http://www.goldletterint.com/documents/pdf/MAJESTICGOLD_GLSP_Sept2012Update.pdf :

 

"Majestic has been conducting exploration at Song Jiagou since 2004. Currently, the Property hosts an openpit, an underground mine (the Fayunhuang Mine) and three mills. Currently two of the three mills are in
operation - at 1,200 tonnes per day and at 6,000 tonnes per day respectively.
It is estimated that, of the total resource of approximately 3.0 million ounces of gold, approximately 2,3 million
ounces are potentially recoverable under the current mining plan....
At a current market capitalization of Cdn$ 126.0 million, including a cash position of Cdn$ 19.8 million as at early September 2012, representing a current in-situ value of US$ 4 billion or $ 3.60 per share (fully diluted) based on approximately 2.3 million ounces of gold potentially being recoverable, we consider the shares of Majestic Gold significantly undervalued.
Our next price objective remains Cdn$ 0.40."
 
personal Note: The oldest mill with 200tpd is shut down, so MJS is producing at maximum level of 7200tpd. The gold grades will now rise from quarter to quarter, cause they have reached the highgraded core zone. They expect to reach 27500 ounces/quarter for  the first quarter next year.Calculate then with 350$/ounce cashcost at 110000 ounces/year, the gain will be tremendous.
kind regards Fred