Lundin says hold Bear Creek Lundin says hold Bear Creek despite tempting prices
2005-09-01 14:22 ET - In the News
In the August, 2005, edition of the Gold Newsletter, Brien Lundin says hold Bear Creek Mining Corp., despite the recent torrid run-up in share price caused by two pushy releases from the Corani silver-gold project in Peru. Mr. Lundin said buy Bear Creek, now trading at $2.74, at 66 cents in May, 2005. An investment of $1,000 would now be worth $4,046.98. The recent buying spree for Bear Creek surprises even this letter writer, though the recent results from Corani provided ample cause. The initial results included four holes that returned a weighted average of 3.1 ounces per ton of silver. Hole 2 turned in 3.3 ounces per ton silver, 1.32 per cent lead and 0.36 per cent zinc over 52 metres. These results were enough to double the share price, but a second round further confirmed the project's potential. The latest assays averaged 3.5 ounces per ton silver over 51.9 metres. However, the results also produced a trench sample that created an entirely new target to the east of the current mineralization zone. Trench 18 uncovered an 86-metre area averaging 9.6 ounces per ton silver and 2.1 per cent lead. The new target, called Corani Este, could extend from 425 metres to over one kilometre if it proves contiguous with the previously defined area of mineralization. Mr. Lundin likes to follow promoters such as Catherine McLeod-Seltzer, Bear Creek's vice-chair. Ms. McLeod-Seltzer is a director of Silver Standard Resources Inc., a Lundin pick.