RICHARD SAVILLE – The Speculative Investor
“The company … is being valued by the stock market at only US$11/ounce. What makes the valuation particularly attractive, though, is that the gold resources are high-grade and located in parts of the world where the political risk is low.
Given the quality of BZA's gold resources, and in particular the high probability that the above-mentioned projects will be developed into profitable mining operations over the next three years, we think US$25-$35 per ounce-in-the-ground would be a reasonable market valuation for BZA at this stage of its life. Therefore, the stock appears to have considerable upside potential.”