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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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From: loantech12/5/2006 4:29:03 PM
   of 78411
 
ARU... A warning shot across the bow? From David Pescod:

<The surprise (at least to some of us) election of Rafael
Correa in Ecuador has meant quite a correction in several mining stocks which have much of their exploration based in Ecuador.
Some of the major ones of course are Aurelian Resources and
Corriente Resources (CTQ), but also there are companies with
names like Lateegra Gold (LRG) Coastport Capital (CPP), Goldmarca
(GML), etc. The chart on Aurelian shows you just how
big the correction has been. Many wonder when the correction
bottoms out.
One analyst however, is surprised that they didn’t get clobbered much more as Jim Dartnell of Wolverton Securities suggests he would have thought some of them could have been
swacked as much as 50%. Ouch!
In the last few days, Correa has already made moves suggesting
that the oil and gas people are in for much tougher
times and has reiterated his call for renegotiating Ecuador’s
national debt, which of course has swacked Ecuador’s debt
markets as well as its currency. So far no word as to new policies on mining, but that could be next.
Meanwhile, analyst Dartnell suggests, “one just has to be
careful which South American or Central American country one
is in, but there is enormous mineral wealth being and yet to be discovered.” Some of his favorite countries remain Peru, Chile and Mexico and beware, he suggests, of Ecuador and of
course, Venezuela who just re-elected Hugo Chavez for another
six years of excitement.>>>
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