Taylor says buy Magellan Minerals

2009-04-22 20:22 ET - In the News

Jay Taylor in the April 14, 2009, edition of Gold, Energy & Tech Stocks tells readers to buy Magellan Minerals Ltd., recently 65 cents. This is the first time he has recommended the stock. Magellan is exploring for gold in the Tapajos area of Brazil. Mr. Taylor says the company's flagship property is Cuiu Cuiu, a 470-square-kilometre property which shows potential to host multiple deposits. The newsletter writer says one area of Cuiu Cuiu hosts gold mineralization extending over at least 250 metres by 100 metres and roughly 280 metres deep. Mr. Taylor notes that Magellan does not yet have a historical or National Instrument 43-101-compliant resource for any of its properties. He expects the company to outline a resource "of some size" in the near future. Magellan's president and chief executive officer is Dr. Alan Carter, a previous exploration manager for Rio Tinto and the business development manager for BHP Billiton. Mr. Taylor does not usually recommend companies that have done enough drilling to outline a resource, but he has made an exception for Magellan. He thinks Magellan could outline "elephant-sized" gold deposits, which will lead to a much higher share price.