(in a very muted way) just how "slow" this stock is....... Open interest on Dec 7.50 calls might mean something to someone. Usually thats pretty dead. Perhaps we are in for some of that ol' fashioned "just when you least expect it" surprise of sorts.
October 28, 2005 Announcement -- �IAMGOLD announced today that an independent resource estimate at its 100% owned Quimsacocha gold deposit in Southern Ecuador shows a total indicated mineral resource of 22.5 million tonnes at 3.9 g/t gold, 25 g/t silver and 0.16% copper at a 1.0 g/t gold cut off, GIVING A TOTAL OF 2.8 MILLION OUNCES OF GOLD. There is also an inferred mineral resource of 2.5 million tonnes at 2.1 g/t gold, 15 g/t silver and 0.12 per cent copper, GIVING AN ADDITIONAL 200,000 OUNCES OF GOLD.� Looks like 3,000,000 ounces of gold to me. Let�s see. 3,000,000 oz x $500 / oz = $1,500,000,000 (PS - I know that this is not CURRENTLY exactly correct.) So out of the clear blue sky, IMG has suddenly an extra $1.5 Billion USD in assets. How can this not be anything but a very good thing for IMG?
By the time that I had finished reading all of the IMG post for that day, I had tears running down my cheek. I guess I just like seeing something good happening.
About three years ago I bought 8,000 shares of Virginia Gold mines (VIA.T) for $10K CAN. They have no source of revenue. I wondered for years how I could have been so stupid to buy this, the stock just sat there and did nothing. Then one fine day, they started getting drill results from their property in Quebec, Canada. They think that they have found three million ounces, just like IMG.
Now that $10K of VIA stock is worth $52K, even in this dreary market.
About three years ago, I also bought 1,400 shares of IMG for $10K CAN. After all of this time, I am only about a $1k ahead.
However, logic tells me that if VIA's claim of finding three million ounces put me $42K CAN ahead, then, IMG's claim of finding three million ounces should likewise put me at least $42K ahead.
To bail out now is clearly to snatch defeat from the jaws of victory. RJ