Opinions
Brent Cook
Rainy River Resources Ltd
RR-T
BUY
May 29, 2009
Great deposit. Have about 2.5 million ounces in pit. Another 2 to 3 million that falls outside of the pit. His model shows this at about $4 a share. Good takeover target for an outside company. Have about $24 million in the bank, which should get them through this year and into next year.
$2.460
Stock price when the opinion was issued
precious metals
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TOP PICK
Gold. Exploration, not production but has an identified resource. In Ontario so no political risks. Very large exploration budget and has been very successful. Have allocated money for 2011 program. Extending their drilling deeper where grades are better. Expect to see a new and larger resource by next year.
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COMMENT
Sold his holdings because he wasn’t comfortable where management was taking it. New management has turned it around. Large disseminated deposit and the question is, how disseminated is it really. They are at the stage where the question is what is this thing and how are they going to mine it.
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