Cash rich Orca names new CEO

POSTED ON December 19, 2014 BY James Fraser
CATEGORY Orca Gold,

African gold explorer Orca Gold (ORG.V) has named Hugh Stuart company CEO and president effective immediately. Mr. Stuart is one of the founders of Orca and was VP exploration. He has extensive experience in Africa where he helped Red Back Mining grow to an 18 million ounce gold resource.

As of last reported financials Orca has $29.4 million in cash and closed today at a market cap of $35.9 million. The market is putting a value of $7 million on Orca's projects.

Orca owns a large land position of over 15,000 square kilometers in the prospective yet under explored Nubian Shield. It's here that they will put their substantial war chest of cash to work.

The project is owned 70% by Orca, 10% by a local partner, and 20% by the government. The market is discounting Orca because the project is located in Sudan.

Over 42,000 metres has been drilled on the project up to September 2014. Initial results were released in early 2014 showing an indicated resource of 1.3 million ounces of gold grading 1.84 grams per tonne and an inferred resource of 400,00 ounces grading 1.9 grams pet tonne.

The resource is very shallow with 90% within 100 metres of the surface and the project remains open for expansion at depth and along strike.

Major shareholders include Sinotec (14%) and Management/directors(7%).

Commenting on the announcement, Rick Clark, chairman of the board, said: "We are delighted that Hugh has agreed to become the president and CEO of Orca. I would like to thank Simon for his contributions to date to Orca and wish him the best as he moves back to Australia. Hugh, Simon and I have worked together for over 10 years now, and I look forward to continuing our association and our focus on developing new gold assets."

Orca has a huge advantage over many other junior gold exploration companies as it will not need to raise money in the next couple years.

With plenty of exploration targets and a healthy budget, 2015 will be an interesting year for Orca.

Symbol: ORG.V
Share price: $0.335
Shares outstanding:107.4 M
Market cap: 35.91 M

Read: Orca Gold Appoints Hugh Stuart as President & CEO

I have no position in any of the stocks mentioned. This is not investment advice. As always please do your own due diligence.

James Fraser

Mr. Fraser joined CEO.ca in October 2014. He is passionate about the mining industry. His passion led to co-authoring the e-book "Mining Stocks Investor Guide: A Guide to Investing in Mining Companies." He has a finance background and has completed his Canadian Securities Course (CSC) and Conduct and Practices Handbook (CPH). When Fraser is not "digging" up the latest mining stock, he can be found enjoying a wide variety of sports or travelling the world. More →

Twitter: @miningstocks

james@miningstocksguide.com

James Fraser

Twitter: @miningstocks

james@miningstocksguide.com

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One thought on “Cash rich Orca names new CEO”

Tupac Shakur says:

December 20, 2014 at 12:19 am

What numbers do you base your statement off that Orca will not need to raise funds in the next few years? What’s their budgeted amount for exploration in 2015 or how much on average would a junior blow in a year on exploration?

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Cash rich Orca names new CEO

One thought on “Cash rich Orca names new CEO”

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