Coral Gold Res. Ltd. $0.74
$22.8 million market cap.
$19.8 million enterprise value
Coral Gold Resources Ltd. is an exploration company, which owns the Robertson property, an advanced-staged exploration project located along the Battle Mountain/Cortez Gold trend in north-central Nevada and immediately adjacent to the Pipeline gold mine.
Mining giant, Barrick Gold Corp., recently received notice that the Federal Bureau of Land Management (BLM) has approved an environmental impact statement (SEIS) for the Cortez Hills mine in Nevada – a big win for Barrick but also for other miners in the State. A coalition of environmental and tribal activists tried to block the project claiming they “continue to use the mine site and adjacent lands for hunting, gathering, religious, cultural, and other traditional uses as well as for recreational, conservational, and aesthetic enjoyment”, as well as claiming the mine would cause irreparable damage to the environment.
We believe the decision sends a positive signal to companies and investors, and attests to the attractiveness of operating in Nevada. Nevada has long been considered one of the more mine-friendly jurisdictions and ranked second in the most recent study by the Fraser Institute of overall policy attractiveness of mining jurisdictions
We believe the ruling has positive implications for small gold exploration/development company, Coral Gold. Coral Gold owns the Robertson property, which is next to Cortez Hills, and screens as one of the most discounted exploration companies based on enterprise value relative to the Company’s defined resource – Coral Gold shares trade at $6/ounce based on a large 3.4 million ounce inferred resource that the company is working to upgrade to M&I.
David Wolfin, President and CEO of Coral Gold, considers the news is positive “This is definitely good news for Coral as we are planning to move this project forward. The biggest concern was the state of mining in the US and Nevada in particular. Although permitting is slow it is worth the wait as these mines are big money makers.”