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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: WalterWhite who wrote (37987)4/11/2007 8:34:01 AM
From: Condor  Read Replies (1) of 78409
 
Globe says let European Minerals join your portfolio

2007-04-11 08:26 ET - In the News

The Globe and Mail reports in its Wednesday edition that Scotia Resource Fund manager David Whetham is keeping away from uranium stocks and is instead eyeing copper plays. The Globe's Angela Barnes writes in the Best Bets column that Mr. Whetham says, "I would rather buy, say, a copper stock that is at six times earnings than a uranium stock that is at 30 times earnings because even if they go up, I am not going to fall too far behind if I own the copper stock instead of the uranium stock because of the valuation difference." Mr. Whetham recommends European Minerals. The British company is developing a gold-copper deposit in Kazakhstan. Expectations are for the mine to start production in October. Mr. Whetham expects the mine to produce almost 150,000 ounces of gold a year for the first few years. He says the shares are cheap now, but will jump when mine operations begin. He says the mine has reserves of nearly four million ounces of gold. It will also produce copper and the revenue from that will lower the cost of producing the gold to just $9 (U.S.) an ounce, he says. The shares closed Tuesday at $1.24 in Toronto. The stock has a one-year high-low trading range of $1.39 to 63 cents.
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