Bishop doesn't like YRI
Yamana Resources Inc -
Bishop says sell -- time has finally run out on this one
Yamana Resources Inc
YRI
Shares issued 27316990
1998-03-09 close $1.65
Tuesday Mar 10 1998
Robert Bishop, writing in the February 27 issue of Gold Mining Stock Report,
says long-time favourite Yamana Resources is a sell at $1.41. The stock picker
notes Yamana's near-tripling in price from the $0.50 level on the strength of a
silver discovery, adding that a geologist friend expresses caution over the "modest"
tonnage implications of the find. "I don't find this being viewed as a major
discovery," he says. Mr Bishop recommended South America and Indonesia gold
explorer Yamana a strong buy in April 1995 at $1.70, and again in May 1995 at
$2, when he said: "Your time to own it near current levels is running out." The
following August, Mr Bishop reported Yamana, then at $3, was being pursued by
a number of major companies. In October 1995, the letter writer advised buying
on weakness at $2.75 or below. In May 1996, Mr Bishop said buy again on
weakness at around the $4 level; at the time, Yamana was trading at $5.40. In
February 1997, Mr Bishop said YRI represented good value in the mid-$5 range.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
