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Aiming for the gold-medal
podium: Jourdan Resources (JRN.V)
by Glenn Wilkins - AllPennyStocks.com News Reporter
November 9, 2006 (AllPennyStocks.com Media, Inc.) - Canada's
economy has traditionally been resources based, its people
known as "hewers of wood and drawers of water". Companies in
the lumber, petroleum and mining industries have prospered in
this environment. It should come as no surprise that a
newcomer of the mineral field is out of Quebec. Jourdan
Resources
(TSX Venture:JRN), based out of the small town of Val d'Or,
is hard on the trail of gold and uranium reserves in its
backyard, and hoping to gather up enough momentum to step
beyond that into even richer reserves.
With world events remaining tense, boosting prices for such
metals as gold, the companies able to find and develop these
properties will be the ones that prosper and pass those
profits onto its investors. Folks looking for a gold company
that may be trading at a discount would do well to heed what
Jourdan has been up to lately.
It's particularly interesting, given how rich Quebec is in
not only gold but also copper, nickel and zinc, as well as
industrial minerals. Quebec is also the world's second largest
producer of niobium, and Canada's second largest gold and iron
producer. Mining investment in the province reached more than
$742 million (all figures in Canadian dollars unless specified
otherwise).
The company is in the business of buying, exploring and
developing mineral properties, four of which are located in
Canada's largest province (for area). The main properties are
known as the Guillet (for the township in which it's located),
Tavernier, Windy (located in the Chibougamau area) and Comtois
(again for its hometown). Guillet consists of 20 claims, in
which gold is contained in quartz veins within metamorphosed
volcanic rocks, particularly rich in the shiny yellow stuff.
The Tavernier property comprises 15 claims, with
mineralization grading up to 49 grams per tonne gold over up
to 1.12 metres in past exploration. The Windy property covers
about 13,551 acres, and the company plans to turn more of its
exploration attention to that property in the coming year.
Jourdan Resources is led by President and CEO Michel Cote,
whose background is primarily in the financial services
industry, having been executive vice president at Midland
Walwyn, followed by a stint at Alpha Capital. Cote also sits
on the boards of several junior companies on a number of
exchanges, most notably, the TSX Venture Exchange.
Overseeing the exploration end of things is administrator
Stuart Lee, who brings 30 years experience in the field. Lee
has set up numerous exploration companies, especially
Millenium Gold, a Thai company. He also headed up
Manitoba-based Wildcat Exploration, and has served as an
administrator over what is now Sage Gold.
The company has ventured into uranium exploration by
joining into a partnership agreement with 48th North Capital
and Sediamek to pick up as much as a 100% interest in
properties along the border with Ontario. Among the properties
is the Kipawa project, which bears many similarities to the
world-class gold-producing regions of South Africa.
In mid-September, the company entered into a pact with not
only Sediamek, but also Nordquest and Nievex Goconseil to the
latters' interest in nearly 100 claims in Quebec. The
agreement requires Jourdan to carry out $200,000 in
exploration over the next two years.
More recently, Jourdan has signed an option agreement with
Anglo-Canadian Uranium for a 50% interest in four mining
claims in Colorado. The project contains about 80 acres of
uranium- and vanadium-rich lands (spot prices for which are
trading at $60 and $10 per pound respectively).
As the exploration picture starts to clear up, Jourdan
Resources remains somewhat range bound in terms of its price,
which sat this week around 20 cents a share. Its high and low
points for the last 52 weeks were both achieved within a
couple of weeks of each other in August, at 36 and 16 cents.
Management is looking for big things from not only the
properties in Quebec and just across the border, but its new
acquisitions in Colorado to bolster its bottom line, and so
drive earnings. Bargain hunters should (pardon the expression)
dig deeper into this stock on what could be a vital part of
their small cap portfolio.
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