Magellan Minerals Ltd MAGNF

RE: Wow

[travelnutter]

You are probably right about the manipulation but the market today is down the toilet overall - gold really bad - with selloffs all over so today is not the best test of MNM's market value.  I would have liked an up day because I think that would have given us a fair picture of growth potential.  Overall the market is drifting sideways, even slipping slightly since New Year so I don't have a lot of confidence that we will see any significant junior explorer growth for much of this year bar the news of a lucky strike on the mother of all deposits.  I can see a significant correction coming down the road.

MNM needs to drill asap to identify/publish real/inferred totals.  Hopefully results will continue positive.  Not at all sure this purchase will go through - seems to be taking too long - but MNM needs some gold production to finance drilling otherwise further dilution.  I think $1 unlikely in near future unless really big NR comes out. 

MNM still very attractive as a long-term play - excellent potential - but definitely not a short-term money maker.  I sold off most of my PEM for the same reasons-growth way too slow- but continue to track it daily just in case it takes off.  I might put MNM in same category while I make a bit of money elsewhere.  I need to see what happens to the market for the rest of the week before I make a decision.