We are delighted to bring you the MiningFeeds bottom fishing report. And to catch these fish, you don’t need to know how to noodle.

Noodling is the term used for fishing with your bare hands. Noodling is practiced primarily in the southern United States and the primary choice of noodlers is the flathead catfish. Flathead catfish live in holes or underbrush in rivers and lakes, and thus, they are relatively easy to capture due to the static nature of their dwelling. To begin, a noodler goes underwater to depths ranging from a few feet to up to twenty feet. Once identified, the noodler places his hand inside a catfish hole. If all goes well, the catfish will swim forward and latch onto the fisherman’s hand, usually as a defensive maneuver. If the fish is particularly large, the noodler can hook the hand around its gills and literally haul the fish out of the water as shown in the following video. It’s crazy – you won’t believe what you’re about to witness.

Today, we take a look at four cashed-up TSX listed resource stocks that are truly the bottom fish of the mining sector. For whatever reason, the market is valuing these businesses at well below their net asset values and in some cases below their actual net cash values. On the surface, some of these companies look like big ol’ catfish ready for noodlin’. But be careful, those catfish can bite!

1. Corona Gold Corp. (profile – TSX:CRG)

Cash as a percentage of Market Capitalization = 214%

Net Cash: $27.6 million (note: includes $16.5 million in long-term investments in junior mining companies).

Shares: 19.5 million

Current Price: $0.66

Mkt Cap: $12.9 million

With the sale of their Thunder Lake Property in 2007 and the optioning of the Company’s interest in the Sugar Zone Property, Corona Gold effectively realized the value of their historical resource property interests – and the balance sheets shows it with $27.6 million in Net Cash. The Company continues to look for new resource-based exploration and investment initiatives. According to the company’s most recent MD&A, these may include the purchase or joint venture of direct property interests and equity investments.

Corona Gold does not maintain a website but they maintain investments in a number of Canadian listed junior mining companies including: Treasury Metals Inc. (profile – TSX:TML), Sabina Gold & Silver Corp. (profile – TSX:SBB), Harte Gold Corp.  (profile – TSX:HRT), and Ryan Gold Corp. (profile – TSXV:RYG).

2. Africo Resources Ltd. (profile – TSX:ARL)

Cash as a percentage of Market Capitalization = 143%

Net Cash: $73.2 million

Shares: 71.3 million

Current Price: $0.72

Mkt Cap: $51.3

Africo Resources is a Canadian mineral exploration and development company operating in, as its name suggests, Africa. The company’s main project involves the development of the Kalukundi cobalt-copper deposit in the Democratic Republic of the Congo.

The feasibility study for the Kalukundi property which was completed in June 2006 estimated capital costs totaling $166.6 million. Taking into account the lead time to build the mine and potential working capital requirements at the start of production and based on estimates contained in the feasibility study, the company will need to raise approximately $100 million, or possibly more, for capital costs, working capital, and additional mining and exploration activities to meet its development plans.

3. Geovic Mining Corp. (profile – TSX:GMC)

Cash as a percentage of Market Capitalization = 88.4%

Net Cash: $16.9 million

Shares: 106.3 million

Current Price: $0.18

Mkt Cap: $19.1 million

Geovic Mining is a US-based company interlisted in Canada and the United States. Geovic’s main asset is a 60.5% interest in a 1,250-square kilometer cobalt-nickel-manganese property in the Republic of Cameroon’s East Province.  The Company reports their deposits as the largest primary cobalt resource in the world. Four years ago, with 99.8% cobalt trading at $50 per pound that sounded pretty enticing. Today, while the company seeks a partner for the project, a pound of 99.8% cobalt is trading at around $16.75 which is just above its 5 year low.

Geovic is looking for a partner because the company doesn’t have the available financial resources to construct a mine. A feasibility study was completed for the Nkamouna Project in April 2011. The feasibility study estimates approximately $617 million and total costs are estimated to reach close to $700 million. The company is also pursuing other mineral property interests in various countries around the world.

4. INV Metals Inc. (profile – TSX:INV)

Cash as a percentage of Market Capitalization = 86.1%

Net Cash: $13.9 million

Shares: 70.5 million

Price: $0.23

Mkt Cap: $16.2 million

INV Metals is a Canadian mineral resource company focused on the acquisition, exploration and development of base and precious metal projects. With projects in Brazil, Namibia and Ontario the company is certainly multicultural. INV Metals’ holds an option to acquire an initial 50% interest in two projects it secured from Teck Resources Limited (profile – TSX:TCK-B). Located in Brazil, the Rio Novo property hosts iron oxide-copper-gold mineralization while the Kaoko property, located in northwestern Namibia, is reported to host copper mineralization. Don’t get too fixated on the company’s cash. INV Metals announced a 2012 operational and exploration budget of $6.4 million.

Note 1: Net Cash = cash equivalent + investments – liabilities.

Note 2: All financial data as of September 20, 2011.