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Gold/Mining/Energy : Any Good Penny Resources Left? -- Ignore unavailable to you. Want to Upgrade?

To: GLF who wrote (527)	11/28/1997 10:48:00 AM
From: keith schaefer	Read Replies (1) \| Respond to of 753

OMI is short for Oh My God, I wish I had sold it sooner. It was my favourite stock at this time last year. I rode it from $1.40 to its high of $5.20 or so and ended up selling it finally for....quite a bit less than that, though still for a (too small) profit. Started off as a Bobby Miller deal, then became real when RBC (a Cdn brokerage house) financed it for big dollars at $2 last year - ran to $5 on strength of Brazilian properties - Brazil hot at the time - but gold was mostly in saprolite - one of the few properties that looked like there would be enough gold in the saprolite (rocks that have been weathered down into clay soils) to make an economic deposit. Results haven't been what the market expected, besides POG & market et al, and mgmt has issued a lot of stock over the last year - mostly to institutional investors who are willing to sell a stock down to 20 cents no matter what. (If you want a real look at what institutional selling can do, check out the chart on ELD or KWG)