Lundin says take some profits with Crosshair
2006-10-24 12:59 ET - In the News
In the October, 2006, edition of the Gold Newsletter, Brien Lundin tells Crosshair Exploration & Mining Corp. investors to take some profits off the table -- sell half, perhaps. Mr. Lundin said buy Crosshair, now trading at $1.72, at 50 cents in April, 2005, at 37 cents in July, 2005, and at $1.14 in March, 2006. Assuming a $1,000 investment each time, selling half would yield a profit of $3,178.40. The remaining investment ($1,500 cost) would now be worth $4,678.40. Crosshair now has a gold kicker, says Mr. Lundin, because of three Newfoundland projects that it is exploring through a joint venture with Rubicon Minerals. The Golden Promise and South Golden Promise properties have seen the most action recently. While the targets at Golden Promise are not huge, the zones are comparatively rich. They hold the possibility that even a moderate amount of expansion could lead to highly economic mining. Meanwhile, Crosshair continues to drill at its flagship Moran Lake uranium project in Labrador. The first three of 15 holes drilled on Area 1 suggest that the company's hypothesis that Area 1 and C zone are linked may be correct. Mr. Lundin is waiting for the remaining 12 holes to come back from the lab. Nevertheless, the C zone has plenty of stand-alone potential.
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