If you take a look at the stock movement from Aug./07 to early Oct./07, sp had a upswing from $0.29 to $3.50. Share consolidation occurred at around $3.50, then sp advanced to $7.05. We are at $2.32 as of last Friday as profit-taking and consolidation took place for three days in a row. A total of 23 million shares were exchanged their hands in the past five business days. So far, this stock is following the same pattern as in 2007.
The next NR would be about visuals on holes 50, 51, 52, etc. or the status of equity financing (at $2.80 per share for aggregate gross proceeds of approximately $20 million). I believe shareholders will be in awe at quick fillings of PP.
Noront said mineralization is open in all directions. The key here is the NR on "visuals" on any one of step-out holes (50, 51, 52, 53, etc.) that shows the extention of Ni/Cu mineralization. This finding will bring sp to $5-7 quickly. I wonder Noront may be holding data on hole 49, 50 and 51 for release to ensure PP is done first at $2.80 , otherwise it could take longer for equity financing at a higher price. Anyway this is my opinion.
We are left in the dark for now. All we know is Spott recommended a "BUY' recommendation and Dundee indicated that a second vertical test hole some 350 to 400m from hole 049 was completed to test a geophysical anomaly at the similar depths to the new sulphide zones.
IMO, this stock is going to be in "Bullish" mode within a few days.
