New Planetary Prospect: Colombian Mines Corp. (CMJ)
Scrubbing Medoro Resources (MRS)
MEDELLIN -- After touring a central property of Colombian Mines Corp. (TSX: V.CMJ, Stock Forum) at what appears to be a potent gold porphyry at Yarumalito, Ticker Trax is declaring the company a Planetary Prospect, our 12th of this service.
We will be reporting more later on Stockhouse, and in Ticker Trax reports for subscribers over time.
In the category of land grab, Colombia for gold, copper, coal and oil is so hot, it needs new windows (or I guess one might say some new ventanas.)
Bob and Gloria Carrington and Nate Tewalt's tiny Colombian Mines, even after having risen from the ashes earlier this fall, and climbing to 81 cents Canadian Wednesday, is still less than a $20 million company, fully diluted. Further, it is the only Colombian gold mine I know of that has yet to raise (read: dilute) money to continue its drilling at that property near Medellin and more than several others across this booming energy and gold nation. (Of course, we expect at some point the company will raise cash via issuing shares. Let's hope that happens well above the $1.30-level so as to keep all stockholders happy. As with all fresh Planetary Prospects, I have zero interest at this moment, and will purchase shares only after subscribers get their chance. I also do not participate in private placements but encourage qualified investor-subscribers to seek out CMJ when it finally does turn to the market. If it is not sold outright first, something the Carringtons have told me they are reluctant to do.)
Bob Carrington has been around the proverbial mining block. The 54-year-old has helped identify prospects in Colombia since 1993. Colombian Mine's 100 percent-owned properties cover 300,000 hectares in the country. The 2,300-hectare project at Yarumalito is within striking distance of both the gold-dusted district of Marmato (whose Medoro Resources I own personally and about which, because of new VP of Exploration Vicente Mendoza, I am wildly enthusiastic about -- so accept my reporting knowing I am skewed in favor of Medoro. I have owned those shares, via predecessor Colombian Goldfields, since April or May 2008) and Guayabales (privately held Mercer Resources), both of them so potent, these properties draw many hundreds of wildcat mills and illegal miners and the attention of geologists worldwide.
On my tour, we saw, with several geologists along, some excellent looking magnetite and a bevy of hairline fractures that might point to an extended prospect beneath these gorgeous hills. The departments of Antioquia and Caldas, some three hours' drive from the city of Medellin, by some estimates have produced 25 million ounces of gold since the Incas, and later the Spanish, started sharpening their pick-axes.
Four holes already have been sunk, and these show good to very good to excellent grades and what some folks in these parts call dulce, or sweet, metallurgy. As in: no hai problema. Four more holes, in and around Las Escuelas part of the concession, are forthcoming.
I first was alerted to the promise of Colombian Mines and the walking encyclopedia of rock known as Robert Carrington in Ghana this past summer: a well known geologist who owns the shares and considers Bob and his gracious wife, Gloria, a Medellin native, as friends.
This is a rapid report -- not our usual Ticker Trax bulletin -- for subscribers. I leave later this evening for Lima and tours of Fortuna Silver (TSX: V.FVI, Stock Forum) and Focus Ventures (TSX: V.FCV, Stock Forum). I also hope to meet with representatives of Planetary Prospect Candente Resource (TSX: T.DNT, Stock Forum), a copper producer.
As for Colombia, as you now know, I have intentions of spending much more time in the country. This week and this past weekend, I toured five properties, including Pacific Rubiales' (TSX: T.PRE, Stock Forum) oil fields, Medoro's (TSX: V.MRS, Stock Forum) Marmato, Bob Allen's Continental Gold
/www.stockhouse.com/FinancialTools/sn_overview.asp?symbol=T.cnl&table=LIST">TSX: T.CNL, Stock Forum) and several others, including Guayabales and Yarumalito. I intend to discover more about others across the country, and likely will return later this month or in January to see Titiribi in Antioquia (George Julian) and, I hope, Adrian Hobkirk's efforts in and around Bucaramanga (Caerus Resources).
Ciao pues.
Questions about our 11 Planetary Prospects? Feel free to call or slog me: thom.calandra at stockhouse.com. I have great interest right now in exploring several nations -- Ghana, Mexico, Peru, Haiti, Indonesia and my beloved Colombia, where I am planning to spend a great deal of time the next two years. They are all primed. I am in Colombia right now and Peru later this week: see itinerary at your leisure.
(All photos by Thom Calandra. Thom owns shares of our 11 Planetary Prospects. He will be purchasing shares of CMJ. He already owns Medoro Resources and will be reporting on that company.)
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