Talisman Mining (ASX:TLM) has $16m cash, a market cap of just $13m, with Sandfire Resources to spend at least $15m via a farm-in. Talisman Mining is a well-credentialed Portfolio exploration play that we've been following since mid-2011. Sandfire Resources (ASX:SFR) has commenced the first phase of ground-based exploration activities at its Springfield Project in Western Australia (an extension of the geology that hosts its DeGruss mine), involving sophisticated surface and down-hole electromagnetic surveying, as part of the farm-in joint venture. Talisman retains exposure to a potential minimum of $15m worth of exploration and appraisal expenditure at no cost, whilst maintaining $16.6m in cash reserves - all with a market value of just $13m.
That's it Rod, although the share price has taken a bit of a battering over the past 6 months as some investors have obviously grown impatient waiting for Sandfire to get cracking.
interesting move on this one in the past few days. Looks like Sandfire are moving pretty quickly with their first diamond hole.
From memory Gav they have spent quite a bit of time and money exploring the region already. I know it can take a long time for discoveries to eventuate - but they have given that Springfield project a good run so far. I guess it is all in context to the size of the land holding.