should have just posted the whole thing lol.

East Asia Minerals (EAS-V, EAIAFQbb;
$4.23 on V) was, so to speak, the
leading laggard in December for a couple of
reasons. The tenure shift to Indonesia’s new
and much improved system that we highlighted
in last month’s Journal obviously
brought in buyers who had been waiting in
the wings. The strength of that is perhaps
explained by this year’s just released, and
much respected, Fraser Institute survey of
the industry that suggests the sector still has
mixed feelings about Indonesia. They are
less mixed now in the case of EAS.
Also important were back to back release of
results from Miwah. The first was a drill hole
up the hill from past drill testing that confirmed
the know breath of the main body
with an intersection of 58 metres of 1.95 g/t
within 101 m of 1.38 g/t gold. The second
was announcement that the apparent extension
of Miwah has been located on the other
side of that hill were surface sampling returned
up to 1.8 g/t gold. This area, called
Moon River, would double the north-south
extent of the main zone and suggests a relatively
low waste ratio from the material sitting
above the deposit. Moon River as an extension
of Miwah only needs to meet minimum
grade requirements to be accretive to
the existing resource.
The other significant point with Moon River is
that it is within a strong geophysical anomaly
that extends all the way from Miwah to the
Sepopok target, a distance of 1.5 km. If this
is a single mineralized system with that extent,
and this deposit type does get to that
scale, Miwah will go from being “big” to
“world class”. Despite the drilling problems
on the first attempt to test it we are comfortable
that Miwah South, in the other direction,
will add some oz and probably some at
starter zone grade. Based on our original
assumption of a +5 million oz target scale,
which didn’t include Miwah South, the company
is trading at about $60 per oz. That is
less than deposits of this quality have been
selling for, and a multiple of that 5 million oz
target is now a potential. With the caveat
that some early year profits taking is possible,
and that Moon River needs drilling confirmation,
we have retained the speculative
buy outlook on EAS.
http://www.eastasiaminerals.com/

Cons Thompson (CLM-T; $7.20) has
obviously gotten past its failed bid for the
HRA Journal 10 January 2010
Wabush operations. Its share price has
moved higher with the economies improvement
as much as gains in the iron ore market.
The fact that neighbor Cliffs Natural Resources
(CLF-N) has lately been on a buying
spree in Canada probably is also helping as
CLM is arguably the next obvious candidate
for this growing force in the North American
iron and steel additives business. We agree
with this perception and despite strong gains
through December think it could pull
Thompson higher early year since it is still
working towards the valuation for its initial
iron ore output. However, on a practical basis
we would like to see a transport agreement
in place for the rail link to Sept Iles and
are happy to sit on the 60% gain we’ve had
since the August review until we see further
news on that front.
http://www.consolidatedthompson.com/

Hathor (HAT-V, HTHXF-Qbb; $1.86
on V) announced will be doing expansion
testing on its Roughrider discovery and
awaiting results from discovery testing by
partner Forum Uranium (FDC-V; $0.14) at
the nearby Henday project this month.
Though its still too soon to assume the uranium
market has turned a corner, it does
look like it has bottomed and that is enough
to aid HAT if strong results are forthcoming
from new zones at either project. On that
note, though we aren’t following Forum at
the Journal level, all subscribers should be
looking for gains from it if it does announce a
discovery.
http://www.hathor.ca