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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (39161)	10/8/2008 11:00:31 AM
From: seventh_son	Read Replies (1) \| Respond to of 39344

Number one would be True North -- trading as low as 10 cents, and it is now coming out that the best gems were being taken from their exploration program with the intention of smuggling out. So, they got 10,000 carats a tonne of gem ruby from their 2006 sample, enough for an enormously profitable venture, but the large super-valuable stuff would appear to have ended up in other hands. An American, let's just say a "ruby expert" of interest to True North and the project and not employed by True North at the time, was seen by eye-witnesses having a 190 carat fantastic looking ruby taken off him by the Greenland police at the airport. sikunews.com So, we have a company working on getting the exploitation permit of a big stretch of fantastic ruby through relatively low cost, low capex open pit mining, and the whole company is now valued about the same as gems that were processed from samples and retrieved from smugglers, at least from my calculations. Attempts were made to frame the smuggling as a "native rights" issue, but the guy leading the smugglers was only half-native, not from the local community, and being led by foreign interests. The police and government have shut them down. The Independent in the UK is investigating the story, but not sure if they will publish it or when. Another ridiculously cheap one is Adriana, which in August made a deal with Arcellor Mittal to develop a new much-needed iron ore port in Brazil, with Arcellor carrying the cost and buying 25 million shares of Adriana for $1. They would have $65 million inclusive of $41 million funding of their portion of the port. The quoted market value of the company is now $15 million. I think that it just ended up in a sector that funds and investors were dumping willy-nilly due to the iron ore association. I'm sure that they will develop the port when it is needed, and it will come online when the world economy has passed this speedbump. adrianaresources.com