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Link to Lycos Quotes/Message Boards Twice each month at Noon EST on Sunday, Stockprowler will bring you his latest hot stock pick...free on the Web! Stockprowler uses state of the art technology to look under the rocks and find those little stocks with the potential to make the BIG moves. Stockprowler screens NASDAQ, NYSE, AMEX, and OTC Bulletin Board stocks trading around $3 or under. These stocks offer considerable leverage at minimal cost. It is not uncommon for these stocks to make moves of 30%, 50%, or more. Please read our disclaimer before trading in any stocks mentioned on this Web site. So are you ready? Here's the Stockprowler report for the week of Sunday February 24, 2002: |
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Because of the horrendous market
conditions for small caps/ microcaps,
Golden Eagle International, Inc.
(OTC BB: MYNG) What is an investor to do as the great bear market of the past 22 months grinds on with no end in sight now that the Enron debacle has created a new blood sport of pointing fingers at companies who abuse pro forma earnings and other accounting practices? Believe it or not… evidence is mounting that a bull market in gold is now underway! Pierre Lassonde, soon-to-be president of industry leader Newmont Mining, stated recently, "As gold breaks the $300 barrier and goes to $325, that will drive the bull market in gold." Newmont's Lassonde, who has been in the mining business for three decades, believes gold's recent rally above $300 will usher in a long bull market in the metal. Normally, investors turn to the safety of U.S. bonds when they're seeking refuge from the kind of fiscal distress that is storming across Japan, Argentina and threatening America. However, a growing number of economists and currency specialists expect gold, not Treasury securities, to benefit this time. Mutual fund manager John Hathaway predicts gold will surpass $1,000 an ounce in coming years. "After all these years, it's not hard to imagine that gold stocks could become a lot like Internet companies were a few years ago," said Robert Bishop, editor of Gold Mining Stock Report who has been analyzing gold mining companies for more than two decades. Bishop points out that each $10 move in the price of gold magnifies operating margins for gold companies. Many miners, with improved techniques, retrieve the metal from the ground at a cash cost far less than $200 per ounce. Bishop stated some companies “easily could see their share prices double if gold were to rise another $30 an ounce.” Bill Murphy, the former Boston Patriots football player who founded the gold Web site, www.LeMetropoleCafe.com, this week has a flashing banner message, “Gold headed for $600 an ounce”. Murphy, in addition to his years with the “Pats” was a former Wall Street specialist in commodity futures for Shearson Hayden Stone and Drexel Burnham. In a recent interview, Murphy stated, “My guess is we will not see gold at $300 bid for very long. It could go $350 to $400 bid in a week as the short-sellers panic…” Our pick this week, Golden Eagle International, Inc. (OTC BB: MYNG) out of Salt Lake City is a development stage gold exploration and mining company currently focusing its efforts on developing its mining rights on 74,000 acres in the Tipuani Gold Mining District in Western Bolivia, and continuing exploration on 148,000 acres in Eastern Bolivia's Precambrian Shield. The company recently announced that it has received an investment of $1.3 million to build the first phase of its recovery plant and complete the interior infrastructure of its gold mine in the Tipuani Gold Mining District of Bolivia. Golden Eagle's President, Terry C. Turner, stated, “We have placed orders for significant pieces of equipment for our 1,000 ton-per-day initial plant. However, our ultimate goal is to expand up to our projected 11,000 ton-per-day operation on our Tipuani Valley gold deposit, to take advantage of higher volume and economies of scale to lower our estimated cost of producing gold to below $75 per ounce. That expansion will depend upon further financing, which we project, but cannot guarantee, will come in during 2002. This first phase is exciting for us because it opens the door for our development of a deposit that has produced an estimated 32 million ounces of gold in its known 500 year history.” Max Staheli, MBA, former Controller of Barrick Gold Corporation for South America, and a current Golden Eagle Director, stated, “This is a great move forward for our company -- one that we have been anticipating for a long time. With this $1.3 million investment we can now start mining gold while building on the solid foundation of study and planning we have created.” With the price of gold rising coupled with the prospect of producing at a very low cost ($75 per ounce) within the industry, Stockprowler views MYNG as a great “roll the dice” speculation. The upside here could be tremendous… Stockprowler.com readers are encouraged to visit the Golden Eagle International, Inc. company web site for further information. Stockprowler.com did not receive compensation of any kind from the company or third parties for writing this report. Readers are urged to read the company SEC filings and do their own due diligence before investing in this or any other stock. Good Trading... Stockprowler
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