The best part is the James Darcel didn't just dream up his analyst report is was written based on facts and public information. Sure he's not Micon but he likely doe know what he is doing in writing these sort of reports. The difference being today that he probably had half the results and numbers to use that Micon does. He may have +erred a little in using in-situ $3/lb for Ni as well. :)
Bottom line is that he didn't pull his info out of a hat or his derrier. So we do know that many believe his estimate to be rather conservative. He even states that just as he states who he is and what his qualifications are. As such there are some who seek to deny and downplay this report and there are some who use this as a guide and or ballpark figure for what we are potentially sitting on for resources.
For now it's all I have to go on. The and GP Harron's report.
The NI 43-101 will indeed be a welcome confirmation of what we suspect for numbers. The rest is a bonus. Take note of when his info is based upon.
http://img170.imageshack.us/img170/1...
Conclusion:
At its current price of $5.00, and given that the value of Ni contained in material on the Langmuir properties has been estimated to have a value around $16.50, then ISM appears to be significantly undervalued (if an in-situ Ni price of $3/lb. is applied to the Company’s Langmuir potential contained Ni). In the author’s opinion, this estimate is low but reasonable, based on available information, and very likely to be revised upwards as the Company applies its cash to define the extent of Ni at Langmuir. The Company has other valuable exploration projects nearby and in Utah which are otherwise completely discounted at this time.
The Author
James P.W. Darcel, CFA is an independent financial analyst and has worked in the investment industry since 1986 for the TSX predecessor, investment counsel organizations, an insurance company, and a hedge fund. To contact the author please do so by e-mail at jdcfa@mts.net. This report was prepared from information obtained from public sources and is believed to be reliable. The opinion of the author is not a recommendation to take an investment action and individuals are strongly encouraged to perform their own independent due diligence and seek professional help from a qualified investment advisor. The author and his family do not own ISM stock or related securities.
