Globe says Sprott's Oliver recommends Minera Andes

2010-09-29 08:36 ET - In the News

The Globe and Mail reports in its Wednesday edition that Sprott Gold and Precious Minerals fund manager Charles Oliver recommends buying Minera Andes. The Globe's Shirley Won writes that the miner and explorer, which is 33 per cent owned by its chief executive officer Rob McEwen, owns nearly half of the San Jose silver mine in Argentina in partnership with Hochschild Mining PLC. The San Jose property is a quarter of the size of the property owned by Andean Resources Ltd., which is being bought by Goldcorp. Minera also owns a copper project in Argentina. Minera stock closed Tuesday on the Toronto Stock Exchange at $1.41 (Canadian), up two Canadian cents. The stock has a 52-week range of 61 Canadian cents to $1.66 (Canadian). In April, 2008, Mr. Oliver predicted that gold would reach $2,000 (U.S.) within the next four years, or else he would shave his head. Gold was then worth $945 (U.S.) an ounce. The price of the yellow metal hit another record high on Tuesday when gold futures in New York shot up to $1,311.80 (U.S.) an ounce before settling at $1,308.70 (U.S.). Mr. Oliver says these days he is more bullish on silver than gold. He figures silver could significantly outperform gold.