BullMarketRun.ca

Markets are generally weak across the board this morning though Gold has inched into positive territory after being down as much as $10 an ounce…Gold is now up $1 to $1,238 as of 7:30 am Pacific time…the CDNX is down two points to 1454…as we indicated yesterday, a key technical support level for the Venture is 1,440…Gold Bullion Development (GBB, TSX-V) is taking a breather after a couple of strong days that pushed it into overbought territory on the RSI…GBB is off 2 pennies to 67 cents…Fire River Gold (FAU, TSX-V) is unchanged at 66 cents…the company is in the process of completing a proposed $5.5 million private placement at 50 cents to raise additional capital for its Nixon gold mine project in Alaska…the stock is likely “range bound” until that financing is completed and approved but this could be a very interesting summer for Fire River…Kent Exploration (KEX, TSX-V) and many other companies got some good news this morning with the sudden resignation of Australian Prime Minister Kevin Rudd…Rudd has been on the hot seat lately for his proposed “super tax” on producing mining companies in that country…Deputy Labor leader Julia Gillard has been sworn in as Austalia’s new Prime Minister and becomes that country’s first female leader…she is thought to be more flexible on the issue of the mining tax but actions speak louder than words…it will take some time and probably the election of a new government in Australia before investors in the mining and exploration sector get comfortable again with that jurisdiction…it’s important to note however that two of Kent’s three flagship properties are not in Australia…Kent is up half a penny to 11 cents…we see good things in store in the near future for Seafield Resources (SFF, TSX-V)…the stock has languished for the past few months which is one reason we see a lot of value at the moment…the company has completed a $3 million private placement and should commence drilling operations at its Quinchia gold properties in Colombia shortly…the stock has formed a nice base over the last while and is resting just above its rising 300-day moving average at 16 cents…quite often the best time to buy a stock is when not that many people want it…the outlook for Seafield is very positive going forward…