RE: LAM getting nearer to a new 52 week low..I wouldn't despair. There will likely be some positive news at the May 19th AGM. The Khan situation will probably be resolved at the end of May. The company is holding valuable assets worth much more than the current share price. I would remind you what GMP and Dundee said in January (see below). Nothing has changed.
Griffiths McBurney January 28, 2010
First Drill Results from Summer Drill program
? LAM announces the first results from its summer drill program
? The results may indicate the potential to increase the resource within the deposit and along strike to the north at Huarabagoo
? We believe that Laramide is currently undervalued on all metrics.
? Maintaining our BUY recommendation and decreasing our target price to C$2.60/sh from C$3.10/sh, due to adjustments to our exchange rates, based on 0.8x NAV.
Dundee January 28, 2010
| Conclusion: We continue to recommend Laramide as a BUY with a 12-month share price target of C$3.15. Results from seventeen holes that were drilled before Christmas along the main structural corridor at its 52 million pound Westmoreland project have begun to arrive. We expect more results before Laramide can get back to drilling once the rainyseasons passes. Early numbers are encouraging. Gold has been identified, and uranium mineralization can now be traced for another couple hundred metres northward towards Junnagunna, beyond the 8.5 million lb Huarabagoo deposit. There is a distinct change in style of mineralization from vertical at Huarabagoo to flat at Junnagunna, but where this transition occurs is unknown. On limited drilling, results appear a little spottier to the north, but further assays are required to see if these deposits tie together, and whether previously drilled holes were successful in tracing mineralization further northward. | |