RE: Tab, soz man been dying of infection (not literally dying but feels really bad). Anyway I guess with your last post mine is going to be useless for you but for the others who weight book value, DRA has zero debt, cashflows 30+ million a year, 28 mill in the bank as of October (more by now), has another two mines in the pipeline, and a 40% interest in the "Weld Range Metals" project, NPV of 681 million 10% risk adjusted, all for a market cap of ~130 million fully diluted. Management previously had a buyback in place but cancelled it, the money is probably going to be needed for Weld and the two new mines, one due this year one next year from memory.
Anyway back onto the real topic on hand, GDO, in relation to most gold projects it's undervalued, however the assets are still relatively quality. I've run the numbers over NAV, and it's an attractive company but only while gold prices are high, it's extremely leveraged to the gold price, so a short term price reduction of 10% will hurt them more than GDO due to the maths behind cost of production vs sale price, but by the same token NAV has more upside if the POG keeps marching up. Either way I rate GDO's gold mines higher than NAV's gold mines (mines = all exploration and production projects), and that might just be me, obviously other people will appreciate NAV more. Anyway in summary, I don't think arguing X is better value than Y is a good use of time when both are incredibly undervalued. Hopefully we both make buckets of cash, the fundamentals certainly indicate that we will so all that's left is for the prices to more accurately reflect them.
PVF.