Azumah (ASX: AZM) is named after triple world boxing title holder Azumah Nelson.
This Perth-based explorer that has made gold exploration in Ghana its focus since listing in January 2006 based on its latest announcements seems to be getting to the final round in its campaign to get its WA-Lawra project in the north-west of mining friendly Ghana into production and a four-kilometre long gold corridor will certainly help!
Azumah’s aim of getting its gold resource into the region of 1 million ounces looks to be achievable with some to spare because of its rather huge coverage of the prospective belt that has made West Africa a hot spot for gold discoveries.
And all this for about 0.14c a share.
Of course Opes and Croesus did not help with their forced selling last year.
But Stephen Stone the chairman of the company bought up over 3 million of those!
And Macquarie Bank last year soaked up a A$2 million share placement subscribing for 12,150,000 fully paid new ordinary shares at an issue price of 16 cents per share Macquarie is now Azumah’s largest shareholder with an equity position of 13%.
And Stock Analysis says it is a buy with a valuation of .32
After Deeplode’s dinner tonight with some contacts from Hong Kong that valuation looks conservative.
But Deeplode has no expertise in such matters and suggests readers go to the thread on hotcopper.com.au where much can be learned!
Deeplode acknowledges news reports.
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