Trelawney Mining and Exploration, $4.56, symbol TRR on Toronto (Shares outstanding: 91.0 million; Market cap: $414.9 million; www.telawneymining.com), owns three properties that are located halfway between the northern Ontario cities of Timmins and Sudbury. The properties centre on the Chester mine, which was nearly completed in the 1980s, but never went into production.
So far, the company has outlined a 4.2-million-ounce gold deposit at the Chester properties. With further drilling, the estimated deposit could more than double.
Trelawney holds cash of $54.3 million, or $0.60 a share, so it has the funds to continue to develop its properties and work toward building a mine.
To make the Chester mine attractive, Trelawney needs gold prices to remain high. But the existing infrastructure and the 4.2-million-ounce resource base already established at the mine give it appeal. The shares rose as high as $5.24 earlier this month, but have pulled back since.
Trelawney is okay to hold, but only for highly aggressive investors.
A:…
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