|
|
|
|
March 1, 2011 Dear Friend,
We visited
AngloGold Ashanti's Cerro Vanguardia mine on Friday,
February 18th in Argentina. Our field notes and
five geological photos are attached. We were not
impressed with the corporate reserve, resource and
cost outlook discussions.
We highlighted
Connacher Oil and Gas, Duluth Metals,
Wits Gold and Anglo Aluminum as
particularly asset rich companies trading at over
80% discounts to potential values participating at
our March 30-31, 2011 conference in New York that
are ideal takeover candidates. We want to stress
that the majority of the companies we host are very
asset rich, and that we try to screen and select
superior participants in all cases. We highlighted
these four companies in particular because of very
deep discounts that are easy to explain, such as
Connacher Oil's US $1.65 share and over $8 per share
10% NPV discounted cash flow values.
We will host over
three dozen companies, and hope you can attend March
30-31, 2011 at the New York Helmsley, 212 East 42nd
Street. Separately, please mark the date for
November 29-30, 2011 in Boston.
Faithfully,
John C. Tumazos,
CFA
|
Copyright © 2008 John Tumazos Very Independent Research,
LLC
|
