Please note that it is not my intention to knock Sierra Minerals (TSX:SIM). I wouldn't doubt that they're a decent enough little company. Few of their shares ever trade, but their management has done a much better job in protecting shareholder value than Century's management has done for its shareholders.
Nevertheless, let's take a look at Sierra's pure data relative to San Juan (alone).
Sierra has a current market cap of $27,653,700. It's safe to say that Century's shareholders are receiving ZERO value for it's San Juan asset.
Sierra Minerals:
*Production ounces in 2007 = 17,606
*Cash cost per oz in 2007 = $548 US
*43-101 ounces in ground = no resource count as yet
*Planned production ounces in 2008 = 20,000 (at least it appears to be)
*Operating location = Mexico
San Juan (excluding the producing Rosario, other the potential Peruvian spin-out assets):
*Production ounces in 2007 = 12,000 (assumed - based on 8,911 after 3 quarters)
*Cash cost per oz in 2007 (this is a MAJOR performance advantage for SJ) = $323 US (average after 3 quarters)
*43-101 ounces in ground = no resource count as yet
*Planned production ounces in 2008 = 20,000
*Operating location = Peru
From an asset fundamental perspective (management not part of the equation), I do not see anything that Sierra has that San Juan would not have as a stand alone company.
Production05
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From March 25 N/R
Century announced today that the Company will provide a comprehensive update on operations in Peru concurrent with the announcement of the NI 43-101 technical report for the San Juan Gold Mine, which is expected on or before April 17.
Looks like she will wait till the last minute, doesn't surprise me.
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