Casey says market ready to mull Sanu drill results
2005-07-25 19:20 ET - In the News
Douglas Casey, writing in the July 1, 2005, edition of his International Speculator, refreshes his buy of Sanu Resources Ltd. at 75 cents. Mr. Casey said buy in May, 2004, at $2, and he said sell in October, 2004, at 43 cents, after meddling by the Eritrean government. An investment of $1,000 resulted in a loss of $821. Pleased with later political developments, he said buy in April, 2005, at 81 cents. An investment of $1,000 would be worth $897 today. The letter writer says Sanu is very active just now, with drilling in progress or planned this summer on eight projects, but Bisha North is where the market's attention lies. Bisha North adjoins Nevsun Resources Ltd.'s world-class Bisha deposit in Eritrea. If the drills indicate that SNU is sitting on an extension of Bisha -- and to look at the surface geology, it is hard to imagine that they are not -- the impact on this microcap could be huge. For the short run, this has become a drill play and if you own it, you might as well hang in for the ride. Investors will not have to wait long: This is a company at the crossroads, Mr. Casey says. Shortly, it should either head on down the tracks to a big payday, or get hit by a speeding train.
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