Bishop October AnalysisThe stock has now entered into the greatly oversold region below the RSI of 30. Hopefully the sell-off is almost over and thinking of adding to position. Many resource stocks are showing the same candlestick pattern with an accentuated hammer that should indicate bottom but who knows with this TA stuff?
Bob Bishop's most recent analysis has appeared on the VIA website and is pasted in below. Adrian Day has also commented (October 13) and go to the VIA website for this pdf file.
October 2005
Virginia Gold (VIA.T/$6.60) — Our last comment on Virginia noted that the bar has been raised very high on the Eleonore project. This is another way of saying that the best discoveries have a tendency to get ahead of themselves in the market, and as we’ve noted all along, Virginia has not been cheap. This probably has much to do with the last several reports from the project not having produced new highs in the stock; those wanting more market action have moved on in search of it. We believe that Eleonore’s grade, location, consistency of mineralization, and the unusually high drilling “hit” ratio are deserving of a premium, and should support VIA near $6.50 on the current selloff. Profit-taking has been suggested on multiple occasions and we view holding the stock at this time to be placing a bet on an acquisition of the company or the project. With recent results not producing new highs, this still early-stage discovery has become a mature story in the eyes of the market.
Robert Bishop Gold Mining Stock Report, Box 1217, Lafayette, CA 94549. (925) 284-1165, fax (925) 891-9188 Subscription Email: alert@goldminingstockreport.com, Editorial: editor@goldminingstockreport.com.
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Investor Relations / Relations aux investisseurs
Virginia Gold Mines / Mines d'or Virginia
800-476-1853
VIA - TSX
www.virginia.qc.ca
mines@virginia.qc.ca