₪ David Pescod's Late Edition January 16, 2008
LATIN AMERICAN MINERALS (V-LAT) $0.80 +0.03
CONDOR RESOURCES (V-CN) $1.55 +0.02
ANDINA MINERALS (V-ADM) $4.90 -0.04
ANGLO MINERALS (V-ALM) $5.50 -0.15
Although many people are a little manic depressive about the junior mining sector right about now (there’s a lot of sectors you could be manic depressive about now ... how about banks for instance), but for those looking to catch up on their favorite story, the place to be this coming Sunday and Monday is Joe Martin’s Cambridge House Investment show in Vancouver. If you are in the area drop by the Vancouver Convention & Exhibition Centre, 200—99 Canada Place, Vancouver, where over 400 junior mining companies and some of their top letter writers of the day will be giving their seminars, their talks and of course in their booths will be almost 430 companies where you can meet the management or their rep’s and ask your own questions.
There’s lots that are worthy of investigating but there is a handful we figure that you should be meeting first hand and ask your own questions. Three in particular that stand out are Andina Minerals with its Volcan project in Chile is talked about as being a takeover candidate. Ask your questions what do you think is going to happen.
Anglo Minerals has been on a virtual tear like many of the other potash players and its been a six-bagger since Scott Koyich told us we should be writing it up. Thanks Scott, but once again Anglo is also being talked about as a potential takeover candidate but how much is left in the stock.
Bear Creek Mining had a superb run two years ago and hasn’t done much over the last while, but now with ever more metallurgical results in it to may be a take over candidate. How confident do you feel about that happening after you ask your questions?
Blackstone Ventures for their huge discoveries in Northern Scandinavia. This is a very expensive area of the world to work in, it makes Northern B.C. look almost cheap, but the suggestion is the scope of the discoveries might be way up there. Ask your questions how comfortable would you feel.
Canadian Royalties looks like its on the way to building a significant nickel project in Northern Quebec ……... make that way Northern Quebec and for patient money this might be a story to be looking at. How comfortable are you with nickel prices and how close are they to the ports and how soon do they think they will be able to construct all of the facilities?
One commodity that’s really been under some strain has been uranium which took flight over the last four or five years to a $135.00 but has recently corrected to the $90.00 range and taken most uranium stocks down between 40 and 90 percent. Its been a blood bath so two booths to visit might be Strathmore Minerals and Ucore Uranium, two of the uranium plays that are at the conference.
Can they convince you that uranium has a future? If so, both of these two would probably benefit and Ucore, because it was a former producer being in Alaska, could probably be one of those that just be the quickest back into production.
Two of the most compelling stories though that we can find of all the companies there are probably Latin American Minerals and Condor Resources. Both of them have been able to outline very sizeable targets and both are waiting for their first assays — assays that are expected just for this conference.
Latin American has shown visible gold on its website to give you an idea that there really just might be something exciting in a deposit that may have already been outlined for 5km in length.
Condor looks like it may have hit on a copper deposit with drill holes 500 metres apart, coming up with interesting copper. Once again, no assays. Both of these stories, we suspect, are going to be big disappointments or big wins, even in this market, should assays be decent.
See you at the show!
ITHACA ENERGY (V-IAE) $3.25 +0.25
It’s yet another ugly day on the markets as gold is down $16.00; oil is down over $2.00 and I suspect we’re not the only ones that are a little ticked off at the mess the Wall Street boys have created with asset-backed paper. They are ruining our nice little commodity game.
Oh well, there’s something green on the screen today and that’s Ithaca Energy, as Canaccord’s Fred Kozak does an update. He has a speculative buy with a target of $4.50, but he notes that, “On January 14th, Ithaca announced that drilling operations have commenced on its Polly exploration prospect on Block 12/26c near the Beatrice oil field. The company has a 100% interest on the prospect. The well is expected to take approximately 22 days to drill. The Polly prospect is only 2 km east of the recently acquired Beatrice field; therefore, a successful well would be tied directly into the existing infrastructure, likely before the end of Q2/09, realizing early cash flow. This prospect has been mentioned by management as a potential “company maker”. Kozak has some other very intriguing comments about this play and for those following Ithaca would probably want to read. For copies, e-mail Debbie at debbie_lewis@canaccord.com.
To receive the Late Edition and be on our daily circulation simply e-mail Debbie at Debbie_lewis@canaccord.com and give your address, phone number and e-mail and we’ll have you on the list tonight. |
