OTCQX:GLDXF - Post by User
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WHATisMONEYon Apr 09, 2010 8:26pm
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Good Coverage on SSP
Good Coverage on SSPDAVID PESCOD STOCKTALK
LATE EDITION
April 8, 2010
SANDSPRING RESOURCES (V-SSP) $1.49 +0.11
BENTON RESOURCES (V-BTC)
.48 +0.02
We catch up with Joe Martin today as he is touring from Vancouver to Calgary where his Cambridge
House will be having a conference this weekend for the mining crowd. When we catch up to him in Chilliwack
asking about his stock pick that we had got from him in January, Sandspring Resources, Martin
reiterates that it is still one of his favorite stories.
And he maintains a $3 target. For many years we had found it interesting that whenever we asked Martin for a stock pick it never seemed to work out...what with the access he has to all the analysts, all the mining companies, all the information available by the speakers at his conferences you’d think anything he suggested would be a guarantee.
For many years it wasn’t. All of a sudden over the last few years he is someone to listen to and sure enough after he had mentioned Sandspring it quickly doubled.
Over the last while though it has quieted down because of a financing that had to be done, and it has corrected rather significantly so over to Abraham Drost, geologist and president of Sandspring for an update. While we note the markets didn’t seem to respond all that well to the recent drilling results, Drost is actually quite pleased. He points out that they now have a rather nice sized starter pit of 1.5 gram material and the drilling continues to find additional resources as they expand out from the original resource.
He points out to the recent drilling results that had 1 gram over 100 meters and a greater depth had over a hundred meters of 2 grams or better, mind you that was at some depth. Drost will be speaking in Calgary this weekend at the conference and will be there early on Friday too because Sandspring was originally formed in Calgary through a CPC, and has a lot of original supporters of the company in that city.
He’ll be hoping to explain at the conference the implications of recent drilling and what it might be doing for the resource base, as he suggests recent numbers are using 3.3 million ounces as their current resource but they have an objective of being closer to 5 million ounces before they actually start their scoping study. Obviously
ongoing drilling hopes to add to that resource, but in the meantime Drost is taking the important step of getting his story told. After the Calgary conference he is off on Monday to the precious metals conference in England. (Meanwhile Dave Coffin isoff to Guyana to see the Sandspring assets).