Gold Exploration in West Africa

[FL]

Semafo(SMF.T)/Etruscan(EET.T) ratio turned up. Managem down.

The Semafo/Etruscan ratio that I follow turned up sharply again (see the message to which this is a reply, to view the chart). Semafo went up the same day Etruscan went way down. I figure that this ratio effectively cancels out those things (like their jointly-owned Samira Hill property in Niger, the gold price, and the trend of junior explorers) that the two companies have in common. However, the price of the Managem Group, the franco-moroccan mining group that owns a controlling interest in Semafo, continues to decline to new year's-lows on the Casablanca Stock Exchange (where it trades as MNG).

[ Disclosure: I just got some Semafo recently. ]

FL