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Gold/Mining/Energy : NORONT
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From: james flannigan1/16/2008 8:56:57 AM
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For those that remember,in 1996 Barrick made a take over bid for Arequipia.I first bought AQP @ $2 even before they had any rigs on the property.They hired Phelps Dodge to move 4 rigs to the jungle and start a drill program and had to transport them by a river barge to reach the property.I thought this AQP might be a good buy as the cost to move the rigs to such a remote location might mean the area was never explored.Well they hit on the first holes.They only drill about 7 holes and Barrick made a hostile bid that turned out to be friendly at $32.Noront attracting the big guns in the mining industry to its project with only a dozen holes at the time of the attraction,reminds me very much of the AQP story.Remote unexplored location,the richest Ni intercepts in many years,and the big sharks already circling the target.I think the question begs how many more holes will they let NOT report??? In my view not too many more.
James
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