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 |   Tue Jul 25, 2006
Gold Mining Stock Report, July 25, 2006
Publisher: Robert Bishop
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| | Bitterroot Resources (BTT.TSXV/$0.40) - With Bitterroot breaking down from its recent trading range, and to levels below the price of a $0.40 financing in April, I think BTT is once again in an interesting buy range. (This was written before yesterday's strong bounce, but maintaining this comment helps you to know what I'm thinking.) We haven't paid up for BTT and we did raise the issue of taking some money off the table in the wake of another newsletter's recommendation that took The Root to $0.85, but at sub-financing prices, buying is the only thought that comes to mind.
The absence of news this year from the company's Mineral Creek gold project has much to do with the current price, and another negative is that uncertainty continues to weigh on a potential drill date for the company's uranium exploration program, funded by Cameco, in Michigan. Based on recent conversations with management, it sounds as if we'll soon be getting some long awaited news on the Mineral Creek project-this probably helps to explain yesterday's bounce, just as the absence of news likely means that there hasn't been anything good to report. In Michigan, on the uranium exploration program being funded by Cameco, failing to get on the regulatory agenda in July, but making the cut for the early September meeting strongly suggests that Bitterroot shareholders will see an October drill program in Michigan.
Given that those who funded the company in April, and my friend Doug Casey's recommendation later that month, were both focused on this uranium exploration project, I expect there will be a more attentive audience come fall. If these comments had been out yesterday morning with the stock at $.35, BTT would have been termed a speculative buy. After yesterday's advance, however, my suggestion is to continue to avail yourself of any weakness the market may present. The sub-$0.40 financing prices prevailing in recent days certainly qualified. www.bitterrootresources.com. |
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