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Gold has traded in a range of $1,602 to $1,621 so far today…as of 9:00 am Pacific, the yellow metal is recovering from some mild profit-taking and is now down just $2 an ounce at $1,612…Silver is off 53 cents at $39.71…Copper is up 2 pennies at $4.44, Crude Oil is 45 cents higher at $97.85 while the U.S. Dollar Index is up nearly one-fifth of a point at 74.26…the U.S. Congress is still grappling with the debt ceiling/debt reduction issue and a House vote is expected today that Democrats say has no chance of passing the Senate…the U.S. political process can often be messy, and it’s easily misunderstood by foreigners (even Canadians), but it does work and a compromise agreement of some sort is likely to be forged within a matter of days…President Obama quoted President Reagan in his televised address to the nation the other day but unfortunately Obama is no Ronald Reagan…however, the U.S. bond market hasn’t flinched and that’s a positive sign…what we find particularly encouraging is that the Venture Exchange (CDNX) has enjoyed a strong month of July despite weakness over the last few days which we’re certain is just a healthy pullback within a powerful ongoing new uptrend…in fact, the CDNX has out-performed all the major markets this month and that’s an extremely encouraging sign – if the sky were about to fall next month, as some of the fear mongers and idiots in the media are suggesting, the CDNX would not have shown the strength in July that it has…still, too many investors unfortunately are driven by fear and emotion and make investment decisions without even considering the big picture…that’s the only way to explain, for example, why $30 million or approximately 12% was knocked off the value of Richmont Mines (RIC, TSX) since last Friday despite the fact this company, by any reasonable calculation, is about to report blockbuster earnings for the second quarter…sorry to say this, but the individuals who sold Richmont down to $7.19 this morning need to have their heads examined…not only could this company be trading at just 8 times potential 2011 earnings, but Richmont’s Gold sales should jump 40% from current levels by Q1 2012 thanks to the start-up of commercial operations at Francoeur…Wasamac, meanwhile, is shaping up to be a substantial deposit that easily could add another 100,000 ounces+ per year to Richmont’s production by 2014/2015…the company also has other opportunities to expand production over the next year or two…it has no debt and is sitting on about $50 million in cash…some sanity returned to the RIC market after the first hour and the stock is now up 3 cents at $7.49…the major point here is that not just Richmont but many quality Gold stocks are simply hugely undervalued at the moment…Agnico-Eagle (AEM, TSX-V) understands that…AEM has announced a $70 million investment in Rubicon Minerals (RMX, TSX) by purchasing nearly 22 million shares at a price of $3.23 per share…Rubicon is up 81 cents on the news this morning to $3.87…speaking of Angico-Eagle, which has reported second quarter earnings of 41 cents per share, CEO Sean Boyd was interviewed by Pimm Fox of Bloomberg Television’s “Taking Stock” this morning and made the following comments concerning Gold…

“There are major fundamental issues around the size of debt, the inability to control spending at the government level…there’s really an ongoing debasement of paper currency which is forcing people to start to look at Gold, and we think that investment case is just starting as people realize that one of the ways out of this debt situation is to inflate your way out, and continue to debase your currency…I think we’re going to see that as we move forward…people are starting to realize that and are starting to move toward Gold.” – Sean Boyd, Agnico-Eagle CEO

Visible Gold Mines (VGD, TSX-V) has a partnership with Agnico-Eagle on the Joutel Project in northwest Quebec, which is just one reason we’re very excited about VGD as the eastern part of that past producing property was very under-explored…the limited work that was carried out some 20 years ago showed that this “Eastern Extension” exhibits similar geological signatures to the previously mined Telbel, Eagle and Eagle West deposits at Joutel which gave birth to Agnico-Eagle…VGD has identified numerous promising drill targets and will soon commence a major program there while drilling continues at its Lucky Break Project where the company is concentrating on its Wasa Creek Property…VGD is currently off a penny at 31 cents…Pacific Ridge Exploration (PEX, TSX-V) has drilled 38.9 metres grading 2.44 g/t Au at its Mariposa Project in the Yukon’s White Gold District…that encouraging result was from the Skookum Jim Main area and was the first hole drilled…results from 2 other holes were also reported this morning and returned near-surface intercepts of 19.8 metres grading 1.13 g/t Au (hole #5) and 45.3 metres grading 0.63 g/t Au (hole #6)…not a bad start for PEX which has climbed from 37.5 cents since we highlighted it July 15…approximately 3,300 metres have been drilled in 21 holes at Mariposa so far, testing the Skookum Jim (12 holes), Maisy May (4 holes), Gertie (3 holes) and Hackly (2 holes) targets…holes have been drilled to lengths ranging between 76 metres and 238 metres…based on early exploration results, the company has increased its initial 4,000-metre drilling program to 6,000 metres…the expanded program will continue to focus on untested Gold anomalies within the Skookum Jim target…PEX climbed as high as 64 cents on this morning’s news but has since pulled back to 57 cents, a drop of a nickel from yesterday…Golden Predator (GPD, TSX-V) released good results from Brewery Creek yesterday and the stock enjoyed its biggest volume day ever, jumping 20 cents to $1.26 on a total of over 8 million shares (CDNX, Alpha, etc.)…Brewery Creek has excellent potential and it”ll be interesting to watch that project develop over the summer…GPD is currently up 4 pennies at $1.30…elsewhere in the Yukon, other favorites we’re following closely are Kaminak Gold (KAM, TSX-V), Silver Quest Resources (SQI, TSX-V), Ethos Capital (ECC, TSX-V), Northern Tiger Resources (NTR, TSX-V) and of course ATAC Resources (ATC, TSX-V) which everyone is watching…a less-known opportunity we suggest our readers investigate is Dawson Gold (DYU, TSX-V) which could be a “sleeper”…it’s currently trading at only a dime…the company is in the process of completing a financing…its major asset is the drill-ready Toro Property located in the southern end of the White Gold District…DYU has an option to earn a 100% interest in the Toro property from Northern Freegold Resources (NFR, TSX-V)…Spanish Mountain Gold (SPA, TSX-V) released numerous assay results this morning from its promising property in central British Columbia…if you’re a believer in higher Gold prices, which we are, it’s hard not to see a lot of potential in SPA with its low grade but high tonnage deposit…we’ll comment more on SPA tomorrow…it’s currently up 2 pennies on light volume at 63 cents…

Gold hit another record high this morning but has since gone into retreat…as of 8:10 am Pacific, the yellow metal is down $3 an ounce at $1,617 after climbing as high as $1,630…Silver hit nearly $41.50 but is now off 9 cents at $40.82…Copper is down 2 cents at $4.33, Crude Oil has declined an even $2 a barrel to $97.59 while the U.S. Dollar is up half a point to 74.08…analysts at Barclays Capital expect the United States to lose its “AAA” credit rating as a compromise plan is passed by Congress that leads S&P to cut its rating on U.S. debt (assuming Congress does work out a compromise plan which we believe it will)…the broad stock markets may shrug off a downgrade, however, as occurred in Japan in 1998 when its debt was lowered following the collapse of Long Term Capital Management (LTCM)…corporate earnings and the economic outlook for the balance of the year will be the key drivers for the Dow and the market as a whole…as we’ve argued here repeatedly recently, that outlook is actually quite encouraging and two leading indicators – the CDNX and Copper – are confirming that, although the Venture is weak for the third straight day…as of 8:10 am Pacific, the CDNX is off 24 points at 1999 but this should be viewed as a normal pullback within an ongoing new uptrend…the 20-day moving average (SMA) is currently at 1980…Visible Gold Mines (VGD, TSX-V), one of our favorites going into August based on fundamentals as well as technicals, has touched its 10-day moving average and a support area at 32 cents this morning as it’s off a penny-and-a-half…we’re expecting some fireworks out of VGD as it continues drilling its Lucky Break Project in the Wasamac area west of Rouyn-Noranda, and as drilling begins at its Joutel Project to the north…one of our favorite Yukon plays is heating up this morning…Golden Predator (GPD, TSX-V) is up 19 cents to $1.25 on nearly 3 million shares (CDNX) after releasing initial assay results (7 holes) from the Sleeman Zone discovery at its Brewery Creek Project…three of the 7 holes returned solid results…191.5 metres of 1.46 g/t Au beginning at a depth of 4.5 m in BC-11-226; 40.3 m of 1.21 g/t Au beginning at a depth of 13.2 m in BC-11-229; and 24 metres of 1.65 g/t Au from a depth of 62.5 metres in BC11-217…mineralization to date at the Sleeman Zone – the second significant discovery at Brewery Creek this year – has been drilled to a vertical depth of 150 metres from surface, extends horizontally well over 100 metres, and is open in both directions along strike and down dip…what’s also interesting is that the geochemical signature of the Gold bearing zone at Sleeman is distinctly elevated in lead, zinc and Silver which is different from other mineralized areas at Brewery Creek…GPD ran as high as $1.34 this morning, 4 cents below its all-time high…back on July 15, John highlighted Pacific Ridge Exploration (PEX, TSX-V), another Yukon play, when it was trading at 37 cents…yesterday, PEX climbed as high as 66 cents…it has backed off to 61 cents this morning, down 4 pennies for the day, and it’s a situation that should be watched closely as John’s updated chart reveals…

Pacific Ridge, which had $4.5 million in working capital at the end of March, is in the midst of a 4,000 metre drill program at its Mariposa Property in the White Gold District…the program is testing the Skookum Jim and Hackly zones, two of five gold-in-soils geochemical anomalies defined last year within the 262-square-kilometre property…we’ll be reviewing more Yukon plays tomorrow…this morning’s market weakness has dropped Adventure Gold (AGE, TSX-V) below 50 cents where it hasn’t traded since the beginning of June…it’s off half a penny at 49.5 cents, slightly below its rising 200-day moving average where the stock has found excellent support throughout the year…we’re very bullish on AGE’s Pascalis-Colombiere Gold Property near Val d’Or…it’s shaping up to be a potentially significant deposit given results to date…a 5,000 metre Phase 2 drill program continues and more results are expected next month…Currie Rose Resources (CUI, TSX-V) has backed off to its rising 50-day SMA at 18 cents…RSI(14) has also dropped to support at 50, so CUI is definitely in a “sweet spot” this morning after touching a two-month high of 21.5 cents yesterday…

Gold has traded in a range of $1,607 to $1,615 today as wrangling continues in Washington over the U.S. debt ceiling…as of 7:45 am Pacific, Gold is down $4 an ounce at $1,611…Silver is off 27 cents at $40.12…Copper’s strength continues which is a good sign – it’s up 6 cents at $4.44 a pound…Crude Oil has reversed and is now down 97 cents to $98.23 while the U.S. Dollar Index has slid half a point to 73.60…the greenback is looking ugly as John’s Dollar-Gold chart comparison shows…

U.S. consumer confidence actually edged higher in July according to a private sector report this morning…the Conference Board’s index of consumer attitudes rose to 59.5 from a downwardly revised 57.6 the month before…economists had expected a reading of 56.0, according to a Reuters poll…this is month-end settlement day…the CDNX is off 6 points at 2031…the 10-day moving average (SMA), currently at 2020, should provide excellent support during this new uptrend with plenty of secondary support between 1980 (the 20-day SMA) and the 2000 level…Currie Rose Resources (CUI, TSX-V) continues to show momentum…all major moving averages are in bullish alignment and from a technical perspective the stock appears ready to make an assault on resistance in the 22 to 23 cent area…CUI gained a penny yesterday on strong volume and is currently up another half penny to 21.5 cents through the first 75 minutes of trading on volume of nearly 200,000 shares…Visible Gold Mines (VGD, TSX-V) is down a penny at 34 cents…the company is drilling aggressively in the vicinity of Richmont Mines’ (RIC, TSX) Wasamac deposit with three drill rigs currently on the Wasa Creek Property which has raised a few eyebrows…the entire Wasamac area holds strong geological potential given the major and secondary faults that run through it, and of course Richmont has already outlined an all-category 43-101 resource of 1.4 million ounces at Wasamac…the Wasa shear, host of that mineralization, runs through the centre of the property with an east-west trend and a northern dip between 50 to 55 degrees… no doubt Richmont will be keeping a close eye on results from VGD which is drilling to the immediate south (1200 to 1500 metres from the Main Zone according to our calculations) and also to the west of Wasamac…Richmont itself is off 9 cents at $7.88…Goldex Resources (GDX, TSX-V), which John featured in a chart July 15 when it was trading at 8 cents, enjoyed its biggest volume day ever yesterday as 19 million shares traded on all exchanges…the stock gained 2 pennies in the process to close at 10 cents…the company’s projects in Guatemala and Mexico have good potential in our view and the high trading volumes in this stock over the past couple of months are helping to tighten up the market in GDX as loose stock from a 5-cent private placement early this year (nearly 47 million shares) is being absorbed, paving the way for potentially higher prices…John likes the GDX technicals as outlined below..GDX is currently up half a penny at 10.5 cents…

Shareholders in BE Resources (BER, TSX-V), especially those who bought or sold Friday, went back in time this morning…in an absolutely bizarre situation, not to mention extremely embarrassing for those involved, BE President and CEO David Tognoni had to issue a major correction to assay results that his company released Friday when the stock jumped 8-fold to close at 75 cents…”The rare earth assay results set out in the company’s news release of Friday, July 22, 2011, contained mathematical errors that occurred in the process of totalling a large volume of the assay results of 15 individual rare earth elements into total rare earth oxides (TREO)…the totalled TREO values were calculated by an independent consulting geologist”…some of the revised results from holes 1, 2, 3 and 19 were dramatically lower…our understanding is that all trades Friday have been cancelled by the regulators, and rightly so…results were still encouraging but BE is currently trading at 27 cents, well below its Friday high of 77 cents but significantly above last Thursday’s close of 8.5 cents…

Gold surged to a new record high this morning thanks to European debt worries and the continuing political stalemate in the U.S. on the budget and debt ceiling…as of 7:15 am Pacific, the yellow metal is up $15 an ounce at $1,615…it has been as high as $1,623…Silver is 40 cents higher at $40.47…Copper is off a penny at $4.38 a pound…Crude Oil is down 95 cents at $98.92 while the U.S. Dollar Index is essentially unchanged at 74.19…the second bailout of Greece will weaken the credit ratings of Europe’s strongest countries as well as resulting in a default for Athens, Moody’s said this morning…the U.S. rating agency downgraded Greece by three notches to Ca, Athens’ lowest rating and one that implies the country is already in default…but it also warned that, in spite of reducing contagion in some ways, last week’s set of measures to shore up the euro zone could lead to downgrades of the creditor countries because of the precedent for future bailouts…that would spell bad news for the likes of Germany and especially France, which some investors had already worried could be downgraded from its triple-A status…the CDNX is pulling back slightly after a 2.6% advance last week…the Venture is currently off 8 points at 2052…the 10 and 20-day moving averages (SMA) can be expected to provide strong technical support during this new uptrend…Friday’s high-flyer, BE Resources (BER, TSX-V) has been halted this morning pending clarification of the company’s news Friday…the stock jumped 8-fold after the company announced the remaining assay results from its drilling program to date at its Warm Springs Beryllium and Rare Earth Project in southwest New Mexico...strength continues in Visible Gold Mines (VGD, TSX-V)…VGD announced last week that three rigs are busy drilling at the company’s Wasa Creek Property immediately south and west of Richmont Mines’ (RIC, TSX) Wasamac deposit, 15 kilometers west of Rouyn-Noranda…VGD is also learning more about its Joutel Project, 150 kilometres north of Rouyn-Noranda, where drilling will start soon…the Joutel Eastern Extension has a 6-kilometre strike length and exhibits similar geological signatures to the previously mined deposits at Joutel immediately to the northwest of the Eastern Extension…we like Visible Gold Mines‘ aggressive exploration approach and the quality of its geological team which is led by Robert Sansfacon who was with Lac Minerals for many years and played an important role in the discovery of Osisko’s (OSK, TSX) Canadian Malartic deposit….VGD is currently up 2 pennies at 37 cents…technically, as John outlined in chart posted Saturday, VGD appears to be in a powerful new uptrend…Probe Mines (PRB, TSX-V) has received encouraging geophysical results from an IP survey just north of its Borden Lake Gold discovery near Chapleau, Ontario…the results from the Nose Target area 3 kilometres north of the discovery closely resemble those obtained for the Borden Lake Gold zone through a previous IP survey, which showed a distinctive signature over the Gold mineralization…although very similar, the new IP anomaly is also slightly stronger, and possibly thicker, than the one obtained over the Borden Lake Gold Zone…in addition, an unexpected, second parallel anomaly, showing the same signature, was also identified in the Nose area and has become another priority target…both new targets are on Probe’s 100%-owned claims…Probe gained 17 cents last week on solid new drill results from Borden Lake and it’s up another nickel to $1.70 in early trading today…an initial NI-43-101 resource estimate for Borden Lake is expected later this summer…Seafield Resources (SFF, TSX-V) released drill results from the final 10 holes of a Phase 1 program at Dos Quebradas this morning but the numbers were generally disappointing…however, a promising area 250 metres wide and 300 metres long is the focus of a 5,600-metre Phase 2 program that has already started with two rigs…Seafield has a large package at Quinchia and the prospect of discovering additional deposits besides Miraflores has to be considered very good…Seafield has been driven down below its rising 500-day SMA this morning where it has proven to be a smart buy this year…the stock is currently off 4 pennies at 24 cents…Seafield’s new management seems to be quite aggressive and very focused on building shareholder value, so we remain very optimistic regarding this play over the balance of the year…also in Colombia, Galway Resources (GWY, TSX-V) is having another good day…it broke out last week, closing Friday at $1,23, after releasing solid results from its California Gold-Silver Project…GWY is up another nickel to $1.28 through the first 45 minutes of trading this morning…

One of our favorite small producers continues to be Richmont Mines (RIC, TSX) which has been a star performer this year and appears to be on its way to another all-time high. The chart below with classic patterns really says it all.  Richmont’s very bullish technicals reflect not only the company’s robust production growth profile and earnings momentum, but they also speak volumes about Gold’s primary direction.

Richmont, which trades on both the TSX and the AMEX, will likely be reporting its second quarter earnings sometime next month.  At Friday’s closing price of $8.11, the stock in our estimation is trading anywhere from just eight to 10 times’ anticipated 2011 earnings.   With Gold at record highs and its Wasamac Property west of Rouyn-Noranda emerging as a major new find along the Cadillac Break, one that we will be exploring in much more detail in the coming weeks, Golden times are certainly ahead for Richmont shareholders.  John’s chart reveals several bullish indicators including a breakout Friday from a “cup with handle” formation.

Note: Both John and Jon continue to hold positions in Richmont Mines.

Welcome to our site, or at least the initial version of it!  BMR has been online for nearly two years and strictly through word-of-mouth we have built a loyal following. 

We’re continuing with our plans to ultimately build a very unique investment and money-management resource site that goes considerably beyond what we have now.  While we focus a lot on the Gold market and trends in the global economy, and of course the technical health of the TSX Venture Exchange (CDNX), an important component of this site will always be original research on small and undiscovered junior resource companies, mostly in the Gold exploration space, that offer very real and significant upside potential. We are extremely selective in the companies we feature and put forward to investors – we prefer quality over quantity.  However, investors must understand that these are still highly speculative situations and entail considerable risk, volatility and unpredictability.  Our stock coverage is for informational purposes only and must not be viewed or interpreted as “buy”, “sell” or “hold” recommendations. Always perform your own due diligence and please read our disclaimer at the bottom.

We use a combination of fundamental and technical factors in determining the value and potential of a stock.  In terms of fundamentals we look for a company with a superb project supported by strong management.  Management must possess integrity, solid ethics and a determination to succeed and build shareholder value.

At BullMarketRun (BMR) we approach the handling of money from a biblical perspective and this is an important topic we will be sharing with our readers (and listeners) as the site continues to develop. The Bible teaches so much about money and how to handle it and invest it –  there are literally thousands of verses on how we should handle the money and possessions that God entrusts us with.  By examining the life of Jesus and reading the Word of God, we can all become fully equipped to be successful investors and handle money wisely in order to make it work for us.  If it’s the other way around –  if you’re a slave to money by being in debt for instance, or if you don’t respect the value of money and spend it foolishly –  you’re in trouble and you’ll never be blessed financially.  We have a God who thinks big – He created the universe – and He wants us to think big  in every area of our lives.  When we handle money from a Biblical perpective (His money that we have been given stewardship of) He will bless our financial decisions and an increase of tenfold or a hundredfold is always possible.  This all begins, of course, with a personal relationship with Jesus Christ by accepting Him as your Lord and Savior and putting Him at the throne of your life.  It is the most important decision you’ll ever make.

God Bless,

Terry Dyer

Owner/Publisher, www.BullMarketRun.com

Disclaimer:

BullMarketRun.com (BMR) is completely independent from any companies it covers.  BMR accepts no compensation of any kind from any groups, individuals or corporations for coverage of any company mentioned on this site.  We accept no advertising either.  Our stock coverage is for informational purposes only and must not be viewed or interpreted as “buy”, “sell” or “hold” recommendations. No investment opinion or other advice is being rendered on any stock or company. We strongly recommend that you consult with a qualified investment adviser, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research before making any investment decisions. The stocks we cover, by definition, are highly speculative and potentially very volatile. Investors are cautioned that they may lose all or a portion of their investment if they make a purchase or short sale in these speculative stocks.  We are not Registered Securities Advisers. Our opinions can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Adviser operating in accordance with the appropriate regulations in your area of jurisdiction.  It should be assumed that BMR personnel, writers and their associates may hold or dispose of or trade in positions in any securities mentioned herein at any time.  Owner/Publisher of BullMarketRun.com is Terry Dyer of Langley, British Columbia.

Visible Gold Mines (VGD, TSX-V)

Visible Gold Mines (VGD, TSX-V) enjoyed a powerful week, breaking out from resistance at 32 cents Friday to close at 35 cents for a 6-cent weekly gain…VGD is up a whopping 79% over the last 18 sessions since bottoming out at 19.5 cents June 28…the 50-day moving average (SMA) has reversed to the upside and the 100-day is flattening out, providing new support at 32 cents…as John’s VGD chart showed yesterday, this is a stock that appears to be in a very strong new uptrend…VGD has a first-rate land package in northwest Quebec (over 20,000 hectares, west and north of Rouyn-Noranda) and investors are beginning to see things start to come together for the company on the exploration front…VGD is in the midst of a 40,000 metre drill program and what really caught our attention last week was the curious statement in Thursday’s news release that three drill rigs are now on the newly-named “Wasa Creek” Property which is part of the company’s Lucky Break Project optioned from Cadillac Mining (CQX, TSX-V) last December…Wasa Creek adjoins the southwestern part of Richmont Mines‘ (RIC, TSX) Wasamac Property…the property is south of the north-dipping Wasa Shear which is responsible for Richmont’s significant and growing Wasamac deposit but it’s just north of the prolific Cadillac Fault which also runs through the area…geologically, therefore, the chances of a discovery are very real…the fact that VGD has put three rigs at Wasa Creek suggests they may have been encouraged by core visuals but nothing to that effect was stated in the news release (is this a classic under-promise, over-deliver scenario?)…the company also announced that its Joutel Project, a joint venture with Agnico-Eagle Mines (AEM, TSX), has an eastern extension with a 6-kilometre strike length that exhibits similar lithologies to the previously mined Telbel, Eagle and Eagle West deposits at Joutel…VGD has identified several promising drill targets and a drill program will start there soon…we added VGD to the BMR model portfolio a few months ago when it was trading around 40 cents in part because of the quality of this company’s projects, its aggressive approach to exploration, and the team of people it has on the ground and in the front office…the company’s senior geologist is Robert Sansfacon who’s a genius at understanding structure…he honed his skills for many years in the exploration division of Lac Minerals and was involved in the discovery of Osisko’s (OSK, TSX) Canadian Malartic deposit, now the largest Gold mine in the country…Sansfacon is determined to make a discovery for VGD and if anyone can, it’s him…he sees great potential with the company’s projects along a 2o+ kilometre stretch of the Cadillac Break west of Rouyn-Noranda, where drilling continues, but he’s particularly anxious to start drilling Joutel which is 150 kilometres north of Rouyn-Noranda…a geologist from another company we spoke to recently called this a “fabulous” project…Joutel is a significant former producer that Agnico-Eagle mined from three zones between 1974 and 1993…the operation was closed prematurely as AEM turned its attention to its huge LaRonde Mine…the theory is that there are additional potential undiscovered deposits on this 500+ claim land package, and the area VGD will be targeting initially is the eastern portion of Joutel which has not been fully explored and has similar geological signatures to the previously mined deposits to the west…Joutel is a geologist’s dream with a great story…”When we picked up all the Joutel boxes and maps from the Agnico-Eagle exploration offices, it took us two pick-up trucks for all the data,” VGD President and CEO Martin Dallaire told us in a recent interview…”We were flooded with data but we love it because we have the capacity to analyze all of it and bring some fresh ideas to the project…the trend is very large and there’s a lot of potential for many new mines in the area”…Dallaire, an engineer and entrepreneur from Rouyn-Noranda, understands the mining industry and what an exploration company needs to do to succeed and build shareholder value…he’s fluently bilingual, presents himself extremely well and knows how to run a business and make money…he thinks big but is focused…he has also recruited some key people including Sansfacon…in short, Dallaire has put something together you don’t often see in the junior speculative market – a powerful dynamic of business, geological and marketing expertise with a strategic plan to rapidly build value…the company’s niche and sole geological focus is northwestern Quebec where it has acquired several promising land packages, mostly west and north of Rouyn-Noranda…Dallaire is taking an aggressive approach to exploration and he’s targeting under-explored areas and past producing mines where major new extensions are possible…armed with $6 million in working capital, Visible Gold Mines is well positioned to make things happen in northwest Quebec…

Cadillac Mining (CQX, TSX-V)

Cadillac remained fairly quiet last week, gaining just a penny to close at 14.5 cents…there is considerable resistance in the 15 to 16-cent area as recent trading has demonstrated…this continues to be a company with tremendous potential given its property packages but we don’t see a game plan yet for moving Cadillac forward in an effective and sustainable manner – when we do, we’ll let our readers know it’s time to pile back in…we are frustrated but remain patient for now because the possibilities with CQX are still incredible, especially considering the current market cap which is just $3.9 million…not often does a company get the kind of opportunity that Cadillac was handed (and still has)…CQX holds a 100% interest in a very strategic piece of property that adjoins Richmont’s Wasamac deposit, 15 kilometres west of Rouyn-Noranda…the principal Gold structure hosting mineralization at Wasamac dips northerly onto the seven claims held by Cadillac…Richmont started drilling Wasamac a year ago and steadily ramped up its drilling due to excellent results…in February of this year, Richmont reported a nearly five-fold increase in all-category 43-101 resources (from 285,000 to 1.4 million ounces) at Wasamac…as a result RIC has been one of the best performing Gold stocks on the TSX this year…BMR brought the Wasamac situation to the attention of its readers in December…investors got excited about the story and the potential of Cadillac’s “Wasa” claims…the stock ran to 50 cents by early January and the market was clearly eager to see Cadillac pursue this project as quickly as possible…management’s delay in doing so has been frustrating and has led to a substantial drop in CQX’s share value…the company is also cash poor and needs to raise some money…we give CQX credit for securing an excellent project (Goldstrike) in Utah on fabulous terms but several million dollars is going to be required to tackle Goldstrike in the right way…the best solution in our view is for Cadillac to cut a deal with another company for exploration at Wasamac and the natural partner for that appears to be Visible Gold Mines (VGD, TSX-V) which last December entered into a JV with CQX on its other Rouyn-Noranda area properties…VGD has all the money and expertise necessary to unlock the value of Cadillac’s Wasa claims…Cadillac could let others do the heavy lifting at Wasa and then focus its energies on developing the Goldstrike Project…talk is cheap – the onus right now is on Cadillac to show investors that it can “walk the walk” and make things happen, however they decide to proceed…

Abcourt Mines (ABI, TSX-V)

Abcourt hovered between 12.5 and 14 cents last week, closing at 12.5 cents for a weekly loss of half a penny…ABI has been looking a little healthier technically lately but still faces stiff overhead resistance with the 100-day moving average (SMA) at 14.5 cents and the 200-day SMA at 15.5…both SMA’s are declining…if you’re bullish on Silver and Zinc prices, however, which we are, you have to love this play as the current market cap ($18.6 million) really doesn’t take into account the value of the company’s Abcourt-Barvue Silver-Zinc deposit…ABI is ripe for a takeover given the value of its assets and management’s apparent inability to unlock that value which is why we still view this company with considerable interest…ABI’s decline from a 52-week high of 25.5 cents in late March was brought on by the closing of a financing (35 million units at 18 cents), a sharp drop in Silver, overall CDNX weakness, and selling by MineralFields Group…the company released more results from Abcourt-Barvue June 13 including 20 metres grading 108.33 g/t Ag and 1.49% Zn  in hole #31…drill results to date should significantly upgrade and increase all-category reserves and resources, most of which can be mined by open-pit…four years ago, GENIVAR produced a very positive feasibility report for the project which showed robust economics…more drilling will take place at the property later this year…the rig was just recently moved to the Vendome Property (Gold, Silver, Copper, Zinc) approximately 13 kilometres south of Abcourt-Barvue…more results came out July 5 from the company’s Elder-Tagami Gold Property near Rouyn-Noranda including 8.50 metres grading 3.71 g/t Au…that was from the Tagami area to the north which has untapped potential including some higher grades…the latest NI-43-101 resource estimate of 216,000 ounces was released in the summer of 2009…the possibility of Abcourt expanding that resource beyond 500,000 ounces certainly exists given the encouraging results to date (look what Richmont has done at Wasamac)…the heavy accumulation that began in Abcourt in December was no fluke in our view…this is a company with significant assets that could justify a substantially higher valuation…nearly 60 million shares of ABI changed hands on the CDNX in December and January – record volume for this stock, accompanied by a price jump from 14.5 cents…while the stock price is now slightly below that level, the record volume in ABI since late last year (take a look at a 10-year chart) is still a very bullish sign…Abcourt has been under significant accumulation and our best guess is that some savvy players like the assets in the ground…continued drilling success and higher prices for Gold, Silver and zinc would be exciting developments for this stock which has a history of major moves…from mid-2005 to early 2006, Abcourt rocketed from 15 cents to nearly $1.40…

Greencastle Resources (VGN, TSX-V)

Greencastle continues to slowly edge higher…the stock was up another half penny last week, closing at 20.5 cents…the 100-day moving average (SMA), currently slightly above 18 cents, has reversed to the upside while the 200-day SMA is still rising and sitting at 23.5 cents…a breakout above the 200-day is what we need to watch for to confirm that a new uptrend is underway…as far as the fundamentals go, our gut feeling is that something is cooking here – President and CEO Tony Roodenburg has been quiet for too long…with the correction over in the CDNX and a new phase in the bull market having just started, Roodenburg likely won’t waste too much time getting Greencastle back on track…the company released its Q1 financials June 9 which show working capital of 16.4 cents per share ($7.5 million)…oil royalties have declined significantly – just $212,000 for the first three months of 2011 vs. $355,000 over the same period a year ago which underscores the need for VGN to make some major changes as Primate just isn’t the cash cow it used to be…the fact Roodenburg is no longer at the helm of Seafield Resources (SFF, TSX-V) is a positive development in our view for Greencastle…Roodenburg had been trying to ease his way out of Seafield since 2009 without much success until a couple of months ago…he’s now able to focus almost exclusively on Greencastle which has been a favorite project of his for many years…we suspect he’s going to take a serious look at spinning out the oil assets or the Gold assets into a separate company…something needs to happen here to move VGN forward and boost shareholder value, but we’re confident Roodenburg will do it – sooner or later…Greencastle’s market cap of $9.4 million means the stock is now trading just 4 cents above its cash value…history shows that whenever VGN is near cash value, a terrific buying opportunity has opened up though investors must be patient…Greencastle tripled over a six-week period from late October to early December…since the beginning of January, though, the stock has struggled due mostly to impatient investors frustrated with the lack of news…patience is definitely required with VGN or one shouldn’t invest in it…over the years the successful strategy with Greencastle has been to accumulate on weakness when the stock is near cash value and then sell into strength when something develops…with $7.5 million in working capital, three Gold properties (including land near the Blackwater Project and a couple of very good Nevada properties) and monthly (albeit declining) cash flow from an oil royalty, it doesn’t take a rocket scientist to figure out that Greencastle does offer excellent value at current levels…the long-term chart remains encouraging with rising 200 and 300-day SMA’s that are in no danger of reversing at the moment (the 200-day could start declining however if something doesn’t develop by the end of August)…it’s also important to note that Roodenburg, a large shareholder in VGN, refrained from selling any of his holdings during the late 2010 run-up in the share price…this is different from past bullish in the stock and adds further credence to our view that we haven’t seen the highs in this cycle yet from Greencastle – it’s poised for what we believe could be a massive breakout sometime during the last half of this year…Pinetree Capital also accumulated more shares in Greencastle late last year, so there’s every reason to be very optimistic regarding this company’s prospects…Greencastle is up 46% since we added it back in to the BMR model portfolio last October…

Sidon International (SD, TSX-V)

Nothing new to report here…we’re all entitled to have one dog in our portfolio and Sidon is that dog for us at the moment, though it did increase five-fold for us last year and still holds potential…things are still very quiet on the Sidon front with the stock up half a penny last week at 4 cents…the company hasn’t been able to recover yet from its fall in March, one day after the CDNX correction began, on poor drill results from its Morogoro East Gold Property in Tanzania…there has been no news from the company since March 14 – they effectively “sat out” the correction in the CDNX – when it announced a proposed private placement at 8 cents and an option to acquire an 80% interest in a 50-square kilometre property adjacent to Canaco’s (CAN, TSX-V) Handeni discovery in Tanzania…the 6 shallow holes drilled in December at Morogoro East failed to produce significant results, the best hole showing 3 metres grading 1.7 g/t Au…the company has drilled 4 deeper holes with results for those still pending…what the initial 6 holes have given Sidon, however, is a better understanding of the Morogoro geological structure which would aid in any future drilling…exploration, especially at such an early stage, is never easy and disappointing early results don’t necessarily mean a property doesn’t hold excellent potential…the company is also trying to develop a placer operation at Morogoro…there is certainly the possibility of better days ahead for Sidon but the lack of news is not encouraging…the climb back up won’t be easy and the company potentially may have to look at a consolidation of its capital…Sidon ran as high as 26.5 cents last winter but is now off a penny-since we introduced it to BMR readers just over a year ago at a nickel…the company currently has approximately 140 million shares outstanding for a market cap of $5.6 million…

Gold Bullion Development (GBB, TSX-V)

As it has done for more than four months now, Gold Bullion continues to trade within the parameters of its 300 and 500-day moving averages (SMA)…the stock was off 2.5 cents last week, closing at 39.5 cents…volume continues to be relatively light – there hasn’t been a 1 million+ share day since May 30…the most recent drill results, released July 13, showed more of the same so GBB’s tight trading range continues for now…nothing spectacular in the results but Hole #165, collared approximately 50 metres northeast of hole #108, offered encouragement with regard to the very promising northern portion of the Eastern Extension…#165 returned 141.50 metres grading 0.31 g/t Au (from 155 to 296.50 metres) with no high-grade spikes, showing an apparent consistency of mineralization…it included a 20.5-metre section grading 1.20 g/t Au…assays have yet to be reported on 8 more important holes drilled in this general area (168, 178, 183, 241, 243, 246, 254, 257) according to GBB’s most recent drill map…along with additional results, GBB’s 43-101 resource estimate is going to be critical along with the Castle spin-off and potential discoveries in LONG Bars Zone 2…infill drilling is GBB’s focus at the moment with drill hole spacing tightening (which could help to improve grade) in preparation for a resource calculation…technically, Slow Stochastics are in oversold territory while a series of slightly higher highs and higher lows on the RSI(14) since March offers encouragement…a move through the mid-50′s is required to confirm a major change in trend…an initial 43-101 resource estimate for the LONG Bars Zone, expected during the third quarter, has the potential of re-energizing this play significantly…the market is a forward-looking machine, however, and those who follow GBB won’t be waiting until after the 43-101 comes out before getting positioned appropriately in the stock…the company’s current market cap of $66  million puts a value of just $22 an ounce on Gold in the ground at Granada if one were to assume the 43-101 will outline approximately 3 million ounces in the measured, indicated and inferred categories…that’s just a hypothetical number on our part at the moment but whatever number GENIVAR comes up with, we believe it should exceed the 2.4 to 2.6 million ounce conceptual figure that Gold Bullion gave in April of last year…based on all the drill results to date, this appears to be shaping up as a half-gram deposit with a higher grade starter pit and massive volume…it’s all about volume at Granada which is why the drills have to keep turning and why we want to see more than just two rigs in the LONG Bars Zone which has such incredible potential…the company provided an update on its Castle Silver Mine Project June 8…the 6,000 metre Phase 1 drill program is nearing completion and a strong new vein structure was intersected at the first IP target…a 43-101 technical report on the property has also been released…assay results from the 10 holes drilled so far are still pending…GBB plans to spin-off this asset into a separate publicly traded entity…GBB is up 464% since we introduced it to BMR readers in late December, 2009…

Currie Rose Resources (CUI, TSX-V)

Currie Rose has gained some fresh momentum and climbed 3 cents last week to close at 20 cents…all of CUI’s major moving averages (10, 20, 50, 100, 200 and 300) are now pointing up and that’s a very encouraging sign from a technical perspective…we’ve been expecting a solid summer for CUI and that’s what appears to be unfolding – it’s amazing what can happen when the drill rig starts turning and several weeks ago Currie Rose launched its most aggressive drill campaign ever in Tanzania…three properties are being drilled at Mabale Hills (Sisu River, Mwamazengo and Dhahabu) before the rig shifts to the flagship Sekenke Project…CUI‘s first-ever drill program at Sisu River late last year gave reason for encouragement but this time around they’re pushing the holes a little deeper (100 to 150 metres or more) in hopes of cutting wider intersections and higher grade…reading between the lines of the July 5 news release, it’s possible the geologists liked what they saw in the first three holes as 506 samples were delivered to a nearby lab for assaying and drilling continued…promising targets are also going to be tested at Mwamaznego and Dhahabu…geochemical analysis has outlined a continuous anomaly over a few hundred metres that runs parallel to the west of a previously reported discovery at Mwamazengo where drill results included notable high-grade intercepts such as 34 metres grading 3.60 grams per tonne gold, 12 metres grading 9.11 g/t Au, 63 metres grading 2.59 g/t Au and 31 metres grading 5.97 g/t Au…we’re most excited, however, about the Sekenke Project which has “blue sky” written all over it…Sekenke is why we decided to start following CUI when it was trading around a dime last fall…results from satellite imagery provide additional evidence that Sekenke is a highly intriguing geological target and part of the same northwest trending structure that hosts Canaco’s (CAN, TSX-V) Handeni Project…satellite imagery has also shown that the structures at Sekenke are coincident with a strong alteration envelope…what’s unique about this project is that it surrounds and runs in between two former high grade Gold mines including Tanzania’s original producer…this greatly increases the chances of a discovery as it’s unlikely the former mines were fully exploited or explored as techniques a century ago in this industry obviously weren’t what they are today…CUI has a terrific chance to hit it big at Sekenke and we also wouldn’t be surprised if the company takes a shot at acquiring the former Sekenke Mine…that’s speculation on our part but it makes sense from a strategic point of view…pre-drilling exploration work continues at Sekenke to pinpoint the best targets…CUI’s chart is quite favorable in our view and suggests a breakout above resistance in the low 20′s is only a question of when, not if…while its Tanzanian properties are the market’s major focus, Currie Rose could also benefit over the summer from continued good exploration news out of Trueclaim Exploration (TRM, TSX-V) which is currently conducting an 8,000 metre drill program at the Scadding Gold Property near Sudbury…Trueclaim, which continues to release encouraging assay results, has earned a 51% interest in Scadding and can acquire a full 100% interest by completing a feasibility study, paying $2 million to Currie Rose, and giving Currie Rose a 3% net smelter royalty…CUI announced a joint-venture deal January 25 with Australian-based Liontown Resources for Currie’s Jubilee Reef Gold Project in Tanzania…CUI’s focus is on the Sekenke and Mabale Hills Projects, so finding a partner for Jubilee Reef made sense…the deal commits Liontown to at least 5,000 metres of drilling at the property this year which will give Currie Rose a minimum of 23,000 metres of drilling at all of its properties in 2011…while Currie Rose has had its market cap shaved by more than half, from a high of nearly $40 million late last year to the current $17.8 million, what hasn’t changed is the quality of this company’s project portfolio which remains as high as ever…Currie Rose has all the cash it needs ($2 million) to complete an initial major round of drilling (10,000 metres) in Tanzania this summer, so there will not be any dilution of the stock at current levels as confirmed by President and CEO Harold Smith…

Adventure Gold (AGE, TSX-V)

Adventure Gold remains one of our favorites this summer with several exciting projects on the go…our theory is that there’s a very good chance at least one of those projects will “hit” and our prediction is that it will be the Pascalis-Colombiere Gold Property near Val d’Or…AGE was off 3 more pennies last week to 53 cents but volume remains low…in fact, there has been only one 100,000+ share day this month…since May, the stock has traded almost entirely within a narrow range between its 100 and 200-day moving averages (SMA)…the 200-day is the supporting SMA at 52 cents while the 100-day, which is now declining at 58 cents, provides resistance…we ultimately expect a breakout through the 100-day and a surge to a new all-time high beyond 80 cents is very possible given the quality and extent of this company’s projects…we recently interviewed President and CEO Marco Gagnon and we’re continuing to perform some additional research on AGE in advance of some postings in the near future…Gagnon is a sharp operator who knows how to maximize every dollar spent…he also has the strong backing of Montreal investment firm Windermere Capital which holds just under 20% of AGE as disclosed January 21…the company has five active key projects, two of which are in the hands of joint venture partners Lake Shore Gold (LSG, TSX) and Agnico-Eagle Mines (AEM, TSX)…AGE is currently drilling its very promising Pascalis-Colombiere Property near Val d’Or…an 8-hole Phase 1 program has been completed at the Lapaska Property, also near Val D’Or, and results released last week for the remaining 6 holes at Lapaska (MZO-TSX-V has an option to earn up to a 70% interest in the property) were very mediocre compared to the first 2 holes…the Granada Extension Property will be worked on later this year…at the end of May the company reported significant news regarding Pascalis-Colombiere…AGE is in the middle of a 5,000 metre Phase 2 drill program at the property after releasing more highly encouraging drill results including 4.8 g/t Au over 33.1 metres in hole #20 (plus lower grade halos over significant widths)…the intent of this program is to further define the Gold system, leading to a resource calculation which is already being worked on…Pascalis-Colombiere encompasses the past producing L.C. Beliveau Mine (Richmont’s Beaufor Mine is just a few kilomeres away)…we found a comment from Gagnon in the June 2 news release quite interesting…“Following positive drill results and the permitting process, an open-pit or an underground operation could be producing in the near future“…we believe Richmont Mines (RIC, TSX) may have interest in this project…earlier this year we met with AGE’s Jules Riopel, VP Exploration, regarding the company’s strong portfolio of properties…he was very keen at that time on Pascalis-Colombiere and given the drill results, his bullishness on this property appears to have been justified…the former L.C. Beliveau Mine was a very profitable operation between 1989 and 1993, producing nearly 170,000 ounces of Gold for Cambior…we believe a lot of Gold was overlooked in that area…meanwhile, Agnico-Eagle has likely completed its 4,000 metre drill program at AGE’s Dubuisson Property near Val d’or…Dubuisson is contiguous to the Goldex mine property and also straddles a 5-kilometre segment of the prolific Cadillac-Larder Lake Gold break…also of immediate interest is AGE’s partnership with Lake Shore Gold on the Meunier 144 Property where deep drilling is still testing the down-plunge extension of Gold zones located at the Timmins and Thunder Creek deposits…the current initial deep drill hole onto the Meunier JV property is continuing and has reached a core length of 2500 metres with another 500 metres to go…if a discovery is made, AGE will instantly explode higher…AGE’s latest financials, released April 1, show the company with $3 million in working capital at the end of January…we first mentioned Adventure Gold to our readers in an article September 29, just a couple of days following the company’s announcement that it had acquired land at Granada, when the stock was trading in the low 20′s…we officially added AGE to the BMR model portfolio at just 34 cents October 28…Adventure Gold has been around only since late 2007…AGE is clearly a keeper for the long haul and we wouldn’t be surprised to see a major breakout in this play over the summer…

GoldQuest Mining (GQX, TSX-V)

GoldQuest was off a penny-and-a-half last week, closing at 18.5 cents despite releasing some good news…the 300-day moving average (SMA) continues to rise which is a positive sign…it’s currently at 25 cents and has provided resistance for the past few months while support for the stock has held very close to the rising 500-day SMA at 20 cents…there’s no question in our view that GQC presents a great opportunity for patient and long-term investors…Chairman Bill Fisher continues to buy stock on the open market, his latest purchase being 20,000 shares July 12…he has bought nearly 250,000 shares over the past couple of months between 18 and 20.5 cents according to insider trading reports…GQC’s prospects remain solid as the company has an outstanding portfolio of projects in the Dominican Republic and Spain…the substantial drop in the share price from a high of 48.5 cents in early February was due to general market weakness and selling from speculators whose expectations may have been too high regarding initial drill results from the company’s La Escandalosa Project in the Dominican Republic…in addition, the company has stopped all drilling in the DR for the time being in order to conduct extensive IP surveys over Escandalosa and other properties…overall assay results from Escandalosa were decent though far from spectacular…the final set of assays for 7 holes came out May 16…the best intersection from Escandalosa Sur, where an initial 43-101 inferred resource of 400,000 ounces was outlined last fall, was 20 meters grading 1.32 g/t Au…results from this area overall (21 holes) were somewhat disappointing though more drilling is required and will take place later this year…however, the company drilled 3 holes at the Hondo Valle target 1.6 kilometres to the north (outside the resource area) and all 3 intersected significant mineralization including 29 metres grading 2.18 g/t Au in hole #65…that’s the thickest and highest grade mineralized section drilled to date at Hondo Valle…the theory is that mineralization trends north from Escandalosa Sur to Hondo Valle…GoldQuest is in the midst of carrying out a 16-square kilometre IP survey and magnetic ground geophysical survey from 2 kilometres north of Hondo Valle to 2.2 kilometres south of Escandalosa Sur…this should be completed by the end of the month and GQC will then use the data to pinpoint key targets for an additional 3,000 metres of drilling…GoldQuest also has other promising projects in the DR (in particular, Loma Oculta – formerly Las Animas – where an exploration program aimed at identifying new drill targets is now underway) in addition to its lead-zinc-silver deposit in Spain…GoldQuest’s potential has not diminished whatsoever yet the share price has dropped by about 60% from its early February high…the company released a 43-101 resource estimate March 2 on its Toral zinc-lead-Silver deposit in Spain…it showed slightly lower grades but much higher overall tonnage than the previous historical non-compliant estimate…as a result, total resources came out 15% higher…resources in the indicated category are 4.04 million tonnes grading 11.8% lead and zinc (5.3% lead, 6.5% zinc) as well as 41 g/t Ag and 0.11% Cu… inferred resources are 4.67 million tonnes grading 9.8% lead and zinc (4.44% lead, 5.4% zinc), 32 g/t Ag and 0.14 Cu…Toral has significant exploration and development upside as a majority of the historical drilling (40,000+ metres) was conducted over one relatively small part of the property…the zone of sulphide mineralization is open along strike to the northwest toward a known lead deposit as well as along strike to the southeast and downdip…the project is also an ideal candidate for a fast-track to production…the deposit is close to a power line, highway and rail line…a large smelter is located just 300 kilometers away by rail…meanwhile, GQC has been granted the Lago exploration concession, as reported last Tuesday, which is only a 30-minute drive northeast of Toral…the Lago property is the first permit granted of three applications by GoldQuest…securing an exploration concession for Lago, where mineralization is similar to that of Toral, is another important step for GoldQuest in building its assets in that region…a comprehensive mapping, geochemical sampling and ground geophysical program will be initiated at Lago to define both infill drilling and new targets that may warrant drilling in the vicinity of the known hydrothermal lead and zinc mineralization that remains open along strike and at depth…GQC is down just a penny since we added it to the BMR model portfolio last fall…

Seafield Resources (SFF, TSX-V)

Seafield has traded in a very narrow range recently, closing between 28 and 29 cents for the last 7 sessions…the stock finished at 28 cents Friday, down a penny for the week, with support at the now-rising 50-day SMA of 27.5 cents…SFF could be a major mover during this second half of the year and that of course will be determined by drill results from its Quinchia Project in Colombia…the company announced July 5 that it has hired SRK Consulting for a preliminary economic assessment or scoping level study on the Miraflores Property which is expected to be completed during the first quarter of next year…SRK will evaluate the potential positive economics of developing an open-pit and underground mining operation at Miraflores…it will also provide recommendations to advance the project to prefeasibility…Seafield announced the closing of a $3 million private placement at 30 cents May 24 with a “strategic” long-term investor and also released an updated 43-101 resource estimate for Miraflores…the project has gone from an inferred resource of 776,000 ounces (at a cut-off grade of 0.5 g/t Au) to a measured and indicated resource of 1.2 million ounces and an inferred resource of 354,000 ounces (at a cut-off grade of 0.3 g/t Au)…another round of drilling will begin shortly at Miraflores…there was big news out of Seafield May 9 with a change in management which has to be considered a bullish development…Cesar Lopez, who has a strong background in South American exploration management and development, is the company’s new Chief Executive Officer…he replaces Tony Roodenburg who remains as a director…insider trading reports show Lopez has bought 750,000 SFF shares on the open market between 25 and 32 cents per share… Tom Henricksen, meanwhile, has taken over as Vice-President, Exploration, from James Pirie who also has stayed on as a director…Henricksen has over 35 years of mineral exploration experience and has spent the last 15 years on projects in South America…Seafield exploded from the low 20′s to an all-time high of 77 cents in just one day last December but then proceeded to give up all of those gains…the company’s Quinchia land package in Colombia has a great deal of untapped potential and Seafield is also sitting on nearly $20 million in cash…the company announced April 5 that drilling has commenced at Santa Sofia, about 1 kilometre north of Dos Quebradas where drilling continues…Seafield geologists have identified a promising porphyry target measuring 1,050 metres in length and 850 metres in width at Santa Sofia with soil values up to 2.3 g/t Au…on March 7, assays were reported from the first 3 holes completed at Dos Quebradas with hole #2 intersecting 511 metres grading 0.58 g/t Au…the hole ended in mineralization…hole #1 delivered 269 metres grading 0.37 g/t Au while hole #3 was drilled to define the eastern limit of mineralization and returned no significant results…significant intercepts well outside areas of historical drilling at Dos Quebradas would start to get the market excited…the geological case for Seafield’s Quinchia land package is compelling and we’re looking forward to more results from Dos Quebradas as well as initial assays from Santa Sofia…patient investors have an opportunity to do extremely well with this play given the geological merits of Quinchia and the real potential for 5 million+ ounces from several potential deposits…we have confidence the new management group will unlock value by bringing fresh insight and new energy to this play along with a more aggressive exploration approach…Seafield has gained 367% since we made it the first company in the BMR model portfolio in the summer of 2009…its current market cap is $46 million, just slightly more than twice the company’s cash value…