ETG under accumulation?For the past few months, ETG has traded between $1.19 and $1.37 with an average price of approximately $1.30. The largest volume was on September 20th, when National Bank purchased a block of more than 400K shares. Even before, Morgan Stanley took down a large position. So far in October, BMO Nesbitt has acquired more than 400K shares.
Recently, the stock appears weak at the start of daily trading but closes strong. There has been little in the way of Company news since the July 17th release stating that they were "nearing the close of the negotiations". Shareholders have never been informed of the results from last year's drilling program. Why? Major copper stocks like Teck have been weak with the downturn in metal prices. This could be a perfect opportunity to accumlate ETG as it still is a potential takeover target. Be patient.
Ratso