Latest BMR Thoughts on CUI
posted on
Jan 09, 2011 03:01PM
Aggressively Exploring for Gold in Tanzania
Currie Rose fell just half a penny for the week after an impressive rebound Friday on the highest volume since December 6…the stock fell as low as 28.5 cents Friday but rallied to finish at the high of the day, 34 cents, on just over two million shares on the CDNX…technically, Currie Rose has formed a bullish downsloping flag with the 38.2% Fibonacci retracement level at 30 cents becoming the price support…that’s also the 50-day moving average (SMA) which continues to rise…the stock has repeatedly bounced off this support area since early December…the Chaikin Money Flow shows increasing buying pressure and other indicators have turned positive…it’s reasonable to assume that news on the exploration front with this company is imminent and that includes results from the Sisu River Gold Property at Mabale Hills where drilling started near the end of October…this was very much “wildcat” drilling but at the very least what we want to see is strong evidence of a promising mineralized structure at this property that would warrant a major follow-up campaign…Currie Rose has really only scratched the surface of its large land package in northwest Tanzania where the Mabale Hills and Sekenke Projects have company-making potential…President and CEO Harold Smith has made it clear that Currie Rose is entering its most active period ever in terms of exploration…given that fact, and the known potential that exists over a total of nearly 600,000 hectares at Mabale Hills and Sekenke, one can’t help but come to the conclusion that the odds of a major discovery this year for CUI are very real which is why we are so bullish on this company…in addition, Currie Rose also holds the Scadding Gold Property near Sudbury, a former producer that is getting another look and yielding some interesting results…Currie Rose has optioned Scadding to Trueclaim Exploration (TRM, TSX-V) which can earn a 51% interest in the project by completing a substantial work commitment…a major drill program is slated to commence at Scadding in the near future…