Balkan Resources Inc is an emerging Canadian-based junior exploration company
with a sharp focus on Albania. The currently unlisted company is going public
through a reverse-takeover of Tajac Capital Inc, a TSX Venture Exchange “Capital
Pool Company”. Upon completion of the transaction and a concurrent public
offering, Tajac will be renamed Balkan Resources Inc.
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Albania - revisiting old frontiers Oct 08, 2008
Modern Albania was forged in the crucible of communism. For over four decades
after WWII it was a communist state. Since the “fall of the wall” in 1989 she has
struggled through the violent break-up of Yugoslavia to carve slowly her own
identity among western capitalist democracies. Earlier in 2008 she was invited to
join NATO and aspires to EU membership in due course.
Albania’s natural resource base and a slow but purposeful programme of freemarket
reforms now underway suggest opportunities for resource investors after
decades of under-investment.
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JAB Resources (private) - defining a chromite project in Albania Oct 08, 2008
JAB Resources Ltd is an unlisted Australian based junior exploration company
focused on Albania since 2007. JAB is currently undertaking resource definition
drilling of a major chromite project, with the objective of commencing a
feasibility study into the development of an open cut chromite mine and
beneficiation plant that could provide early cash flow. JAB is also exploring
other properties in the country with excellent gold, copper, nickel and
platinum potential.
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SilverCrest Mining (SVL.V) - revised valuation of C$1.32 per share Sep 22, 2008
SilverCrest has completed a pre-feasibility study of its Santa Elena precious
metals project in Mexico. A key development is a substantial NI 43-101-
compliant mining reserve that forms the basis for the preliminary plan. The
company continues its aggressive drill programme on the Santa Elena property
and encouraging expansion holes suggests the company could significantly
expand its mineral resource. Our revised model yields a valuation of C$1.32 per
share. This modest decrease from our initiation note estimate of C$1.39 is the
net effect of increased confidence following the pre-feasibility study, the dilutive
effects of a large equity offering earlier this year, and the recent sharp decline in
precious metal prices.
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London Capital (LCG.L) - recent results confirm our forecasts Aug 12, 2008
London Capital produced another set of robust results. The out-turn contained
no surprises after the guidance given with the trading statement in July. But that
does not diminish them as a tribute to the effectiveness and discipline of the LCG
model. Revenues rose by over 50%, net cash almost doubled and bad debts were
de minimis. The combination allowed an aggressive but comfortably affordable
doubling of the interim dividend. We expect further growth from this inherently
scalable business with the development of CFDs as a possible gateway to the
Orient. Estimates and valuation maintained.
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