 Investor Info
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 |   Mon Oct 30, 2006
Gold Mining Stock Report
Publisher: Robert Bishop
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| | Bitterroot Resources (BTT.TSXV/$0.45) - Two-and-a-half years after initiating the leasing process with Michigan regulators, and two years after said regulators promised an end to the process, on December 1 Bitterroot and Cameco (CCO.T/$39.19) should begin testing Bitterroot's theory about a new uranium province in Michigan. (Drilling should have been underway this coming week, but with drillers coming off another project and in need of a break, and then deer hunting season kicking in, drills aren't going to turn for another month.) Michigan uranium targets aside, with a total of four drill programs active by year-end, the BTT market is likely to reflect further speculation between now and year-end. Come to think of it (see chart), last week's price and volume action probably qualifies. Most of the selling has been flow-through related (tax-driven), but the good news is that there has been buying to chew through the overhang. Once clean, BTT should be very responsive to further buying.
The company's ~$18 million market cap. makes it quite permissive to reflect any good news emanating from the ground, and with a 100 meter wide uranium target only 35 meters from surface on the first round of Michigan drilling-the geological model both sanctioned by and funded by Cameco-it is not exactly a great leap to expect that the market may elect to speculate on these or other drill results in the weeks ahead. Drilling begins on the North Brenda (B.C.) project next week, Mineral Creek gold results are in the pipeline, and the market's heightened focus on uranium suggests that the program with Cameco will have a wider audience than it would had have before last week. Having bought BTT lower on numerous occasions (most recently at $0.35 on 9/18), I see no reason to pay up, but any setbacks to $0.40 should be viewed as opportunities, especially by the new subscribers among you. www.bitterrootresources.com. |
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