Last night I was scanning some exploration stocks and came across the following interesting one. The company has 800,000 ounces of proven reserves, plus an additional 1,200,000 or so ounces of unproven resources. It is in a geopolitically friendly environment in an historical mining district. It has basically no cash, but no debt either. The market valued it at last nights close at $21 Million Canadian. So we are talking $10 per oz in the ground, $25 per ounce of proven reserve. Clearly the credit market - or absence of it actually - is dictating its dismal valuation. Might be worth a gamble. DYODD.