Re: 1 million shares in 15 minutes
in response to
by
posted on
Jan 04, 2010 10:59PM
It was a great day for Century Brad and nice to see our SP go up as you point out after a key NR that has yet to be understood by many IMO.
You said: Is there permitting, enviro or politcal hurldes here?
Here are my thoughts on that:
The permitting is all done and was confirmed with this statement of today's NR:
the Company has posted the full amount of the financial guarantee required by the Quebec Ministry of Natural Resources to provide for final site reclamation after completion of mining."
The posting of financial guarantee is the last step in the legal process to begin mining activities. So, to answer your first question, there are no outstanding permitting issues.
This mine in Quebec has been in operations for decades and only closed because we lost our bridge financing and had to shut everything down until we could find another source of financing. There was never any questions of environemental or political hurdles with this mine. It was strictly a financial issue which has now been dealt with in the NR today.
So, as of today, the risks in this stock is very minimal and I am "all in" CMM at the momment except for my PP in GNH which cannot be sold till April 19th I believe.
Look at Osisko 1 year ago and look where we are now. SF are very similar at 336M. They are both in Quebec, they both have a strong history of gold mining in the area. OSK has 12M ounces in reserves, we have 6M. I need to read more on OSK but the comparison is not far out at this early stage of CMM IMO. Their MC is 2.4B ours is 150M.
As you point out Brad, execution is the easy part...I think our SP has only one direction to go, even from here.
I did call this at 20 cents or so but the trick now is when to take money off the table. I just know the time is not yet!
Glorieux