ZitatAber hier vorerst nicht,solange die Fantasie(und der Markt) stimmt.
Ja, und solange die Bohrergebnisse und News zu Peru nicht raus sind, gleich zweimal nicht!
Aus der letzten News zur Baja:
Finally, representative blind duplicate samples will be forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control
Warum schickt man das Zeug an 2 weitere Labors? 
Glaub ich Dir!
Ich hab den Anteil über einen Zeitraum von 2 Jahren stetig gesteigert. Quasi im Gleischritt mit der Entwicklung der Firma... 
Deutlich höher als Du!
Frag doch mal einer den Moriarty, was CDU bei ihm für nen Depotanteil hat!
Dann wisst ihr in etwa auch, wie hoch meiner ist! 
Einfach nur geil!
Ich freu mich schon auf nächste Woche! ![:]](https://goldseiten-forum.com/wcf/images/smilies/pleased.gif "Freude"){kind=small}
Soviel zum Thema "wird nur in Deutschland gehandelt"... 
Edel
Got you! Den meintest Du.... Bachalex lässt es in keinem Forum aus, gegen CDU zu bashen. Ich weiß nicht warum, aber es ist mir auch egal.
Er wird schon noch merken, dass seine Meinung ein fataler Fehler war/ist!
Wer hat der hat, ja!
Welche merkwürdige Einschätzung meinst Du?
Cardero options the Huachi copper-gold property
Arts 'n Mines - News and Opinion on Selected Issues in Mining
For a couple of years, I've been trying to convey the importance of the work C.ardero was doing in Baja, Mexico. I repeatedly mentioned how this had the makings of the mining story for the decade. In that regard, here is the most important bit of news advancing that scenario as we've had to date. I can't begin to stress the significance of this finding, and those to come, not only in regards to related targets in Mexico, but from those other world class properties controlled by C.ardero in Peru and Argentina as well.
Over the next two weeks, we are likely to have follow-up news on this story, together with progress reports on the continuing exploration on the irons sands in Peru, and the potentially massive, and strategically located copper-gold prospect in Argentina.
If you are at all interested in buying this stock, you should do so sooner than later, like RIGHT NOW. So far, the market reaction to this news is muted, but that, I believe is only pending wider appreciation of a rare, little understood type of ore body. I expect the market in Germany this evening to be much more enthusiastic. Further the investment conference in San Francisco in coming days will very probably include presentations on mining opportunities by some of the most widely followed analysts in the business, who will almost HAVE TO talk about this news and through their weight behind it.
Still, the big kicker, when it comes, is likely to be when an offer is made to either take out C.ardero, or it's properties in Mexico. No telling when that will happen.
Let me stress this another way. This may be the most important piece of news on a mining company that you will ever hear from me, or anyone else.
Ein ATH nach dem anderen heut.....
Wer noch nicht hat, sollte sich beeilen!
und WML News
Wealth Minerals completes Mackenzie exploration program
2005-11-16 13:56 ET - News Release
Mr. Jerry Pogue reports
WEALTH PROVIDES UPDATE ON THE MACKENZIE PROJECT
Wealth Minerals Ltd. providing an update of activities at the Mackenzie project, British Columbia.
The Mackenzie project consists of five claim blocks totalling 65,904.476 hectares. The claims lie within a northwesterly trending belt measuring roughly 90 kilometres long by an average of 12 km wide. This belt is located near the town of Mackenzie, approximately 150 km north of the city of Prince George, B.C.
The claims are underlain primarily by late Proterozoic clastic and carbonate sedimentary rocks of the Misinchinka group.
Reconnaissance silt sampling in 2003 and 2004 outlined a number of drainages which are highly anomalous in gold. Subsequently, Wealth Minerals optioned the project in 2005 and completed an extensive exploration program from August to October, 2005. A total of approximately 2,800 soil, silt and heavy mineral concentrate (HMC) samples were collected, and results have been received for approximately 2,000 samples.
Approximately 85 HMC samples were collected and processed at the laboratories of CF Mineral Research in Kelowna, B.C., before being analyzed at Acme Analytical Laboratories in Vancouver, B.C. This HMC work confirmed and expanded the areas of anomalous gold in creeks, as defined by the earlier work in 2003 and 2004. CF Mineral Research picked gold grains from a number of samples, had them mounted, and produced conventional photomicrographs and SEM (scanning electron microscope) photographs. The gold grains are hackly and contain quartz, and are consistent with having been derived from nearby quartz vein sources.
Detailed silt sampling and follow-up soil sampling of anomalous creeks has outlined a number of source areas in at least eight separate drainages. These source areas range in area from 15 square kilometres to 80 square kilometres. Numerous anomalous values in sieved stream sediment samples have been recorded to date and limited soil sampling has also returned anomalous values. An early snowfall in October prevented detailed work on these anomalous source areas.
The Mackenzie project exhibits many of the regional characteristics of sediment-hosted vein deposit (SHV) districts such as:
Bendigo-Balarat, Australia;
Muruntau -- 80 million ounces, Uzbekistan;
Sukhoy log -- 20 million ounces and Olympiada, Russia; and
Macrae's Flat -- five million ounces, New Zealand.
The project was examined in September, 2005, by Dr. Paul Klipfel, a recognized authority on such deposits. Dr. Klipfel concurs that all the necessary criteria are present for the discovery of an SHV deposit or deposits.
The company expects to receive all of the results from the present exploration program by early December, 2005. At that time, all the data will be assessed and planning initiated for the next stage in the exploration of this very large project.
Nun ist C.ardero am Zug!
Sie ist doch noch angehalten! Trading Halt.....
Ascot wird weiter gekauft.... Warum nur?
Hier noch was zu WML:
In the last Gold Hotline, I recommended the purchase of shares of Wealth Minerals (WML) up to C$1.50. The past two days you have gotten an opportunity to do that. So Wealth is now on our buy list. Last time, I forgot to deal with the ticker symbols.
Wealth trades on the TSX Venture Exchange under the symbol, WML. It also trades in the United States on the Nasdaq Bulletin Board under the symbol WMLLF.OB. The last trade there was at US$1.23.
Wealth is involved in uranium exploration in Argentina. This is a big deal. Uranium is hot and has been for a year. Because of the pricing problems of oil, uranium is destined to take a much higher-profile position as a global energy provider in the future. I think this is a long-term trend just now emerging. Wealth is positioned to really benefit from the future.
Wealth also has a large gold exploration project in British Columbia. It has performed a lot of surface work on this deposit, delineating its dimensions before deciding to drill it. No results have been released, but it stands to reason the company would not continue working there if it wasn't continuing to find gold in the surface samples of soil. So I can't tell you we have a gold mine; I can tell you we have a bona fide shot at getting one.
The reason the share price is much higher than other exploration ventures we've gotten into is that uranium exploration is commanding a high price right now. Success, though, brings even higher-priced rewards in uranium. With a top-notch and experienced management team, I think Wealth shareholders will do very well. I have an 800 number for you to call, if you're interested. It is 888-331-0096.
Wealth minerals remains a buy up to C$1.50.
That's it for today. I'll be back with another Gold Hotline on Thursday, November 17. Take care now.
Dennis Wheeler
Continuum invites Fortuna to earn into San Jose
2005-11-16 10:00 ET - News Release
See News Release (C-CNU) Continuum Resources Ltd
Dr. Lawrence Dick of Continuum reports
CONTINUUM RESOURCES LTD. ANNOUNCES EARN-IN AGREEMENT WITH FORTUNA SILVER MINES, INC. AT THE SAN JOSE SILVER-GOLD DEPOSIT, OAXACA, MEXICO
Continuum Resources Ltd. has reached an agreement with Fortuna Silver Mines Inc. in which Fortuna can earn a 70-per-cent interest in Continuum's 80-per-cent share of the San Jose silver/gold deposit located in Oaxaca, Mexico. The agreement, which is subject to exchange acceptance, requires Fortuna to spend $2-million in exploration over the next 24 months, primarily on diamond drilling, and includes a $1-million private placement into Continuum by Fortuna at a price of 20 cents per share. At the termination of the drill program, and based on a National Instrument 43-101 resource calculation, Fortuna will pay Continuum 50 U.S. cents for each ounce of silver or silver equivalent in the measured resource category and 35 U.S. cents for each ounce of silver or silver equivalent in the indicated resource category, corresponding to the interest of Fortuna in the deposit.
Exploration drilling and underground sampling by Continuum at San Jose, since 2004, have been focused on defining the dimensions and grade of one mineralized zone, or shoot, called the Trinidad zone. The Trinidad zone occupies approximately 400 metres of strike length along the epithermal vein system, which can be traced in outcrop on Continuum's property for three kilometres. Surface geochemistry and historic mine workings indicate the potential for additional zones of silver/gold mineralization along the three-kilometre strike length of the epithermal system.
Recent underground channel sampling of the Bonanza vein on the newly excavated level No. 6 (150 metres in depth) within the Trinidad zone returned an average grade of 10.2 grams per tonne gold and 1,102 grams per tonne silver, over a minimum true width of 2.26 metres. The vein is underlain by a stockwork zone grading up to 6.52 grams per tonne gold and 482 grams per tonne silver over a true width of 14.8 metres.
An inferred resource estimate, which is compliant with National Instrument 43-101, was carried out on the Trinidad zone by Independent Mining Consultants (IMC) in Tucson, Ariz. This estimate calculated an inferred resource of 15.8 million ounces of silver equivalent (Ag Eq) within 1.562 million tonnes grading 314 grams per tonne Ag Eq, at a 113-gram-per-tonne Ag Eq cut-off. At a cut-off grade of 170 grams per tonne Ag Eq, the inferred resource is 971,549 tonnes grading 424 grams per tonne Ag Eq, totalling 13.18 million ounces of silver equivalent. The resource was calculated using a gold price of $400 (U.S.) and a silver price of $7.50 (U.S.). Table No. 1 outlines the inferred resource estimate and equivalent grade calculations.
Fortuna plans to drill test the entire strike length of the San Jose epithermal system, with the objective of defining additional mineralized zones and upgrading the Trinidad resource.
The earn-in agreement
Continuum has entered into an agreement with Minerales de Oaxaca to acquire up to an 80-per-cent interest in the San Jose property. Fortuna's agreement with Continuum allows it to earn up to a 70-per-cent interest in Continuum's 80-per-cent interest, or a 56-per-cent overall interest in the San Jose project.
Fortuna also has the right to earn a 60-per-cent interest in Continuum's interest in the Taviche silver project, located approximately 14 kilometres east of the San Jose deposit, and other silver projects of Continuum in Oaxaca. The properties that cover the Taviche district contain several past-producing underground silver mines, very similar in geologic setting to San Jose.
To earn its interest, Fortuna will spend $2-million on drilling at San Jose on or before Dec. 1, 2007. A minimum of $1-million will be spent on or before Aug. 1, 2006. When Fortuna has completed drilling at San Jose, it will prepare an National Instrument 43-101 resource calculation.
Within 30 days of completion of a mutually acceptable resource calculation, Fortuna will pay Continuum an amount equal to 56 per cent of the resource at a price of 50 U.S. cents for each ounce of silver or silver equivalent in the measured resource category and 35 U.S. cents for each ounce of silver or silver equivalent in the indicated resource category.
Fortuna will also subscribe for a private placement of five million shares of Continuum at a price of 20 cents per share for proceeds of $1-million. Continuum shall use the proceeds from the private placement to perform a minimum of $500,000 worth of exploration on the Taviche claim group, located outside of the San Jose property. Fortuna shall have the option to acquire a 60-per-cent interest in Continuum's interest in other silver projects in Oaxaca in which Continuum has or acquires an interest by spending the greater of twice the amount expended by Continuum on that particular property and $500,000.
The San Jose property
The San Jose project is located in the Taviche silver/gold district, 43 kilometres south of the city of Oaxaca in the southern of Mexico. High-grade silver/gold mineralization is hosted by a system of epithermal quartz veins and hydrothermal breccias. The vein system is exposed for three kilometres on the surface, within Continuum's property limits. Historically, only 800 metres of strike length, to a maximum depth of just 130 metres below the surface, have been exploited.
Underground mapping and sampling have revealed three north-south-striking zones of silver/gold mineralization in the vicinity of the Trinidad shaft which include, from east to west:
the Bonanza vein, which grades an average of 10.2 grams per tonne gold and 1,102 grams per tonne silver over a minimum width of 2.26 metres, along 40 metres of exposed strike length;
the footwall to the Bonanza vein, which has yielded 14.5 metres of true width grading 6.52 grams per tonne gold and 482 grams per tonne silver in a first crosscut and 17.1 metres of true width grading 3.8 grams per tonne gold and 449 grams per tonne silver in a second crosscut; and
the Fortuna vein, situated 40 metres west of the Bonanza vein, grading an average of 2.29 grams per tonne gold and 421 grams per tonne silver over a minimum true width of 2.37 metres, along a strike length of 66 metres.
Two exploration drill holes were completed in 2001 beneath the lowest mine workings and confirmed the depth potential of the orebody. One of the holes intersected, a 25.6-metre core interval grading 3.25 grams per tonne Au and 436 grams per tonne Ag, within which a 12.4-metre interval averaged 5.66 grams per tonne Au and 730 grams per tonne Ag. The second hole intersected 6.5 metres averaging 3.31 grams per tonne Au and 540 grams per tonne Ag.
Gold-equivalent inferred resource
In May, 2005, Continuum disclosed a National Instrument 43-101 inferred resource estimate for the Trinidad zone, the most northerly of the zones of silver/gold mineralization known to occur at San Jose. The resource estimate was calculated from underground channel sampling and diamond-drill results. The estimate is tabulated below for a range of cut-off values. At a cut-off of four grams per tonne Au equivalent (Au Eq), the zone contains an inferred resource estimated at 202,620 ounces Au Eq grading 9.02 grams per tonne Au Eq. A brief report, dated June 5, 2005, prepared by Independent Mining Consultants Inc. has been posted by Continuum on SEDAR.
TABLE NO. 1: SAN JOSE
INFERRED RESOURCE ESTIMATE
Cut-off Cut-off
grade grade
Au Eq Ag Eq Ag Eq Au Ag
gpt gpt Tonnes gpt gpt gpt
2.0 113 1,562,321 314 1.76 215
3.0 170 971,549 422 2.43 285
4.0 226 699,377 509 2.97 341
5.0 283 527,283 594 3.5 396
Cut-off Cut-off
grade grade
Au Eq Ag Eq Au Ag
gpt gpt ounces ounces
2.0 113 88,406 10,839,754
3.0 170 75,905 8,893,033
4.0 226 66,783 7,674,416
5.0 283 59,335 6,713,310
Cut-off Cut-off
grade grade
Au Eq Ag Eq Ag Eq
gpt gpt ounces
2.0 113 15,834,693
3.0 170 13,181,666
4.0 226 11,447,656
5.0 283 10,065,738
The San Jose block-model mineralization is in the inferred class in accordance with National Instrument 43-101. The gold equivalent factor was based on the following assumptions:
price: gold $400 (U.S.) per ounce and silver $7.50 (U.S.) per ounce;
refining cost: gold $5 (U.S.) per ounce and silver 50 U.S cents per ounce;
recovery: gold 90 per cent and silver 90 per cent;
equivalent gold equals gold plus (silver multiplied by 0.0177); and
equivalent silver equals silver plus (gold multiplied by 56.5).
The data used for these calculations consisted of 13 diamond-drill holes totalling 2,124 metres with 844 gold and silver assays, coupled with chip-channel samples from level No. 5 and level No. 6 underground. The 13 drill holes (11 Continuum holes and two Pan American Silver holes) and 127 channel samples (all by Continuum) were composited to a length of two metres. Only assays having gold grades greater than 0.051 gram per tonne Au were included in the composite database used for the estimation procedures. Moderate dilution has been included into the vein model. A density value of 2.77 was assigned to the andesite host rock surrounding the veins, while the quartz veins have been assigned a density value of 2.64. An equivalent gold cut-off grade was used to tabulate the contained mineralization. This equivalent gold factor takes into account the refining cost and processing recovery as anticipated in any mining operations.
Preliminary metallurgical testwork
Preliminary metallurgical testwork was carried out on two composite samples of diamond-drill core from drill holes completed at San Jose by Continuum. The testwork was completed by metallurgical consultants Kappes, Cassiday & Associates from Reno, Nev. The two composite samples graded 4.56 and 8.26 grams per tonne gold, and 455 and 507 grams per tonne silver, respectively. The following tests were carried out:
gravity concentration;
flotation; and
flotation followed by cyanidation of the flotation-tailings fraction.
Gravity concentration testwork resulted in poor gold and silver concentrations of between 32 per cent and 39 per cent. Flotation testwork was conducted at two separate grind sizes, with the best results obtained at a grind size of 80 per cent passing 0.106 millimetres. The gold and silver flotation results were between 72 per cent and 74 per cent for both gold and silver in each sample. A high percentage of coarse gold, which tends not to float strongly, was considered as a possible reason for the modest flotation results. A further test, which will examine a gravity circuit ahead of flotation as a means of liberating free metal, was recommended by the consultant and will be carried out in the near future.
Very high recoveries were obtained by subjecting the tails from the flotation tests to cyanide leaching. Gold and silver extractions from the tails were greater than 90 per cent for gold and 64 per cent to 71 per cent for silver after 96 hours of leaching. The combined flotation with cyanide leaching tests resulted in an overall gold extraction of 97 per cent for gold and 97 per cent for silver.
Qualified person
The inferred resource estimate was calculated by Independent Mining Consultants under the supervision of John Marek, PE. Sample quality assurance and database management was supervised by Dr. Chris Osterman, PhD, registered geoscientist in Arizona. Dr. Lawrence Dick, PhD, PGeo, president of Continuum, is responsible for the accuracy of this news release. Geochemical samples were prepared by ALS Chemex in Guadalajuara, Mexico. Geochemical analyses were carried out by ALS Chemex of North Vancouver, B.C.
Genau!
Ascot wird in den letzten Tagen verstärkt gekauft. Immer derselbe Käufer!
Gedankenspiele!
Welche allerdings scheinbar immer wahrscheinlicher werden....
Zitatdanach sind die dann aber ausgepowert!
Eben! Weil übernommen!
@Edel
Klar! Quasi gleiches Management!
Nä. Woche beginnt die SF Gold Show. Ich denke beide werden eine gewisse Aufmerksamkeit auf sich lenken wollen!
Ich bin dick drin in WML und freu mich auf den Run, wenn C.ardero trifft. WML läuft dann unweigerlich mit!
Weiterhin stehen News zum Goldprojekt und dem Vertrag mit den Argentiniern an. Ich freu mich drauf!
I have a new buy recommendation for you today.
The stock is named Wealth Minerals (WML) and it's involved in both uranium and gold exploration. The uranium properties are in Argentina and the gold property is in British Columbia.
I first started watching Wealth in June, when the stock was just under a dollar. It then moved to a high of C$1.95 in early October before our markets turned down so sharply.
Wealth shares pulled back to a low of C$1.15 and have now bounced to its current price of C$1.45.
As you may or may not know, uranium appears destined to become the energy of the future, as oil supplies are becoming unreliable at reasonable prices. Also, there's a lot of uranium in Argentina. But because this country also has oil, there has been precious little exploration of its uranium resources for the past 30 years. This is now changing.
The most tangible sign of progress for this company is that it has signed a letter of intent to reach an agreement with the Argentine province of Salta to develop uranium properties that Salta holds in inventory. The agreement envisions that Salta will bring its best uranium exploration and development properties to Wealth for it to advance.
No properties have been advanced as of yet, but I look forward to this happening. Wealth already holds 17 uranium properties throughout Argentina and is currently having work done on some of them.
The management of this company has a habit of taking stocks to the American Stock Exchange.
This is their goal with Wealth. I will tell you more about the gold project in British Columbia next time. In the meantime, I recommend you purchase shares of Wealth Minerals up to C$1.50. Whether you are ready to buy or not, call the company for more information. You'll want to talk to Glen Shand.
You can reach him at 602-284-3840.
That's it for today. I'll be back with another Gold Hotline on Tuesday, November 15.
Dennis Wheeler
C.ardero Resources (CDU.TSXV/$3.68) - For some time I have been meaning to do a lengthy " perspective" piece on C.ardero, principally because it has two projects in its portfolio that I believe are not well understood. I may yet get around to this, but in the meantime, and in light of last week's selloff, at least a few words are in order. The most topical project in the company's portfolio is the Alisitos project, in Baja California and in joint-venture with Anglo American. This was a 70/30 deal (Anglo earning 70), but when the major was frustrated in getting a drill permit, the deal was recast, C.ardero became the operator, and the junior now has 40%, with the opportunity to increase this interest to 49%. If the current program meets with success and a world-class IOCG (iron oxide- copper-gold) deposit is the result, the restructuring of the deal could prove quite significant. I don't normally have high expectations for such an outcome, but this project has, on behalf of Anglo, been " blessed" by some of the world's most respected geological authorities, including the world's foremost authority on IOCG deposits (see Alert #329 - January 21 for a refresher on this subject).
The other project in C.ardero's portfolio that the market does not appreciate is the Peruvian iron sands project. A June 23 press release announced results obtained from Midrex Technologies, a wholly owned subsidiary of Kobe Steel Group, and these results were characterized as " very encouraging," which I believe understates the results of the recovery process at this early stage. These first results applied solely to magnetite recoveries, and additional testing is now focused on the recovery of titanium and vanadium from the sands that rise several hundred meters in places on this 32,000 hectare property.
The absence of public financings (read: no analyst coverage), a hefty market capitalization that discourages investor and analyst attention, and a near disdain for telling the company's story are among the reasons that C.ardero is not better known. I raise the issue of the iron sands project because, in a worst-case scenario in Mexico, this project has all the earmarks of a significant asset and should cushion any selloff in the wake of bad news coming out of Mexico.
For those who like to read between the lines and might interpret the preceding as cover-my-butt commentary, it is meant to be perspective, not an " I told you this might happen" caveat that I will be able to point to at a later date. On the contrary, at sub-$3 and slightly above, I have added to my position over the past six weeks, and am planning to ride my position through the current drill program. I first heard the IOCG story almost four years ago, liked it at that time, and have since visited the project. In June of 2004 I even sat in on a joint-venture meeting between Anglo American and C.ardero. With the first hole being spotted in close proximity to a shaft that has a production history of copper grades up to 30%, my expectation is that the first hole of the current five-hole program will not disappoint. The question is what will be in the others, and whether Anglo's modeling of a multi-billion tonne anomaly is well founded.
Drilling has now been in progress for a few weeks, and the company hopes to be in a position to report the first results in early November. Last week's selloff in CDU appears to be due to rumors concerning the state of the drill program, and the company will remain vulnerable to such influences between now and the receipt of the first drill results. As someone who knows management and other interested parties, my observation is that they are doing a very good job of keeping a lid on information. While this project may not be high on the market's radar screen, it is being closely watched by major mining companies, and the recent alteration of the deal percentages greatly enhances the possible outcomes in the wake of a discovery. Were I not in this one so early ($0.50), and perhaps more importantly, were a frivolous lawsuit not still hanging over the IOCG project, C.ardero would be a formal recommendation. Instead, consider the preceding an observation, some of my thoughts in advance of news to come next month.
Bob Bishop
C.ardero Resources (CDU.TSXV/$3.68) - For some time I have been meaning to do a lengthy " perspective" piece on C.ardero, principally because it has two projects in its portfolio that I believe are not well understood. I may yet get around to this, but in the meantime, and in light of last week's selloff, at least a few words are in order. The most topical project in the company's portfolio is the Alisitos project, in Baja California and in joint-venture with Anglo American. This was a 70/30 deal (Anglo earning 70), but when the major was frustrated in getting a drill permit, the deal was recast, C.ardero became the operator, and the junior now has 40%, with the opportunity to increase this interest to 49%. If the current program meets with success and a world-class IOCG (iron oxide- copper-gold) deposit is the result, the restructuring of the deal could prove quite significant. I don't normally have high expectations for such an outcome, but this project has, on behalf of Anglo, been " blessed" by some of the world's most respected geological authorities, including the world's foremost authority on IOCG deposits (see Alert #329 - January 21 for a refresher on this subject).
The other project in C.ardero's portfolio that the market does not appreciate is the Peruvian iron sands project. A June 23 press release announced results obtained from Midrex Technologies, a wholly owned subsidiary of Kobe Steel Group, and these results were characterized as " very encouraging," which I believe understates the results of the recovery process at this early stage. These first results applied solely to magnetite recoveries, and additional testing is now focused on the recovery of titanium and vanadium from the sands that rise several hundred meters in places on this 32,000 hectare property.
The absence of public financings (read: no analyst coverage), a hefty market capitalization that discourages investor and analyst attention, and a near disdain for telling the company's story are among the reasons that C.ardero is not better known. I raise the issue of the iron sands project because, in a worst-case scenario in Mexico, this project has all the earmarks of a significant asset and should cushion any selloff in the wake of bad news coming out of Mexico.
For those who like to read between the lines and might interpret the preceding as cover-my-butt commentary, it is meant to be perspective, not an " I told you this might happen" caveat that I will be able to point to at a later date. On the contrary, at sub-$3 and slightly above, I have added to my position over the past six weeks, and am planning to ride my position through the current drill program. I first heard the IOCG story almost four years ago, liked it at that time, and have since visited the project. In June of 2004 I even sat in on a joint-venture meeting between Anglo American and C.ardero. With the first hole being spotted in close proximity to a shaft that has a production history of copper grades up to 30%, my expectation is that the first hole of the current five-hole program will not disappoint. The question is what will be in the others, and whether Anglo's modeling of a multi-billion tonne anomaly is well founded.
Drilling has now been in progress for a few weeks, and the company hopes to be in a position to report the first results in early November. Last week's selloff in CDU appears to be due to rumors concerning the state of the drill program, and the company will remain vulnerable to such influences between now and the receipt of the first drill results. As someone who knows management and other interested parties, my observation is that they are doing a very good job of keeping a lid on information. While this project may not be high on the market's radar screen, it is being closely watched by major mining companies, and the recent alteration of the deal percentages greatly enhances the possible outcomes in the wake of a discovery. Were I not in this one so early ($0.50), and perhaps more importantly, were a frivolous lawsuit not still hanging over the IOCG project, C.ardero would be a formal recommendation. Instead, consider the preceding an observation, some of my thoughts in advance of news to come next month. http://www.c.ardero.com.
Bob Bishop
