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Is Malaga at least 3 times undervalued...

FYI - February 22, 2010  - Trapeze Asset Management's latest comments on Malaga:
Trapeze Asset Management, February 22, 2010

Malaga’s tungsten production has now risen to about 375 t/d from 250 t/d and is on schedule to
be at 500 t/d by mid-'10. At that point it should be worth more than 3 times the current share price. And, the cash flow from increasing production should drive the valuation even higher with the wherewithal to drill off part of 25 major structures within the 77 known tungsten veins. To boot, tungsten prices have strengthened and the company has a plan to generate additional revenues from its silver and copper off-take and from a hydroelectric plant. - Page #7

 Trapeze Asset Management, October 23, 2009 

“Bottom line, the stocks in our portfolios are cheap. Good values all—we believe they will perform and gratify, and be well worth the wait.
There were several other positive material changes for other smaller holdings recently. Malaga completed a rights issue (in which we participated) providing the funds to double its production from its current 250 t/d to 500 t/d by next spring, justifying a value 5 times its current share price. The resulting increased cash flow should allow the company to drill off its considerable tungsten veins, likely driving the value even higher.”