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Company Spotlight
Rodinia Lithium (TSXV: RM)
Rodinia is a Canadian mineral exploration company with a primary focus on lithium exploration and + Read More
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The Ubika Research Junior Resource Stock Watchlist
Planet Mining Exploration Inc. (TSXV: PXI) |
| Company Name: |
Planet Mining Exploration Inc. |
| HQ Location: |
Vancouver, BC |
| Company Website: |
www.planetexploration.net |
| Shares Outstanding |
36.93 Million (as of December 31, 2011) |
| Current Stock Price (May 16, 2012) |
$0.16 |
| 52 week (Low – High) |
$ 0.11 – $0.36 |
| Market Cap: |
$5.74 Million (as of May 16, 2011) |
| Average Daily Volume (3 month): |
72,390 |
| Cash on Hand (as of Dec 31, 2011): |
3.93 Million |
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The Ubika Research Resource Stock Watchlist is a feature that profiles junior mining stocks. Visitors will discover high potential Canadian mining stocks, the best gold stocks, small cap energy stocks and junior gold companies through this very popular feature.
Share Highlight / 1-Year Stock Chart
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Business Overview
Planet Mining Exploration Inc. is a Canadian mineral exploration company focused on the exploration of high development potential gold and Nickel-Colbalt-PGE resource in British Columbia and Ontario that possess world-class resource potential in premier mining districts. Currently the company has two key assets: the Golden Loon property in Little Fort, British Columbia and the Sidace Lake property, a joint venture with Goldcorp, in Red Lake, Ontario. Its current focus is on Golden Loon property, where it is actively exploring to define a near surface gold resource and a potentially massive bulk-tonnage nickel, cobalt, silver and platinum mineralized system.
At the Golden Loon property, the Company has been exploring the near surface mesothermic gold system that outcrops at the surface and has obtained some very good drill results. However, it is the potential to discover a massive Nickel-Colbalt-PGE resource, which is especially exciting about Golden Loon project.
The property hosts a large nickel, cobalt, silver and platinum mineralized ultramafic intrusion that forms the core of this property. The company believes that the intrusion comprises an exploration target of close to a billion tonnes. It recently announced very encouraging drill results from Phase1drilling, which confirmed the exploration target. The Company is currently undertaking initial metallurgical work, which is being supervised by SRK Consulting. A positive metallurgical result will help the company to pursue an aggressive follow up definition drill program to explore this system further to discover a sizable resource.
At a market cap of $5.75M and cash in hand of approximately $4M as of December 31, 2011, the company’s shares trade at less than 2x cash (with a cash per share of approximately $0.10 as of December 31, 2011). Also it gets little value for its current NI 43-101 resource at the Red Lake property. The in-situ value of its share of the resource (which stands at 360,000 oz of gold resource in the indicated and inferred categories) should be valued in the range $10M to $12M based on a very conservative industry average of $60/oz to $70/oz for NI 43-101 compliant gold resource in the prolific gold district like Red Lake. Clearly it is not getting value for its highly prospective Golden Loon property, which is its current focus and can result in a discovery of massive Nickel-Colbalt-PGE deposit, worth potentially hundreds of millions of dollars. In short, PXI is a rare junior, which has cash in this turbulent market to pursue a very prospective exploration strategy and is currently trading at a steep discount to its assets.
The key investment highlights and short term catalysts are summarized below:
+ More info
What is interesting about Planet Mining Exploration Inc. (TSXV: PXI)?
- All of the companies projects are in Canada – a safe, stable and mining friendly jurisdiction with very low geo-political risks.
- The company’s shares are seriously undervalued given it has Cash per share of approximately $0.10 as of December 31, 2011. The stock currently trades around $0.18
- The Golden Loon flagship projectis a large 7,400 hectare property, located in south-central British Columbia’s prolific Quesnel Belt with historic production.
- The property is host to both a major gold bearing hydrothermal system and a layered, potentially massive ultramafic Nickel-Colbalt-PGE bearing system.
- The recent drill results confirmed a large Nickel, Cobalt, Silver and Platinum mineralised ultramafic intrusion forms the core of the Golden Loon property. Company plans to aggressively drill this system further.
- The Company is also exploring to prove the gold mineralization that occurs within the property wide silicified structures that converge on the flank of a 10.5 km striking ultramfic intrusion. Initial drill results have been very encouraging.
- All PXI’s projects are surrounded by good infrastructure and are easy to access .
- The Company’s other project, the Sidace Lake property, is located in the prolific Red Lake gold district of Ontario, where they havea joint venture with GoldCorp (60% Goldcorp, 40% Planet). The Sidace Lake property comprises63 unpatented contiguous mining claims covering an area of 12,224 Ha, located 25 km northeast of Balmertown, Red Lake Mining Division of Ontario.
- At its Red Lake project, the Company has already proven 360,000 ounces of gold in indicated and inferred NI 43-101 resource categoriesat an average grade of 3 g/t gold in just two of the five drill targets and all targets remain open to expansion.
- Huge potential to increase the resource estimate still exists as just 10% of property has been actively explored so far.
- Planet is well-funded with approximately $4 million as of December 31, 2011, in the company treasury to complete the current aggressive drill program.
- The company has a strong and stable management team with a professional geologist (P.Geo) as the CEO.
Risks
- Planet Mining is an early stage exploration company. The commercialization risks associated with mineral exploration and development are high and its prospects for discovering economically viable gold and other resources are uncertain. Prices for different minerals fluctuate and a decline in their prices could impact the share price of the company adversely. Early stage exploration companies typically needs significant amount of capital and although well financed, Planet may still require additional financing. This could result in shareholders’ dilution.
Planet Mining Exploration Inc. . News
Ubika Research Disclosure
Ubika Corporation, its affiliates or its divisions including smallcappower.com are not registered with any financial or securities regulatory authority, and do not provide nor claims to provide investment advice or recommendations to readers of this report. The information in this report is designed to present the opinion of Ubika’s analysts and what they believe to be the objective prospects of the highlighted company.
Copyright
The content on this site may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of Ubika Research, a division of Ubika Corporation.
Disclaimer
Ubika Corporation, its affiliates or its divisions including smallcappower.com are not registered with any financial or securities regulatory authority, and do not provide nor claims to provide investment advice or recommendations to readers of this report. The information in this report is designed to present the opinion of Ubika’s analysts and what they believe to be the objective prospects of the highlighted company.
Planet Mining Exploration Inc. may enter into a commercial relationship with Ubika Corporation, Investor Cubed or our affiliates for research coverage and capital market services and may pay fees and or shares or stock options or warrants for being mentioned at smallcappower.com. Hence the highlighted company information is an advertisement only and does not and will not constitute an offer to buy or sell securities in the highlighted company.
Was any fee (either in Cash or in Stocks/Options) paid by the company to smallcappower.com or its principal’s Ubika Corporation and/OR Investor Cubed Inc for providing services |
No |
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| Common Stock/Options Ownership in Planet Mining Exploration Inc. |
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| Analyst(s) |
No |
| Analyst’s family members |
No |
| Analyst’s firm, their affiliates and/or subsidiaries |
No |
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