MAD Game Plan

Adrian Day's Global Analyst (01/30/2011)
"Miranda Gold is an example of the kind of stock that represents good value but remains well under previous highs (though a move from $0.40 to over $0.60 since August is appreciable). The truth is that despite strong management, an experienced technical team, solid balance sheet and a spread of properties in prospective locations, it has not had that truly splashy drill hole that gets the market's attention, let alone discovered a viable deposit.

The reality is that exploration is a long-odds exercise; the JV model, of which Miranda is a proponent, spreads the risk and enhances the odds but does not guarantee success. Of course, it is precisely that JV model that has enabled companies like Miranda to stay in the game, build a solid cash balance and accumulate an impressive property portfolio.

Miranda has been busy recently generating more JVs on its properties in Nevada, Colombia and Alaska. Currently active on 12 projects, with six different partners—all of its important properties are now under option—and six drill programs underway or planned. . .with a broad range of properties under active JV and planned drilling, we should see plenty of news this coming year. Miranda has nearly $10M in cash of a market cap of only $32M; and with most tired holders gone, it should respond well to any exploration success."

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