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Valerie, like so many other juniors, got rocked by Bre-x, Golden Rule, Delgratia, just to mention a few recent scams. In addition, recent drill results did not duplicate early high grade zinc, copper, gold, silver results. Last year, TVX agreed to manage exploration and development in return for future concessions. They are now looking for a low grade deposit and (according to the Northern Miner) need at least 40 million tons at recent drill assay levels to have a viable mining proposition. Valerie's properties are highly prospective and only 40% of the interesting areas have been explored. Don't give up yet. Nesbitt Burns still have a speculative 4 rating (5 being their highest) on Valerie, with a 12 month target of $6-7. By the way, it is currently trading below it's cash value!! At this level, I am continuing to bring my average price down. Regards. |
