IKN

Take physic, pomp

Chart of the day is….

…Troy Resources Australian listing (TRY.ax), one year chart.

Oh…is that a new 52 week high? Oh, que sorpresa

Also, check out this story over at minesite about Troy. Nice write-up (and if you’re not a member the signup is free).

August 24, 2009

Troy Resources Finds A Princess Among The Frogs, As It Moves Towards Production Of 120,000 Ounces Of Gold Per Year

By Rob Davies

Few junior miners could have been better placed for the crash last year than Troy Resources. Troy banked A$48m in cash in July 2008 after selling its stake in Canadian junior Comaplex Minerals to Agnico-Eagle. So you might think that in the context of what followed the market would have rewarded a company that was cashed up and had two producing gold mines. Wrong. At one point last year Troy was trading at A$67 cents, well below the value of the cash it had on the balance sheet. These days the equity is trading at a more reasonable A$1.95 giving Troy a market capitalisation of A$144 million. Some of that change in valuation is due to a firmer market, but it is mostly down to the company’s judicious purchase of the Casposo gold-silver project In Argentina for US$20 million in May this year from Intrepid Mines. Troy undertook a long search before it found the right acquisition, and chief executive Paul Benson admits to kissing a lot of frogs before finding the right one.
But as he was out shopping, what he found interesting was that companies that in the………

CONTINUES HERE

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