Baker Young Research Report
Baker Young Updated Research Report
Sydney, Feb 23, 2017 AEST (ABN Newswire) - Mustang Resources Limited (
ASX:MUS) is pleased to announce that Baker Young Stockbrokers has released an updated research report on the Montepuez Ruby Project and the Balama Graphite Project which Mustang is developing in Northern Mozambique.
A summary of the report is as follows. After visiting Mustang's Mozambique Ruby & Graphite projects in November 2016 and the recent announcement of the first parcel of rubies being sent to the United States we have provided an update report to reflect the Company's ongoing progress. Mustang Resources Limited (MUS) is an ASX listed junior resource company focussed on mineral exploration in Mozambique. Mustang's flagship project is the Montepuez Ruby Project, where the Company is currently conducting extensive bulk sampling and exploration. The Montepuez Ruby Project neighbours the Gemfields PLC (LSE:GEM) ruby concessions, the largest ruby mine globally and has proven to be highly prospective. MUS's Initial bulk sampling has been successful, confirming gem quality rubies, including a number of significantly high carat stones.
We view Mustang as a high risk, high reward resource play and on the basis the current ruby bulk sampling program yields the results we expect, we value MUS at $0.16 per share, which is derived from a weighted discounted cash flow analysis of revenue derived from bulk sampling and its expected future ruby operations.
To view the Research Report, please visit:
http://abnnewswire.net/lnk/32B9GLK0
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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