Guatemala

[Tackler]

Kaiser says ICN a buy on hopes for Manitoba, Rio Negro

2004-10-18 16:36 ET - In the News

John Kaiser, writing in an Oct. 14 Bottom Fish Tracker, says Icon Industries Ltd. at 48 cents is a top-priority bottom-fish buy in the 30- to 49-cent range on the basis of its status as an early life cycle junior which is about to drill for gold at Beresford Lake in Manitoba. Mr. Kaiser also likes the company for acquiring an advanced nickel laterite project in Guatemala, Rio Negro. Icon is headed by Barry Coughlan, who seems to know everybody worth knowing. His goal is to turn the Beresford Lake play into a major San Antonio-style gold discovery and nurse the Rio Negro project through the infill drilling and metallurgical stages of the exploration cycle. Icon is the successor to Ghana Goldfields following a brutal 1:17 rollback in November, 1999, so there is not much of a public float apart from small-scale positioning done during the past few years. Mr. Kaiser says Icon does not have much upside resistance in the short term and the company has in place a classic push-pull story mechanism: The Beresford Lake drill play will attract speculators who push the stock higher, which in turn will enable Icon to pull in the capital needed to shift the flagship focus to the Rio Negro nickel story.