Pescod:
EAST ASIA MINERALS (V-EAS) $6.40 +0.32
RIVERSTONE RESOURCES (V-RVS) $0.88 -0.08
ARGENTEX MINING (V-ATX) $0.75 n/c
It’s a bit of a green day on the markets, but even in all of
that green East Asia is standing out. Off to the Coffin’s of
‘Hardrock Analyst’ because they were the ones that came up
with the East Asia story, way back at under $0.50 when no
one else on the face of the planet had heard about them.
Hats off to the guys, so Eric what the hey is going on?
Eric Coffin tells us that there are plenty of rumors floating
around, and he can’t see any basis for them at this time, and
if there is a takeover, he kind of hopes that there will be a
couple more holes from some of their additional zones come
out soon so people will know just how big their project might
be, before there is more talk about potential takeovers.
Coffin does echo one big difference in the stock is that a
fund that buys junior golds for an ETF has been picking up
big chunks of stock over the last few weeks and he suggests
that there should be new drilling results in the next few days.
They have been very regular in delivering drilling results,
he suggests, even with only two rigs turning at the time.
One thing that could definitely quiet the stock for awhile
would be a financing and just who and when that happens,
Eric suggests, has been long talked about. Needless to say
the company would like to do it at ever-higher price, but considering
the bookwork and all that that has to be done for
financings, that could/might slow it down for awhile.
If there was going to be a takeover, we ask Eric, who
would be the likely buyers? He suggests, NewCrest, which
just apparently got turned down by Lihir for a potential takeover,
would be near the top of the list. Newmont, which has
had differences with the government of Indonesia but those
seem to be working out, and Freeport would be a third pick
he would make, and he asks do they need more exposure in
that area of the world?
But Eric points out that if this thing gets to 10-20 million
ounces he could pick any one of the top gold producers out
there as likely potential buyers of the stock.
We also ask for an update on Focus Ventures, one exploration
company in Peru that the Hardrock Analysts had had
some hope for. Eric points out to the fast turnaround in labs
in Peru and they expect some drilling results soon and Hole
18 apparently seems to be something everyone is looking
forward to.
Meanwhile, as far as drilling goes, visuals in this area of
this world are not always that helpful. Also Focus has
some other projects in the area that could help to get some
of their mojo back. But while some drilling may have cut
back on the scale of the project, a couple more holes would
get people paying attention again he suggests.
As far as Eric Coffin’s top 3 stories at this time, #1 remains
East Asia. #2 is Riverstone Resources with their
Nami project in Burkina Faso, and Coffin suggested they
also have good lab turnaround in that area of the world,
and he expects that there could be drilling results in the
next 5-10 days. As far as a third pick he had to think about
it for awhile but suggests people tale a look at Argentex
(ATX), for their gold/silver play in Argentina.
He suggested they’ve been discovering veins, several of
them that virtually almost stick out of the ground and have
been following for long distances. |
