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Gold/Mining/Energy : Precious and Base Metal Investing

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From: seventh_son	4/21/2005 11:55:22 AM
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On Corriente copper (CTQ) -- Equador had the latest in a long succession of corrupt presidents being turfed out to be replaced by a new populist leader yesterday, causing Corriente to tank today. It seems like this is business as usual in Equador, just as wholescale dumping of the stock on anything smelling of bad news is business as usual for Corriente and the whole junior sector at the moment. Oh yes, "anonymous" seems to be in leading the charge dumping the stock. Corriente recently completed a feasibility study on a base case, low tonnage scenario for a small higher grade portion of their copper deposits, which at $1.15 copper has an after tax IRR of 21.4% and pre-tax NPV of $191 million US. The market cap of the stock is currently at around $80 million US. Last year had rosy projections for this stock from the analysts, including $8.60 target and top buy for sector from Sprott. This year, now that they are ready to be acquired and a mine built, it seems that the stock is just a poster child for abuse from investors, with it trading at around $1.65 today.

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