John Lee's Stock Chart of the Week
Apogee Minerals Ltd.. [TSX-V: APE]
Recent Price: $0.105
Shares Outstanding: 110.4 million
Market Capitalization: $11.6 million
52 Week Range: $0.04 – $0.17
Data Collected on: Thursday February 18, 2010
Going APE One Last Time
Apogee was featured as SCOW (StockChart of the Week) last September at 7 cents. Stock enjoyed an immediate run, reaching 17cents before settling back to current 11 cents.
I have a love and hate relationship with Apogee, as I was one of the original investors at 30cents way back in 2004 when they optioned the high grade Pulacayo silver deposit in Boliva. I have been to the country, which is one of the safest and orderly in South America. There are several majors operating in the country, including Newmont, Pan American, Jindal Steel, Sumimoto.
Apogee itself has undergone management changes, with Chris Collins now full time on board. The company recently acquired 100% interest from of Pulacayo (up from 60%) from the vendor.
The drill is finally turning to test extension; the core is in the lab with results out very soon. Chris is dedicated and is at Pulacayo. I expect new drill results to repeat what had come in the past which had featured 100g/t to 1,000g/t Ag over 10 to 80meters. Pulacayo already has 50 million oz of silver, and over 150m oz silver equivalent if you count zinc and lead by credit. Fundamentally it is extremely undervalued.
Technically, the stock has tested its investors' patience for the last 4 years from $1.5 to 3 cents (yes, 3 cents!). Finally the stock is gathering momentum and ready to break out of its 4 year downtrend. My first target is 20cents, and we will see where it goes from there. I own million+ shares of Apogee and a buyer at 10-11cents.
This is last time I will write about APE if it doesn't break out before April!
Keep in mind that you can access past SCOW at Goldmau.com (login: goldmau pass: goldinsider).
John Lee, CFA
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About John Lee:
John Lee is the general manager at Mau Capital Management LLC, offering research on mining companies. John is a CFA charter holder and has degrees in economics and engineering from Rice University. He previously studied under Mr. James Turk, a renowned authority on the gold market, before founding Mau Capital Management in 2004.
John has been investing in equities for over fifteen years and is a keen student of market history and psychology. Since 2001, Mr. Lee has studied hundreds of mining companies and personally met with over a hundred management teams. Mr. Lee also actively consults and advices resource companies on project acquisitions, strategic marketing and corporate financing. Those activities help him establish an extensive network of industry contacts, particularly in Vancouver Canada.
John Lee also is just appointed as the Chairman of Prophecy Resource Corp. (www.prophecyresource.com).
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