I caved in & got Semafo (SMF.TO) because, having declined, it kept refusing to decline to the price I'd wanted it at, and I lost my patience (patience is crucial in investing ...). Also any continued rise in the gold metal price, especially back over $400, might bring the "bargains" to an end -- though I don't think all plummeting stocks are bargains; some, no doubt, are headed to zero.
Etruscan Resources (EET.TO) and Semafo are partners in Niger's first big gold mine, Samira Hill, and another property nearby called Libiri. They each have other West African properties separately; I'm impressed with Semafo's. Etruscan has substantial diamond interests in South Africa. I've been following the Semafo/Etruscan price ratio on the chart in message #421 to which this is a reply. (Click it to see it.) This chart effectively "factors out" the commonalities like Samira Hill and the gold price. The SMF/EET ratio shot up in mid-April before I could act; the ratio just got favorable again the other day.
The dominating interest in Semafo of Morocco's Managem mining group may be considered negative by some, but currently I see it as positive. It seems good to have a practical, old-Africa-familiar, unromanticizing, French-speaking, locally respected management team exploring and mining in francophone West Africa as opposed to, say, the "Vancouverish" crowd. And Managem has every incentive to make Semafo a great success, rather than having any conflicts of interest, as far as I can determine.
And the gold drilling intersections have been pretty nice.
FL
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