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[bjhernon]

Reputable junior miners in Africa
2/8/2011 2:30:35 PM | Thom Calandra
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OFF TO AFRICA – When I was younger and working inLondon as a markets editor, I learned the value of using “reputables,” as I named them, to diagnose the equity state of a region.
Africa is a continent with hundreds of active gold, platinum group metals and copper miners and prospectors. (I number here only publicly-traded equities and am not counting rare earths or molybdenum, diamonds, etc.) Some of those prospectors and miners, examined in research compiled more than a year ago by writer Barry Sergeant in Johannesburg, have risen several thousand percent in equity price from their lows (since the start of 2009). These include Pelangio Exploration (TSX: V.PX, Stock Forum) in Ghana; Zimbabwe’s New Dawn Mining (TSX: T.ND, Stock Forum); and African Gold Group (TSX: V.AGG, Stock Forum) in Mali and Ghana.
Others have not budged. I tend to employ in my research “reputables” whose principals I know personally. I have been on a tour withCanaco’s (TSX: V.CAN, Stock Forum) Andy Smith, although not in his company’s jurisdiction of Tanzania. Canaco Resources shares have risen so high so fast, I no longer wish to calculate the percentage gain over two years.
Had I followed Andy’s kind guidance in May 2010, when he as a director of Candente Gold (TSX: T.CDG, Stock Forum) accompanied us on a tour of El Oro in Mexico, and bought Canaco shares … well, look at the chart for yourselves.
Canaco is reputable, of that there is little doubt. It has negotiated its way through the tangle of Tanzania red tape in admirable fashion.Peter Kennedy at Stockhouse tells us in his reporting that Canaco is widely expected to prove up a gold resource at its Magambaziprospect. Magambazi is working as many as four drill rigs for definition drilling. Andy tells me this week a scheduled tour of the property later this week “filled up immediately” with analysts.