.

    Ex date 27 July 2012.
  • Cash position ~$2m (post capital return).

    SPP expected 2H12, enabling shareholders to re-invest capital return if desired.
  • Experienced Board and management focused on creating shareholder value through project generation and exploration.
  • Major shareholders Metallica Minerals Ltd (37%);
  • and Jien Mining (7.7%).

Click here for full announcement

For further information, please contact:  

 
Resource Capital Research
www.rcresearch.com.au
T: +612 9252 9405






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