Globe says Belovay sees Shore Gold making waves

2007-11-14 06:56 ET - In the News

The Globe and Mail reports in its Wednesday edition that Shore Gold jumped seven cents to close Tuesday at $4.92. The Globe's Maureen Darrigo writes in the BNN Market Call column that Shore Gold stock has a one-year trading range of $2.90 to $8.75. Shore Gold is at the early stages of developing a diamond mine in Saskatchewan. Mr. Belovay believes it will eventually deliver. Mr. Belovay remains positive on the outlook for all resources because of "the phenomenal growth we are seeing in China, India and Southeast Asia." Mr. Belovay's top five holdings are Alcan, Niko Resources, Nexen, Aurelian Resources and First Quantum. The Globe reported on Aug. 28 that BlackRock's World Mining Fund portfolio manager Evy Hambro believed Shore Gold was ready to rebound. At the time the stock was trading at $3.07. Ms. Hambro said, "The supply and demand fundamentals" were "very supportive for" diamond prices. Wellington West analyst Catherine Gignac was bullish on Shore Gold in The Globe on June 28 when it was trading at $4.78. She said the recovery of large diamond stones in Saskatchewan suggests the deposits could have all the right elements for a world-class diamond mine. Ms. Gignac targeted the stock $9.