Any thoughts on this one. Seems like they've had some good drill results and market is reacting positively to it
Those are some nice drill results. Had not heard about this company before but definitely putting it on my watch list and doing some additional research. I like that the resources is close to the surface and seems to be higher grade for a potential open pit mine. Not at all familiar with Mali however - is this a more stable west Africa country?
Might look to add a starter position on a pull back.
Don't know if you saw this headline also today GM3000.... Gryphon Minerals is buying some shares.
Also, looks like they have $27 million in the bank and plan to release a JORC resource mid-2012. So looks like they have some decent money to play around with.
I liked this stock after doing some quick research after you posted a month ago. I've watch it just about every day since then waiting for a dip to start buying - hasn't happened. The stock is a monster. I don't know if I should just cave in and start a position or keep waiting.... The drill results of this puppy did give me a warm sensation in mah pants.
What price are you in at?
Also a little off topic - have any opinion on wildcat silver (ws.v)? Its one ive owned and followed for awhile. Seems like a no brainer to me - large rich silver/manganese/lead deposit in AZ.
So much for Mali being considered one of the most stable places in Africa....its military take over time. Stock down 12%, I don't know if this my time to start buying or stay away. I might add to some Canadian juniors rather than take on this gamble.
I see its down another 9%. I under your position mania. I might start a position in it if it goes lower. Just because they have some spectacular drills results and follow the ol adage "buy when other people are selling".
Looking forward to any updates on the Mali coup .....I'll keep my eyes peeled as well
It doesn't seem that the coup presented any material political risks to the mines their. Political risk comes in different shades. Hecla mine is the kind of political risk that can totally damage a mine. Right here in the United States. My bet if Hecla was operating in Mali. That same risk would be off the table. This was a garden variety coup, and there was no wide spread violence nor were any of the mines operations effected.
The crowd sold out of fear and perceptions not due to any material changes. The sheeple are alive and well in the mining sector as well. Their fear brought them loss of positions and recent profits.
As far as Canada being more stable, you might want to put a list together of what you consider stable. A completely socialist goverment, high regulations, might hurt a miner in Canada, just like Hecla, before the mines in AFrica get effected. Africa needs the income more and gold. People are willing to die for it. IN Canada, people have soft hands just like America. Unsafe conditions would close a mine. Aside from that, Africa is going to outpace all the other continents with their gold discovery. Leaving the feeble left out in the cold.
While I agree that the coup doesn't appear to have anything to do with the mining sector, I wouldn't go as far as to say its sheeple selling their shares. You really have no idea that tomorrow some general in Mali that is running the show might declare large increases in mining tax or whatever they would like to call it. While a 20% increase in tax might not kill a good looking project like Papaillon's, it might inject a greater amount of uncertainty in the whole stability of the country. Because I'm sorry, if countries are having military coups, you shouldn't fool yourself into thinking "this is all north rebels, military isn't interested in the mining sector, they rely on the income, we are GOOD TO GO....dumb sheeple selling their shares". That seems incredibly naive to me.
So while I think that this is a good contrarian buying opportunity, I am wary of rushing to the conclusion that the goose that is laying the golden nugget in Mali will be totally ignored.