Exeter Resources (XRA) up 7.6% at U$3.52. Volveré y seré millones. I’ve mentally pencilled in U$4 to let the games begin, but it will all depend on the action at the time.
Argentina’s Merval index (MERV) up 2.33% at 1,158. The word on the street is that the Argy Central Bank will sell dollars to keep the Peso from dropping before the upcoming elections. Hmmm… I dunno ’bout dat but conspiracy theorists will enjoy the tidbit. Best of a bad bunch (if you insist on having some Arg exposure in that portfolio) is Telecom Argentina, available as TEO on the US ADRs list. Nicely run company that is still growing and still making a profit…just a pity about its geography.
Amerigo Resources (ARG.to) down 2.8% at $0.34. This sold off heavily yesterday due to its big reported YE loss, but it really wasn’t all that bad, considering. I liked the fact that ARG.to has written down its investments in DNT.to and LA.v (that was $18m) as that now provides a clean slate and potential upside in the junior copper world. The recent placements were very dilutive for sure, but they got a strong hand in as a shareholder (RB) and now have money to get through 2009. With copper at its current $1.83/lb now they’ll have stopped the total fracture of money and are likely close to breakeven right now. Sure it’s cheap, but there are worse out there. Mgmt very likeable, and that counts for a lot these days. DYODD.
Inca Pacific (IPR.v) up 20% at $0.35. There it is again, upping on decent volume and no news. It’s been like this since Sprott sold its large chunk the other day. I have no idea what’s going on there, but that countdown clock on Magistral is still ticking the last time I looked.