IKN

In this report, John Embry (some dude you might have heard of that works for Sprott) mentions Colossus Minerals (CSI.to) as a good junior buy because of its “exciting orebody” (CSI is some gold exploration play down in Brazil that has a guy called Sprott as its biggest single shareholder…but don’t worry about that).

Anyway, here’s what Embry had to say about Colossus:

“Everyone is probably familiar with the remarkable success of Colossus Minerals, whose Serra Pelada project in Brazil is shaping up as a potential monster deposit”

OH WAIT!!! MY MISTAKE!! I’M GETTING ALL CONFUSED HERE! Embry didn’t say that about Colossus at Serra Pelada…he said that about Southwestern Resources at Boka in 2004. How I managed to confuse the two is beyond me! Thinking about it, maybe it’s because Embry never visited the Boka project before pumping it to the world back then, just like he’s never visited Serra Pelada. If he had visited Boka (like PVE did) he might have given the same “avoid” call that PVE gave after being there and seeing things. I say all this because I’ve recently chatted with a rockhead that visited Serra Pelada, spent time there, looked at what was on offer and decided “ohhhh…nooo….let’s not buy that one”.

Tell me, Embry….am I wrong? Have you visited Serra Pelada yet?

So to clear up all confusion, here’s what Embry said about Southwestern in 2004 before it was proven as a total freakin’ scam, its CEO disgraced and the stock dived from $12 to pennies.

Everyone is probably familiar with the remarkable success of Southwestern Resources, whose Boka project in Yunnan province is shaping up as a potential monster deposit.

And then here’s what he said about Southwestern in 2005

“…the Chinese asset will be validated when the engineering report finally comes out. They are fantastic generators of mining exploration properties. Has a lot of cash. Buying back stock.”

And then here’s what he said about Southwestern in 2007 (just before the implosion)

“I’ve been buying more, conceivably the most misunderstood stock..at least 5 million ounces, generator of mining projects in Peru and China, I think stock at $7.65 is right on the floor..ugly correction for reasons I am quite not sure why..”

(plenty more of those quotes where they came from, dudes)