From Rouyn-Noranda, Quebec (11:05 am eastern time):
Gold dropped as low as $1,210 this morning but has reversed sharply and as of 11:05 am eastern time is now ahead $12 an ounce to $1,232…the CDNX, trying to reverse a 4-session slide, is down 7 points to 1458…the Venture has areas of very strong support at 1400 and higher…the pullback from last week’s high of 1514, after a run of almost 9% over a very short period, is not surprising and we expect further consolidation before this market ultimately moves significantly higher…there is considerable fear in the markets overall right now which we view as a positive sign…Gold Bullion Development (GBB, TSX-V) is showing strength this morning and is currently at 44.5 cents, up 1.5 cents, on over 400,000 shares…Gold Bullion’s Granada Gold Property is such an exciting project with tremendous exploration upside, particularly to the east as confirmed in a Quebec Ministry of Mines report that we wrote about yesterday…we also see great potential within the current Preliminary Block Model at depth (>300 metres)…Gold Bullion has reported they do intend on drilling some deep holes (300 to 500 metres at least) during this Phase 2 drill program…the rich mining history of Rouyn-Noranda is really something to marvel at, and we’ll be reporting more on this tomorrow…the BMR Portfolio is relatively quiet this morning…Seafield, which we’re watching closely, is currently unchanged at 17 cents…we expect news shortly on the closing of Seafield’s recently announced proposed private placement of $2.5 million…Richfield Ventures (RVC, TSX-V), which may have bottomed last week at $1.07, is unchanged at $1.25…investors should stay patient with Sidon International (SD, TSX-V) which continues to put the pieces together on its proposed exploration move into Tanzania…Sidon is unchanged at 4.5 cents as it continues to trade in an area of very strong technical support…
