Lundin refreshes First Mining buy
Lundin refreshes First Mining buy
2016-07-25 21:28 ET - In the News
Brien Lundin, in the July, 2016, edition of the Gold Newsletter, refreshes his buy of First Mining Finance Corp., recently 76 cents. Mr. Lundin said buy three times from June, 2015, to June, 2016, at prices ranging from 33 cents to 68 cents. Assuming a $1,000 investment for each of the three buys, the $3,000 position is now worth $5,591. First Mining has been taking advantage of the bear market to buy exploration assets at low prices. Its two most recent acquisitions, finalized in the last couple of months, involved the purchase of the Cameron gold project in Ontario from Chalice Gold Mines for 32.2 million shares, followed by the takeover of Tamaka Gold, the owner of the Goldlund project in Ontario, for 92.5 million shares. First Mining now holds 28 properties in Canada, Mexico and the United States. Its management says the company will now shift its focus to developing those properties (although further acquisitions are always a possibility). Assuming that the gold market co-operates, Mr. Lundin reckons that First Mining will be able to increase the value of its projects through development and joint venture exploration. The stock is a buy at current levels and a strong buy on any short-term weakness.