Thank you for the $.06 giftA big thank you to everyone who has been selling at $.06 throughout the summer. I’ve been able to double my position at this price.
We know the PEA could come out any time between September and November. It should come out at a time of rising gold prices, judging by the difficultly the western PTB are having crushing gold over the summer. As well, the new proposed mining laws should add some excitement to the stock. If gold rallies before the PEA is released, there should also be considerable investment interest from gold profit takers looking for stocks that are still undervalued throughout the fall. With the recent BRICS developments, lack of new discoveries, mine shutdowns and economic and geopolitical uncertainty, it's difficult to believe gold will continue trading at these levels for long.
The other two discoveries just to the north of EGX’s holdings sold for $8.50 (Corriente) and $9.00 (Aurelian) with roughly the same number of shares out and comparable resource bases. Corriente’s property had next to no gold credits only copper.
The Chinese partner that owns 52 percent should ensure the buyout is quick although it may restrict the price. So, the wildcards are the response to the mining law changes, a settlement or sale of the Fruite del Norte property (Aurelian sold to Kinross) and most important, the price of gold.
It may take a year, but the buyout price will certainly be multiples of the current price. I’m planning to keep buying until the price passes $.10 then I’ll sit on it for a year or two until a buyout or a much higher priceis reached.
Circumstances have conspired to create major opportunities for long-term value investors in the precious metals market. These opportunities don't usually happen more than once in most people's lifetimes.