- Argonaut Gold shares plummeted when it learned that the MIA rejected its appeal to build the San Antonio Mine.
- While this was a large blow there is very little chance that the project won't be developed--it will just take a while.
- Nevertheless the market is pricing this long-life, low-cost gold mine out of the stock.
- The stock is a good buy even if we assume that San Antonio is worthless, especially if you are bullish on gold.
- The stock is a steal if we assume production at San Antonio, even if we discount it out 3 years.