₪ David Pescod's Late Edition November 28, 2007
CRYSTALLEX INTL. (T-KRY) $2.48 -0.01
GABRIEL RESOURCES (T-GBU) $1.37 -0.03
They are arguably, two of the biggest undeveloped potential gold mines anywhere on the face of the earth with significantly more than 10 million ounces of gold each. But the big question is, will they ever be developed and of course, if they are, who is it that would own them?
One of them is the Las Cristinas project owned by Crystallex Intl., which is unfortunately located in Venezuela. Will they ever get the permits they need, or will it be one of Hugo Chavez’s buddies that gets to own the mine down the road? Good question….we’ve been short the stock in the past and still wonder how this could work out positively.
Crystallex Intl.
Meanwhile, yesterday Gabriel Resources with their massive Rosia Montana project in Romania announced that Romania’s Brazonv region Court of Appeal has annulled an archeological discharge certificate related to the company’s project.
The company announced that they are disappointed and meanwhile, the Bank of Montreal moves their rating on the stock to under-perform from market perform. That’s too bad because this is in an area of Romania with high unemployment levels and they could really use some good jobs. Mind you, from what people who have visited the area tell us, this is a site of mining done years ago under the communist regime that left some of the countryside looking like a disaster area and not the best advertising for past mining practices.
Gabriel Resources
Exeter Resources
One of the few junior mining stories that’s been
heading the right way for the last while.
Do you know why? And why you should care?
TOURNIGAN GOLD (V-TVC) $1.34 +0.09
SELKIRK METALS (V-SLK) $0.63 +0.04
BREAKWATER RES. (T-BWR) $1.70 +0.10
UCORE URANIUM (V-UCU) $0.66 -0.06
This year started out as a pretty good year in the win/loss column for most speculators in the oil and gas and mining sectors, but between the incredible sell-off in late summer and what we’ve seen over the last while, there is suddenly not as much joy to be had in the markets at all. In fact, there are a lot of portfolios that have been bruised and battered of late.
Which gets us to this time of year and one factor that this year (as far as we’re concerned) has definitely affected some stocks that were already being hurt ... tax-loss selling. We’ve noticed a very aggressive attitude that for those who have not done as well as they might have hoped to have in a testy environment, many have taken the attitude—well, if I’m not going to have that good of year, for sure Revenue Canada isn't going to either!
We’ve noticed rather aggressive tax-loss selling this year and it’s not just us. Many stocks that were bruised and battered over the last few weeks have taken further hits because of what we believe to be this aggressive taxloss selling which we think (assuming there’s not a recession or something really ugly coming) may set us up for an end of year or early next year rally.
We do the charts on four stocks that are on our list of one’s to watch for potential for a bounce back once the pressure for tax-loss selling is out of the way.
Tournigan Gold
Selkirk Metals
Breakwater Resources
Ucore Uranium
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