Caliche comments on Gold and NEWSTRIKE
We believe gold is making a new base here at 1350. Right now it is resistance but as soon as it is breached decisively it will be a new base much as 1230 was only a few weeks ago. Newstrike has completed the 5 million dollar financing and raised over 5.6 million dollars for drilling of Ana Paula, which will begin imminently
We here at calichebahada believe in our picks and have a large position in NES. Many websites and tip blogs recommend a new stock every day or sometimes more. We believe in getting in early and developing a play from the beginning. Most money is made before anyone even knows the name of a hot stock.
NES recommend STRONG BUY
short term target 1 to 1.20
long term target $5 to $6
Caliche–The Fed certainly is doing all it can to raise the price of gold–by decreasing the value of the U.S. dollar……In their most recent meeting(per Reuters) they are actively seeking ways to increase inflation in order to spur consumer spending…..And , as we know, the lower the value of the U.S. dollar , the higher the price of gold…We are in uncharted waters now with the current policies…
Does anyone have a link to a site that compares the POG to other currencies? I know that Gold is priced in $US, but how is it performing relative to other currencies? A raising POG in $US only means the $US is sinking. For example, a couple of years ago, Gold was up +10% in $US, but it actually was cheaper in $AU.
Basically, is the whole world GTHIAHB or just the US?
ole_OLE—-Basically , the whole world is GTHIAHB , as most (with a few exceptions) are doing their best to devalue their currencies which they think will help their economies…..It is almost like a” race to the bottom” with the U.S. presently in the lead…..The Fed seems determined to keep the U.S. there…Gold will continually go up and go up faster with this scenario….
I was just trying to figure out who was leading and who was following…
Oromin arranges $13-million bought-deal financing…….. whats this? whjere did it come from…. and how long do we think this will be in the market?
Looks like Chet is hunkering down!!
Goldfather—I think the monies to Oromin will end up being right at $15 million…….The buyers can purchase an additional 1.5 million shares (over the initial 10 million shares) @ $1.30 if they so desire within 30 days of close of initial “bought deal”……..I think they will so desire……This stock is ridiculously undervalued….
More Money, it always seems like more money……….This stock is going to get very diluted before it is all over and the only ones that will make any money is Chet and several of his hit men!!!
Where did this new fund of money come from????
What is really going on here??
Does Canada watch what is going on with stocks and do they watch for fraud or is this just a free reign for CEO’s in this Country?”?
I guess that this “bought deal” means no NRs re assay reports from July/Aug/Sept aggressive drillings will come out until after completion of deal ….Chet doesn’t want to appear too bad too soon for yet another low priced financing….. Share price will probably head down towards that $1.30 this Friday..and then stay in that area until first week Nov… Thx Chet for all you do for us shareholders…
Well , the last post was the bad news….Now for the potentially good news…..Ole share price typically increases shortly after a financing , spot gold could be over $1400 by then , some great NRs re assays will most likely be realeased within 1-2 weeks after completion of bought deal……Nov could be a very good month for share price….We may yet see that $2 by year end…
Canadian Stocks appear to have this reputation for the CEO’s rapping the companies during the investment phase. It appears that the Canadian exchanges are in the mix of what the U/S. stock exchanges get nailed for everyday of the year. Unethical and Ponzie type investments…. but I guess if we are all stupid enough to allow it – THEN SHAME ON US!!
We supported this stock fro the long haul, while his buddies come in at the last minute and reap the big rewards for the short term investment!!
In less than 2 months ole has had two bought deals. The first at $.80 and this one at $1.30. This is over a 60% increase price. I think that they probably could have sold more if they wanted to. This bodes well for the stock because institutions see a tremendous opportunity even at $1.30. Arlene, do you think this will really drag on until q2 2011 and is your guesstimate still aroud $5 per share?
All comments are welcome.
Thanks
Tony
Tony— My current opinion is buy-out now most likely Q-2, 2011….Still believe buy out price minimum $5 per share as major producers will have to look at blue sky numbers as well as proven ounces if they really want this concession…By end of Q-1 , my opinion is Ole will have a blue sky number pushing 10 million ounces with more than 5 million of that proven…..Spot gold could be in excess of $1500 by then also……BUT , remember that these are opinions only and not necessarily fact…..DYODD
Thanks as always for your quick response Arlene. I have done a lot of my own due diligence on ole. This is why I have it as my biggest investment. I am 41 and have been investing since I was 17 having done a high school project on the stock market that really interested me. I believe that this is a gem considering the price of recent take outs and the market cap of other companies with much less gold than ole. The roughly $33 mil we have now should give us enough time to prove our worth.
Again thanks and good luck to all!
Tony
Tony–Also remember that Badr is on the hook for 50% of the expenses….
Arlene, it’s Bendon International (Saudia Arabia) with 43.5% interest and 50% of the funding.
There was a recent meeting with the Arab partners. What if a merger was accepted by both parties with Oromin being the surviving entity? In the past this would have been a big negative for Oromin, giving up Bendon’s 50% funding of exploration expenses. But now, with this last placement, Oromin can probably fund all the exploration by themselves. In six to nine months Oromin should be able to prove up enough additional gold with lots of high-grade to make the heads of all the mid & top-tier gold CEO’s spin right off their shoulders! The only question remaining is who will be the winner of the bidding-war to come.
If a merger with Bendon can be accomplished, Oromin’s stock price would probably soar. In the past, only controlling 43.5% of the concession was legitimately frowned upon & has definitely kept the stock price down (not as much as management’s poor promotional skills resulting in excessive dilution). With ownership of 87% of the project, valuation should be considerably greater than the current $270 million of Oromin plus Bendon (double the current Oromin market capitalization). MDL is spinning out their Sabodala concession as Teranga. After the spin-out, MDL is planning an IPO of Teranga in November with a valuation of over $700 million.
Oromin already has more reserves than Teranga/MDL (see page 3 of the Oromin corporate presentation). Oromin’s reserves includes lot of high-grade; Teranga has none. Oromin’s reserves include lot’s of easy to mill soft oxide ore; Teranga is rapidly depleting their soft oxide ore and having to expand their mill to match current production with their non-oxide remaining ore. Oromin has on ongoing incredible exploration program; Teranga will just be beginning a serious exploration program with funds from their IPO. Oromin’s reserves are in the ground, rapidly increasing in value as the price of gold soars; Teranga is rapidly depleting their reserves (capped at $850/ounce for another year), running out in 6 years.
Forgot to include one thing in the last post. Teranga/MDL owns 90% of their Sabodala project.
Socialbernie—Sorry for my goof re Badr vs Bendon(not really the first error that I have ever made)…Your theory re a possible merger between Oromin & Bendon is really interesting & definitely exciting….I agree that it would remove a lot of obstacles to a buy out…and would be fantastic for Ole shareprice….Does your theory have any timeframe associated with it ?? … Like Dec or Jan ???
Socialbernie, your merger idea may not be that far fetched because like you said it would make it easier to value 87% of the company and eliminate negotiations with 43.5% of the Arab ownership. The MDL ipo will be very interesting and along with ole’s next NR will hopefully push us higher.
Great post
Thanks
Tony
i havent talked to the office for a while but im betting the last placement found oromin and they didnt have to look for it.. with gold at all time highs and going higher junior miners are having an easy time raising money right now.. i think chet and the boys took what was in front of them. 1.30 is a long way off the .80 and really when the cap is blown to 140 million shares what is another 10 .. the insiders are loaded up with options and the institutions are loaded up too .. blast off should be any time now.. a deal between the arabs and ole has already been ironed out..the whole property is held in one company with the two shareholders (3 with badr) so a buyout could be done with an offer for the holding co and not ole directly..
Caliche—When was this holding company created??Was there an announcement I missed or what…Would there not have to have been some type of filings done?? Sorry for these dumb questions but I seem to be “in the dark” on this development…Pls try to enlighten at least me..maybe more……Thx in advance for your efforts..
the private company “oromin joint venture group ltd” was formed a few years ago 2007 or 2008 to facilitate a buyout of the mining property. this is a copy from a grandich report (when he actually wrote stuff )
Title to the Sabodala Exploration Concession is held by OJVG, a private joint
venture company held 43.5% by each of Oromin and Bendon International Ltd.,
with Badr Investment & Finance Company holding a 13% carried interest
Caliche—-Does that mean the “poison pill” Oromin has is worthless???
not at all .. it protects the public company from a hostile takeover of its 43%. its value is relative though .. as we have seen there hasnt been anyone willing to make a hostile takeover of a company with a minority stake.. but you never know..43% of 10 million ounces is a lot of gold
Caliche—-Does that holding company mean any potential buyer would have to negotiate both with Oromin AND Bendon….What Socialbernie was suggesting was a way to make a buy out less complicated for a major seriously interested…….IMO
any buyer of oromin would have to negotiate with bendon anyhow..with 43% not much could be done one sided..the buyout will have to be either of the private co or with a merged bendon and ole.. i dont see bendon merging with ole ..it is massive, considering it would foot the multi hundred million dollar bill for production it would be like a cat eating an elephant.. ole could buy out bendons interest with massive dilution (think 700 or 800 million more shares), the arabs have a number in their minds of what they will sell for .. the only way i see this thing selling is for a sweet offer for the private co they way it is structured now..chet has done such a great job of obfuscating his intent i dont think anyone can see the picture clearly anymore….im going to bed..lol maybe the answer will come to me in my sleep
My concept is a merger of equals. Oromin issues to Bendon same number of shares as outstanding at the time. Oromin shareholders keep same number of shares as before, but now have half the company & Bendon shareholders have half the company. Bendon off the hook for financing exploration or production. But now Oromin has 88% of the concession. Underneath nothing has changed (paper shuffle) but on the surface everything has changed because perception is everything. Plus with gold soaring, juniors breaking to the upside (see GDXJ on NASDAQ), buy-outs happening & being talked up everywhere etc., now merged Oromin’s stock should at least move up the to the $700 million valuation of the Teranga IPO (from the current $350 million). Oromin already has enough cash to continue with their aggressive exploration program. Regarding plans for production, the funds could be raised with about 30% dilution (if our value is around the $700 million level at the time) either through a secondary or an IPO in the U.S and/or London. The Brits will be hungry for a real West African gold after African Barrick crapped in their bed. LOL (see recent news about AB being infiltrated by thieves & then being shut down to hire replacement workers).
Meant to say “Oromin shareholders keep the same number of shares as before, Bendon shareholders get the same. Both have 43.5% but all within Oromin. Badr continues to hold 13%.” … “But now Oromin has 87% of the concession”.
I’m surprised some did not realize the Sabodala Concession was owned by OJVG and that OLE has 43.5%; Bendon 43.5%; Badr 13% – not repudiating anyone, just surprised.
Thus, talk of an OLE buyout of Bendon is irrelevant if Bendon keeps their % of ownership – all you’re doing is moving Bendon’s ownership from 43.5% of OJVG to 50% of OLE (as said – a paper shuffle).
Second, you would be taking away an option for OLE to sell out its % stake on it’s own.
Third, why would you take away the Bendon requirement to pay half???? This would be a huge mistake – Bendon has CASH. From a strict cash flow analysis, the carrying costs for 100% funding would become resitrictive, require additional PP’s – OLE does NOT have enough cash to continue on its own – and all for no net gain to the OLE shareholders.
As it stands now, any major who wants the Sabodala Concession can come in and buyout the OJVG in its entirety – no big deal – no restrictions. Additionally, as it stands now, a major can come in and buyout OLE which owns 43.5% of OJVG, keeping Bendon as a partner….just don’t see any value at all in OLE absorbing Bendon…don’t see where Bendon would want that either.
h1
Hoosier…. i agree. Ole buying out Benden out doesnt make any sense at all…. for either party. I couldnt figure out the logic.?? … Saudis calling all the shots here. And in Chets eyes, they’re the only share holder. ! Nothing will happen till theyre ready…. but i dont know what Saudis like more…. oil, Gold or Money !
Hoosier1, I agree and thanks for the thoughtful comments, but there is more to the situation. Oromin is not only the sole operator but also the public face of the project. As the operator they have performed magnificently, proving up a world-class deposit(s). As the promoter, they have failed terribly, with the value of Oromin’s stock way undervalued. Bendon is a passive partner other than the 50% funding. Bendon’s value is driven by Oromin’s stock price, same as for Oromin shareholders. Would a buyer pay more for Bendon than for Oromin? Perhaps the stock price would catch up to true value with additional drill results and increased future resources but no guarantee especially with continued inept or absent promotion. Same with an Oromin/Bendon merger, no guarantee. But a merger would at least immediately show some proactive attempt to improve the public perception and I think it would indeed do so. If management could “shock” the perception of the company by changing ownership to 87% and hopefully get the stock price up by at least 100%, a lot closer to true value, any future placements of shares for funding would be the exact equivalent of the former matching Bendon funding and be half as diluting.
In my dreams I see the headline: Oromin Now Owns 87% of Rapidly Expanding World-Class Gold Deposit in West Africa.
In reality we would probably see the headline: Oromin Merges with Bendon International.
Socal….. you have great ideas. and we all would love this all to happen. But try sending this to Ole mgmt… and the IR dept……if we keep at them…. maybe they’ll listen on the Promo end. But, i think when the Promo really picks up noticeably…. thats our clue they’re ready to sell.
Hoosier1—Actually I was aware of the OJVG……It is just that when socialbernie said there was a “recent meeting” ,my lame brain locked on to that wording and I thought we had something new/different..Guess that’s what happens when you are in your seventies….In any event I finally did realize my error…..Nothing new…
Social:
I see what your inferring except I think your missing the dilution from doubling the OLE shares & that Bendon is a private firm.. Bendon’s value – company wide – is not driven by OLE. Also, OLE is not driven by Bendon.
OJVG drives OLE’s value – not the other way around. And it drives Bendon’s ROI
OJVG is a company that owns the Sabodloa Concession – whatever its value is – is what drives OLE’s stock price…Merging Bendon & OLE will not change that.
Yes if OLE could get Bendon’s OJVG value under its coroporate hood, the OLE gross dollar value would double…. but the number of shares would also double…rendering the same share price for OLE…
Also, any PP’s made for generating revenue would have to be doubled where half goes to generating revenue & half is given to Bendon so as not to dilute their 50% ownership…It halfs the revenue generating capabilities & doubles the dilution from those shares, NOT a halfing as you stated.
e.g. 100M shares out; Bendon owns 50M
If you issue 20M shares for PP – Only 10M are sold for revenue the other 10M go to Bendon (free) to maintain their 50% stake. If sold for $1, you only raise $10M for 20M shares issued
Plus OLE lost a partner that pays half…not a good idea. IMO
h1
hoosier1,
What I was proposing was for Oromin to buy Bendon’s 43.5% of OJVG. This would be, in effect, a “merger” of equals with each previously holding 43.5%. Bendon would receive as compensation a matching number of new Oromin shares (could be more or could be less, but for simplicity let’s say 50/50). I agree this combination would double the number of shares but leave the value of OJVG unchanged. Also for the moment, the price of Oromin shares would be the same but the market capitalization of Oromin would double with the number of outstanding shares doubling.
What I am proposing is that from that point on, it is likely that Oromin shares would rapidly move up to a more realistic value reflecting the current bullion price, buy-outs in west Africa, the proposed value of the MDL IPO. Even more importantly, hopefully new eyes will be evaluating Oromin, old eyes will be taking another look and the buzz about west Africa will increase even beyond current levels and start to include Oromin more & more in spite of management’s indifference to promotion. For gold miners, size really does matter, 87% is much more than twice as impressive as 43.5%.
I can see Oromin quickly doubling in this scenario and even then it could be argued that Oromin would still be undervalued.
I don’t understand why you think Bendon would be owed additional shares for future placements. Oromin buys Bendon’s 43.5% share of OJVG for shares of Oromin as compensation and from that point on Bendon’s share of OJVG is as a shareholder of Oromin. Bendon’s share of Oromin would be diluted in the same amount as any other shareholder by future share sales and they would receive the same benefit from the cash received and ounces found by exploration funded by the cash.
I disagree that the value of Oromin is driven by the value of OJVG. On the contrary, the value is driven by it’s public face and operator, Oromin. The low value of Oromin is due to inept and lack of promotion by Oromin management over the life of the project so far. It can change in a heartbeat, the value not management, depending on many factors. Hopefully management will recognize the benefit of buying Bendon’s 43.5% of OJVG and act on that soon.
Social:
Again, I understand your inferrence.
I think Bendon would be owed additional shares because they would NOT sell out unless they remain whole. Why would they want to be diluted like any other shareholder? They know whats there and they don’t have a cash or time problem.
I also don’t think being larger in market cap would drive sp…just look at MDL.
No biggie…just an academic disagreement here… I don’t have as negative a view as a lot of others on OLE’s management…. don’t get me wrong, things could have been done better…but I do not hold the position that OLE’s public face drives value or has a significant effect on sp.
h1
Forgot to add:
But I love the ideas & discussion!!!
h1
Just listened to RanGolds CEO speak at the Denver Gold Show. Bristow, he actually started RanGold 20 yrs ago. Very impressive ! But looks like they grow their Projects over time. Doesnt sound as if theyre too big on growing thru Acquisition… and seemed to look down on Growth thru M & A…. just look at their sp of $100 w/ only 92 mil shareholders. He elaborated about ShareHolder Value. and the Share holders were very very important to the Company. He even said ALL types of Share Holders ! Wonder if Chet ever met Bristow… as he looks at his 43% retail investor a bit different.
Now the other 57% is different. ! But, it seems this really is a Saudi run company. Which is just fine… deep pockets and all.
The “October Correction” in spot gold price(which I predicted could go to $1310) is, I think, almost over..Probably see a few days of consolidation , then next leg up should begin in earnest….November still looks to be a very good month for Ole share price with 1) bought deal completion first week of Nov , 2) Assay reports mid- Nov , 3) Spot gold to exceed $1400 in Nov , 4) Fed meeting early Nov which will likely add to QE andwill help boost gold price even more….We will shortly see if Ole can make that $2/share price by year end……..All IMO…Your thoughts/comments re these possibilities very welcome…
Socal… good find and info on the MDL’s Business review……ya the IPO will tell us a lot. I bet a lot of majors and regionals are watching this very closely. Infact, it does seem to be delayed. I think the first annopuncement said to be completed in October. Then maybe mid Nov…. but w/ the importance, valuation difficulties….and hopefully some Big big Offers being discussed… i see this delayed to December. Someones going to buy MDL. Not IamGold… as theyre on the TakeOver table themselves…. and their New Ceo hasnt showed up for work yet…. Not Rangold…. they buy cheap…
Maybe Barrrick… they’d love to strike at their rival RanGold close by. But MDL all by itself seems limited.
Now RanGold and Saudi-Ole could pull it off…. Saudi-Ole buys the Mine/Plant , and RanGold buys the Land , all in a Big JV tieing all 3 projects together….. all combined its a 25 mil oz Gold Project…. TOTALLY HUGE. ..Chet can keep his job for years and eyars….. and our sp goes to $15- . Saudi-Ole becomes a Player . Hows that sound. !!
This is the encouraging report I have ever head from Grandich…
Grandich Client Oromin Explorations – Going For “World Class” Gold In West Africa
The global search for ‘world-class’ gold deposits has transformed West Africa into one of the fastest growing gold production and exploration area in the world, thanks to the efforts of visionary companies such as Oromin Explorations Ltd. West African gold production has increased by 53% over the past decade and the region continues to generate multi-million-ounce gold discoveries at a time when similar discoveries are declining in more mature mining districts, notably in the Americas and Australia.
Oromin may not have the highest profile or market valuation of the rapidly growing list of West Africa gold explorers — having focused more on drilling programs than self-promotion — yet has achieved a track record of success that warrants serious attention from industry and investors. Within the past five years, the company has elevated the OJVG Gold Project in Eastern Senegal from a grassroots prospect into a potnetial near-term gold producer with truly exceptional long-term exploration upside.
A positive feasibility study completed in mid-2010 examined a proposed open-pit/underground mine that would produce 174,000 ounces of gold annually at cash costs of US$409 per ounce in the first three years, with payback of capital (US$291 million) within two years. But this study doesn’t reflect the project’s full potential as it was based on only five of nine deposits discovered to date. It doesn’t include results from subsequent drilling of these five deposits, drilling at four other gold deposits not included in the study or drilling results from several new discoveries.
Oromin is continuing a dual-track strategy to advance the OJVG Gold Project. On the one hand, ongoing drilling programs and value engineering studies are focused on upgrading and expanding resources and examining opportunities to improve project economics, including potential heap-leach processing of oxide mineralization not included in the feasibility study. But the company is also focused on generating new gold resources within four deposits not included in the feasibility study and within multiple priority exploration targets, including two recent bulk-tonnage discoveries. The estimated budget for this work to mid-2011 is expected to exceed $30 million.
Oromin plans to release an updated resource estimate in Q1 2011 that is expected to boost current resources totaling 3.17 million ounces of gold in the measured/indicated category, plus another 0.33 million inferred ounces. (The current probable reserve contains 1.42 million ounces.) But as before, this will represent only the tip of the proverbial iceberg. The OJVG Gold Project has extraordinary potential for resource growth in the years ahead. It’s also a potential takeover target, particularly now that two West African gold producers, TSX-listed IAMGOLD Corporation and Mineral Deposits Limited (MDL) of Australia, have each acquired toehold (roughly 15%) equity stakes in Oromin through recent share purchases.
Oromin was an exploration pioneer in Senegal, attracted by the West African nation’s favorable mining laws, tax and royalty terms, including a minimum 7-year tax-free status. But the biggest draw was highly favorable geology hosted within the same Birimian greenstone belt as the producing 35-million-ounce gold camp just across the border in nearby Mali. Today, Eastern Senegal is an emerging gold camp with one producing mine and approximately 12 million ounces of gold discovered to date by various companies, including Oromin, MDL and Randgold, among others.
As operator of the OJVG Gold Project, Oromin has defined nine gold deposits and multiple exploration targets within a NNE-trending 8-km-wide structural corridor that runs the entire 22-km length of the property. The western side hosts five lower grade bulk-tonnage “Masato Style” deposits and targets similar to those being exploited at MDL’s adjacent open-pit Sabodala Mine (3.5 million ounces in gold resources and 1.6 million ounces gold reserves). The eastern side hosts four higher grade “Golouma Style” deposits and targets with both open-pit and underground potential, similar to mines in West Africa and Eastern Canada’s famous gold camps. These mesothermal-style shear-hosted greenstone vein deposits are known to extend to great depths — up to 2.5 kilometers in the case of the Obouasi Mine in Ghana. Oromin believes that its Golouma Style deposits have potential to extend to at least one kilometer in depth, well beyond the limits of their existing combined resource (1.2 million ounces gold) defined to roughly 300 meters vertical extent.
The bulk-tonnage “Masato Style” deposits have exploration upside as well, including at Masato, the largest of the five oxide-rich bulk-tonnage deposits and the only one included in the feasibility study. What’s interesting about Masato is that it also has potential for deeper higher-grade mineralization, as shown by recent intervals drilled below the modeled open pit, notably: 6.47 g/t gold over 23 meters; 2.18 g/t gold over 43 meters; 5.7 g/t gold over 9 meters and; 7.89 g/t gold over 7 meters. Two new bulk-tonnage discoveries, which Oromin believes may collectively prove to be larger than the current Masato open pit, offer additional resource potential. Beyond all this, Oromin sees long-term potential to generate new resources from multiple early-stage exploration targets of both types, including some that are yet to be drill-tested. The Company’s management team is no stranger to world-class precious metals discoveries, having played key roles in the discovery and development of the Hemlo and Eskay Creek mines in Canada, and the immense Petaquilla Cu-Au-Mo Project in Panama (now under development by Inmet Mining).
Oromin has also earned its reputation as a socially and environmentally responsible company. Community consultation and social programs conducted over several years have led to strong government and local support for the OJVG Gold Project.
In early 2010, the Government of Senegal granted OJVG a 15-year renewable Mining License, paving the way for construction to begin in 2011 and plant commissioning in Q4 2012. Oromin has achieved many other major milestones in the past five years and is finally starting to receive the recognition it deserves for its vision, hard work and technical excellence. It appears safe to say that the best is yet to come for Oromin.
Best written PR piece, to date.
h1
Yes. PG did a great job on this article. Hope he gets it out to other WS, gold and mining publications. For potential investors, this article would seem to have a lot of creditability.BTW….. the article said the next resource UD would be Q1 2011. The last 2 NR said we’d get Dec or late year. I was at least counting on Mid jan…… but Q1 as mentioned….. worries me a bit. How do you all read this ?
Of course with a good article – THE STOCK DROPS?
My read: Q1 2011 = Dec 2012.
2012? ha, it’s clear unless your opportunity cost is limitless, this isn’t for you. gift these shares to your grandkids at these values, move on. chet isn’t leaving until this value is 10 fold from where we are now.
cs – you really shouldn’t try to slam someone unless you know what you are doing. My average cost is abt .60 and I’ve been buying since Oct 2005. I think I have some room to hold a little longer. I was remarking on the s-l-o-w nature of the press releases and how the company is usually l-a-t-e meeting their self-stated deadlines.