From Rouyn-Noranda, Quebec, 11:20 am Eastern
Gold has traded in a range of $1,365 to $1,377 today…as of 11:20 am Eastern, the yellow metal is unchanged at $1,370…Silver is 28 cents higher at $28.97…the U.S. Dollar Index hit a 6-week high overnight of just above 81.30 but is currently down one-fifth of a point at 80.98…Gold has solid technical support at $1,350 and bears will have a tough time knocking it below that level…the CDNX is down 4 points at 2221…the Venture showed technical strength on Friday and the key today will be a follow through advance…Currie Rose Resources (CUI, TSX-V) came out with encouraging news this morning on several fronts…drilling has intersected near-surface Gold mineralization along a strike length of 300 metres in its first-ever drill program at the Sisu River Property which is part of Currie Rose’s large Mabale Hills Project in northwest Tanzania…while there is certainly no “big hit” yet at Sisu River, which has disappointed the speculators and driven down the share price, there’s clear evidence in the results that CUI is on to something at this property which is why the company has already secured a rig for a major follow-up drill program in the spring…the best result was 11 g/t Au over three metres in hole #13…70% of the shallow 26 holes intersected mineralization and geologist Michael Griffiths stated, “We’re optimistic because other deposits in Tanzania show similar near-surface expressions”…200 kilometres to the southeast, Currie Rose’s Sekenke Project is of major interest as it surrounds and runs in between two past producing high grade mines…in addition, an 8,000 metre drill program is scheduled to commence tomorrow at the company’s Scadding Gold Property near Sudbury…Trueclaim Exploration (TRM, TSX-V) is the operator and has an option to earn a 51% interest in that project…Currie Rose’s working capital has also increased to $2 million through the exercising of warrants…the stock has been volatile today, climbing as high as 39 cents before news came out…some of the speculators and “flippers” obviously sold on the news which is often typical…the stock is currently down 11 cents at 23 cents on nearly 8 million shares…we look at the bigger, longer-term picture which is extremely positive for CUI as the company continues to move forward with a truly outstanding land package in a prolific Gold region of Tanzania…we’re as optimistic as ever regarding Currie Rose and we see strong potential for a breakthrough year for this company, so the kind of sell-off we’re seeing so far this morning presents opportunity in our view..another situation we’re watching closely in Tanzania is Sidon International (SD, TSX-V) which is looking very strong technically recently…SD is currently off half a penny at 20 cents…Abcourt Mines (ABI, TSX-V), with substantial resources in the ground as we detailed in an article last night, is ahead 3.5 pennies this morning at 22 cents on strong volume…Abcourt is a very intriguing situation and we’ll be reporting on it more by tomorrow…Gold Bullion Development (GBB, TSX-V) is unchanged at 79 cents…John’s updated chart over the weekend speaks volumes about the outlook for GBB…Cadillac Mining (CQX, TSX-V) is down 3.5 cents at 37 cents…we’re continuing to research CQX with great interest…we provided some detailed information in our Week In Review feature Saturday…a company we haven’t mentioned in quite a while that was part of the BMR model portfolio until August is catching our attention again – Kent Exploration (KEX, TSX-V)…Kent has strengthened itself financially in recent months and drilling has started again at its Gnaweeda Gold Project in Western Australia…financing has also been completed for spin-off company Archean Star Resources which is expected to be listed on the Venture Exchange in the near future…Kent shareholders at the date of record will receive one Archean Star share for every four shares in Kent…with Kent trading at just 13 cents, the opportunity now with this stock is more attractive than ever…we also very much like Kent’s Alexander River Gold Property in New Zealand which has an historical non-compliant 600,000+ ounces, and the Flagstaff Barite Property which presents good cash flow possibilities for 2011…timing is everything in the markets, and the timing with Kent last year just wasn’t quite right…the timing now appears much better…
Any idea on the price plunge. Was the stock price was based on speculation?
Comment by Jim — January 10, 2011 @ 10:44 am
Re:CUI.V Looks like a whole lot of stops got triggered to me!
Comment by dave — January 10, 2011 @ 11:46 am
Attn: BMR
Stock price for CUI gone down by 0.10. Your comments would be appreciated.
Comment by Eric Benson — January 10, 2011 @ 11:58 am
BMR comments on the sp are in the top paragraph
Comment by vlad — January 10, 2011 @ 12:05 pm
FINALLY REPORTED ON KEX WHICH IS GOOD NEWS FOR ALL HOLDING THRU ALL THIS….SOUNDS GOOD!
Comment by STEVE — January 10, 2011 @ 5:34 pm
Great job with the site. Just wondering what your take is with Sidon and thier relationship amongst the directors and geologists of KOK and EZ. It at times feels like they have become so inter-twined with each other that it makes you second guess investing into any of these companies. Are they simply filtering money through each company, and lining thier own pockets or is this relationship amongst companies a common occurance? I have been following your web site for the past year and I have had a healthy position in SD from just prior to your initial coverage on them. Your thoughts would be greatly appreciated. THanks again, Mikey
Comment by Mikey — January 11, 2011 @ 8:45 am
Hi Mikey, thanks for your question, it’s a good one. Someone else raised this point a while back. It’s not something I’ve been personally concerned with, and I’ve seen it before in the industry. What I’ve kept my focus on is how Sidon is developing as a junior exploration company and on that score I’m very impressed. They’re making steady progress and I believe they are genuinely determined to make something big happen with Sidon. At the end of the day the drill bit will determine just how far this goes, but they have promising ground in Tanzania and very early results are encouraging.
Comment by Jon - BMR — January 11, 2011 @ 9:24 am