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To: Veteran98 who wrote (138706)	12/10/2008 12:18:54 PM
From: mimur	Respond to of 312966

ADM blocks yesterday and today are reshuffling the deck for tax purposes...not new shareholders as I understand

To: Veteran98 who wrote (138706)	12/15/2008 10:49:34 AM
From: Veteran98	Respond to of 312966

ADM still lagging still a seller out there, I'm thinking it's time to play catchup with some of the others that have had nice pops....Canaccord issued a report dated Nov 18th, 2008 Metals and Mining -- Precious Metals and Minerals: Steve Butler, 416.869.7918 Andina Minerals Inc. (ADM : TSX-V : C$0.70 \| SPECULATIVE BUY, C$2.50 target) Valuation Metrics Basic shares outstanding (M): 79.4 Market Capitalization (M): US$47.2 Working Cap (M): US$21.6 Likely Acquirers: Kinross, Yamana and Barrick Rationale: Future production growth potential in proximity to existing operations/development projects dependant upon potential acquirer. Discussion Andina Minerals is a Toronto-based junior gold exploration company that is presently focused on expanding the 9.9 Moz gold resource base of the Volcan project in northern Chile’s Maricunga gold belt. In addition to Volcan, the company’s project portfolio in Chile includes four other assets, all of which are at an early stage of development. Andina Minerals is currently focused on resource expansion and advancement of the 100%-owned Volcan property in Chile. The Volcan project is strategically located in the Maricunga district of Chile, within 10 km of Yamana’s La Pepa project and 35 km of Kinross’ Marincunga (aka Refugio) mine. We view Kinross, Yamana and Barrick as potential interested buyers, in declining order of likelihood. The current gold resource at Volcan in the Dorado zones and the smaller Ojo de Agua zone stands at 9.9 Moz (6.62 Moz indicated and 3.28 Moz inferred). Activities in the upcoming season will include additional drilling and work towards a scoping study on the project. The Volcan project area also comprises an historical (non 43-101 compliant) sulphur resource of 4.7 million tones grading 40% sulphur. The company’s recent release of preliminary metallurgy highlighted decent recoveries and flotation concentrate grades and low levels of selenium and arsenic. While not of principle focus, this sulphur resource could prove to be of some future value. At a market capitalization of only US$47 million, the shares are valued at only $5/oz Au based on the total resource of 9.9 Moz and only $3/oz net of $22 million in cash. Our 12-month target price of C$2.50 reflects 0.9 times our diluted 10%/$950 peak gold NAVPS of US$2.50 adjusted for a US$0.90/C$1.00 exchange rate. Next Catalysts: Ongoing drill results and delivery of scoping study expected at some point in 2009.