Globe says nickel is golden for GGL Diamonds
2007-04-09 03:36 MT - In the News
The Globe and Mail reports in its Friday edition that nickel plays are hot. The Globe's David Parkinson writes that GGL Diamonds said last week it had inadvertently stumbled on a nickel deposit while looking for diamonds in the Northwest Territories. GGL said its find could be "the first new nickel area discovered in Canada since Voisey's Bay." The Globe says GGL has staked claims on land covering hundreds of square kilometres surrounding its find. GGL's stock closed last Tuesday at 13 cents. Wednesday the stock soared to a two-year intraday high of $1.50 before finishing at 83 cents. It closed Thursday at 72 cents. In the last two trading days of last week nearly 90 million shares traded hands. The Globe cites an unnamed analyst who says GGL's test sample hardly screams the discovery of a major nickel find. "I think this is total exuberance," says the analyst. "The assay result is actually pretty poor." Desjardins Securities analyst John Redstone says the nickel supply is tight. He says, "Anybody who finds anything, there's going to be interest in them." Canaccord Adams analyst Orest Wowkowday says, "Anything with a nickel name on it now, the Street and investors are going to throw money at you."
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