Was Joe invited to the party?

There is an interesting news release out today for a major gold company I used to own. Here's the beginning of it:

"YAMANA GOLD INC. (TSX: YRI; NYSE: AUY; LSE: YAU) today held the official inauguration ceremony for its Gualcamayo gold mine, coinciding with the completion of its first quarter of commercial production. Gualcamayo is a significant operation for Yamana in Argentina where the Company's interests include a 12.5% interest in the Alumbrera mine and several development or near development projects including Agua Rica.

Working in collaboration with both the community and appropriate governing authorities, Yamana was able to develop the Gualcamayo mine quickly. Construction of the Gualcamayo mine was substantially completed in less than 20 months following receipt of a positive feasibility study and the start of construction in August 2007. The processing of ore at Gualcamayo began in late December 2008 and Yamana declared commercial production on July 1, 2009. "

It goes on to say that the president of the country, the governor of the state, and many other dignitaries were there. But I wonder if Joe was invited? Certainly Yamana is a major player, it has an $8.5 billion market cap. But the thing that I was looking for was not mentioned... and that is that Joe's little company has a 1% Net Smelter Royalty (NSR) on this mine... and that means it gets 1% of the revenue of what is smelted for no cost. Might not sound like a lot, but it is a pure cash payment for no cost or work... and an asset that can be sold for a chunk of cash.

The company is GRG-V Golden Arrow Resources, last traded today at 28.5 cents, and has a market cap of $8.5 million, or 1/1000 the size of Yamana. What is the 1% NSR worth? Well it depends on the price of gold and the production, but it is estimated to be at least double the current value of the company. Furthermore, Joe Grosso and his team have been in Argentina and area since 1993 and now have about 40 properties to work on, one of which is right next to the new Yamana mine.

So GRG is a gold explorer with an asset worth more than it's market cap which provides a quarterly income, some cash in the bank, and a large inventory of prospective properties to drill on. As well as loads of connections on the continent.

So I am not sure if Joe was invited to the party to hobnob with Presidente Cristina Fernandez de Kirchner, but I for one think he should have been...