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Colt Resources (COLT.CNQ) - Armamar Meda concession showing good potential
Objective Report, Mar 13, 2009
Despite the global recession, Colt Resources is continuing its exploration of the
Penedono gold project and the Armamar Merda tungsten project, which are
both in northern Portugal. The Armamar Meda concession, which surrounds
the Penedono property, is showing good potential for tungsten. Despite the
tough economic climate for resource companies, Colt continues to examine new
opportunities, and the company has added four new prospects in the Gaspesie
region of Quebec.
Our revised model yields a core valuation of C$0.28 per share, slightly higher
than the C$0.26 value contained in our June 2008 initiation note. Our revised
estimate remains subject to substantial risk given the early stage of exploration
and uncertain economic conditions, but are accompanied by significant
upside potential with more optimistic expectations of exploration success
and continued development.
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NioGold Mining Corp (NOX.V) - valuation robust despite recession and sector meltdown
Objective Report, Mar 10, 2009
NioGold is pressing ahead with exploration of its gold projects in the famous
Val d’Or mining district of Quebec. The company also holds a polymetallic
project at an earlier stage of exploration, also in Quebec, and it has added a
new prospect since our initiation note of June 2008. With its strong focus on
gold in a historic and accessible region of Canada, our valuation of NioGold
remains robust at C$0.23 per share, despite the global recession and resource
sector meltdown.
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