Atna (atn.to) , Little Silver Volcano ?, An Undervalued Silver Stock. Options

[plantigrade]

This is a book value estimation of an undervalued silver stock.

In short, while most best silver stocks values fetch up to 15 ounces of silver in the ground for 1 ounce of silver of stock price, this one offers at least 25, in diversified American properties    .

Compared to a main partner, better known Expatriate Resources (EXR.V), it is at least twice undervalued, meaning that instead of selling for .5 CAD it should sell at least for 1 CAD now.
http://stockcharts.com/def/servlet/SC.web?c=ATN.TO:EXR.V,uu[w,a]dacayyay[dd][pb50!b200!f][vc60][iut!Ub14!La12,26,9]&pref=G (or type ATN.TO:EXR.V at http://stockcharts.com/charts/SharpCharts/) and choose 1 Year Duration)



ATNA RESOURCES (ATN.V)
http://www.atna.com/s/home.asp

Owns a diverse portfolio (> 10) of silver, gold, zinc, copper (and selenium) properties in the Americas (United States, Canada, Mexico, Chile), in joint ventures.

1- Yukon projects

1a- Wolverine project
approx. 40 % with Expatriate


2300 Mg Ag
http://www.expatriateresources.com/reports...ochure_2003.pdf

1b- Marg
http://www.atna.com/s/Projects.asp?PropertyInfoID=897
37% with Cameco
(“resource estimate in 1997 : 5,527,000 tonnes grading 1.8% copper, 4.6% zinc, 2.5% lead, 62.7 g/t silver
and 0.98 g/t gold = 341 Mg Ag”)

1c- Wolf
http://www.atna.com/s/Projects.asp?PropertyInfoID=898
66% with YGC Resources
(“resource of 4.1 million tonnes grading 6.2% zinc, 1.8% lead and 84 g/t silver”)


2- Nevada projects:
joint venture with renowned companies: http://www.atna.com/s/Nevada.asp


2a- Golden Cloud
http://www.atna.com/s/Nevada.asp?ReportID=65333
(Northeast Nevada Rift system intersection with Carlin Trend)
30% with Great Basin (Ivanhoe : 719,000 tons grading 1.29 oz/ton Au and 7.0 oz/ton Ag
http://biz.yahoo.com/ccn/040224/be4ebfa44b...67cacc71_1.html ,
drilling to begin Feb 23 http://www.stockhouse.com/news/news.asp?newsid=2160229 ),
& near Placer/Teck-Cominco's Silver Cloud

2b- Clover
http://www.atna.com/s/Nevada.asp?ReportID=65332
(nearby Newmont’s Ken Snyder, float boulders grading up to 30.9 g/t Au and 308.6 g/t Ag in grab samples)
http://www.stockhouse.com/news/news.asp?newsid=2152586

2b- Sno
http://www.atna.com/s/News.asp?ReportID=73...o-Pacific-Ridge
40% with Pacific Ridge (nearby Newmont’s Ken Snyder, 1999 published Reserves of 2.8 M tons averaging 34.7 g/t Au, 399 g/t Ag = 1120Mg Ag),

2d- Jarbridge
http://www.atna.com/s/Nevada.asp?ReportID=73547
(Nevada, “historic production estimated 355,000 oz. gold and 1,600,000 oz. silver, from 800,000 tons of ore (average about 0.45 oz/ton Au”, surface exploration and drilling program in 2004).

…

3- British Columbia

3a- Ecstall
http://www.atna.com/s/Projects.asp?PropertyInfoID=902
(British Columbia, “previous exploration defined a 7 million tonne deposit grading 0.7% copper, 2.5% zinc, 20 g/t silver and 0.5 g/t gold”).

3b-White Bull


4- Chile
http://www.atna.com/s/Projects.asp?PropertyInfoID=927




37 M shares (fully diluted) @ 0,50 CAD = 18,5 M CAD = 13,8 M USD = 2,1 Moz Ag, buy :
(Wolverine) 40% of 2300 Mg Ag = 30 Moz Ag
+ (Marg) 67% of 340 Mg Ag = 7,5 Moz Ag
+ (Wolf) 67% of 340 Mg Ag = 7,5 Moz Ag
+ (Nevada explorations) 40% of ?
+ (Ecstall) 140 Mg Ag = 4,7 Moz Ag

(no debt)

1 oz Ag buys 25+ oz Ag (not counting the gold, the copper, the zinc, ...)

“You get at least 25 ounces in the ground for 1 oz. silver's worth of stock.”

And now some technicals:

Atna/Expatriate Ratio @ its low just below 1 , at the apex of a reverse fan :
http://stockcharts.com/def/servlet/SC.web?c=ATN.TO:EXR.V,uu[w,a]dacayyay[dd][pb50!b200!f][vc60][iut!Ub14!La12,26,9]&pref=G (or type ATN.TO:EXR.V at http://stockcharts.com/charts/SharpCharts/) and choose 1 Year Duration)
A fan for silver fans

50% retrace (.43) and 38% retest (.46) completed :
http://stockcharts.com/def/servlet/SC.web?c=ATN.TO,uu[w,a]dacayyay[dd][pb50!b200!f][vc60][iut!Ub14!La12,26,9]&pref=G (or type ATN.TO at http://stockcharts.com/charts/SharpCharts/) and choose 1 Year Duration)


That's it folks , DYODD & invest wisely.

[Windbreaker]

Thanks, looks great!

Also trades with thin volume in the pink sheets : ATNAF.PK



W

[plantigrade]

Still a valid Silver play.

http://www.stockhouse.ca/bullboards/viewme...all=0&TableID=0

E.g. one projection:

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Liftoff

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Or simply an ascending triangle to 0.69

Attached image(s)

 

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Atna selling its Yukon Zinc (ex-Expatriate) shares. Becomes more of a gold company.