| | Tue Nov 16, 1999
Excerpt from Bottom-Fish Action for week of November 8-12, 1999
Publisher: Kaiser Research Online
Author: Copyright 1999 John A Kaiser
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| | Excerpt from Bottom-Fish Action for week of November 8-12, 1999
Altoro
Altoro Gold Corp (ATG-V: $0.35) is conducting another private placement of 550,000 units at $0.25 after completing one for 3,434,783 units at $0.23. The latter financing was taken mainly by Ross Beaty and David O'Connor to replace a large block they had sold in the open market to a group of brokers at Haywood. The second financing will be taken down by Altoro insiders who crossed a block of 550,000 shares at $0.27 on November 10. Altoro has filed its Annual Information Form, so these private placements will be free trading by March. This latest financing has the smell of accommodating an investor at a good price who may help open doors when Beaty goes to work raising serious funds at much higher prices. Altoro is scheduled to start a 1,200 metre 15 hole diamond drill program on November 22 to test two known zones and a new third zone on the Pedra Branca platinum group metals project in Brazil. Past drilling and recent trenching indicate that PGM mineralization occurs in a high grade horizon within a thick lower grade envelope whose shallow dip suggests bulk mining potential. The new Iperius zone is 20 km south of the Esbarro zone. Although Altoro continues to trade like a bottom-fish despite growing interest in platinum group metals, good results that give the Pedra Branca ultramafic complex a new shine are needed to ignite Altoro's market. Platinum and palladium prices moved sharply higher last week amid the continued absence of supplies from Russia and a short squeeze that has lease rates hovering at 50%. Russia, which normally supplies 20% of the world's platinum needs, is trapped in an export ban which requires new legislation to override. A bill allowing resumption of exports is among a group of laws that will be considered for fast tracking for passage by year end. The general feeling is that platinum and palladium prices will ease next year when Russian supply resumes, but not before crazy levels are reached in the interim. I regard Altoro as a top priority bottom-fish buy in the $0.30-$0.49 bracket on the assumption that palladium will not again see prices below US $300 per ounce. Altoro Tel #: 604) 718-9079.
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