would you buy this gold exploration stock ?
this gold exploration stock has been doing well for months now , would you buy this stock today ?
the stock is roxgold ticker rog on the canadian venture exchange .
last traded at $2.03, new assay results expected soon .
they have up to 6 drills working on a gold discovery in west africa .
they have an estimate that could lead to up to 2 million ounces of high grade gold , and possible to expand over 2 million ounces of gold with more drilling .
- underexposed...Lv 79 years agoFavorite Answer
@RAYSOR is nuts...there is an over the counter trading center in Canada but it is not the TSXV...it is called CNSX (Canadian National Stock Exchange)...and it is similar to the PINKS and OTCB in the USA as far as reporting goes.....
The TSXV is one of two exchanges (the other being the TSX) owned by the TMX Group in Canada which focuses on junior resource companies for the most part. While you do have to be careful about scams in any stock exchange...it is no more or less than elsewhere....
As far as RoxyGold (ROG) is concerned I have commented on this stock before
In this post I said it might be good for a short term swing if it passed $1.65 and it turned out to be the case....they are now topping out at$2.00 and these charts are not looking particularly bullish to me...in fact they are mildly bearish now
Aside from the charts, I DON"T LIKE THIS COMPANY BECAUSE:
1) They never seem to have debt...I would think that IF you are really developing a mine there would be debt somewhere in their history..
2) They have NEVER had a nickel of operating revenue in their history. No debt is great if you are making money....but I wonder how a company can build a mine without using even short term debt
3) They seems to have been an exploration company for a long time...since 1997 as shown in this chart
But but it was called Wave Exploration before Jan 2007 when it was bought out by Roxgold and shares consolidated in 2 Wave share being converted into 1 Roxgold share....you will note a further 3/1 reverse split in May of 2010....I am not particularly fond of companies that do reverse splits.
4) This company, as an exploration company does not have a history of bringing their exploration properties to mine status...but they sure publish nice drilling results and paint pretty pictures. Back in 2007 they were touting the TJ Ridge Project in Northern BC... it seems to have died in interest now...but in 2007 it was hot stuff for them...and in 2008
After 2009 you don't hear much of this "discovery"...it was fobbed off on Orocan resources which is now Standard Graphite Corp...and has disappeared...check out Hazelton, BC on Google...no mine near there
5) next it goes to Nevada...which along with Arizona is Gold scam capital of the USA. in Sept 2009
Again...excellent drilling results...no mine though
6) Now after that share reverse split in 2010 they have found their "mother lode"...three properties in West Africa.
Their timing was perfect with the rise of gold price then.....and this company does what it does best...produce beautiful drilling reports....but that is all.
I love these statements in this news item
"We used this rise in stock price and the enthusiasm that the good results have generated to basically cash the company up."
"Still, Sibthorpe insists he's in no hurry. The company has yet to find the edge of the deposit, and won't seek a resource estimate until it does.
"There' s no point in doing a resource until you sort of have your arms around the property," he said.
Sibthorpe says the high-grade hits are rare for a country that normally features lower-grade, bulk-mining deposits."
Of course he is in no hurry...he is milking this for all he can.
I am not saying this is a pump and dump....certainly too long a time frame for that. But there are certainly enough RED FLAGS to not make this a long term investment for me and the short term is looking bearish now.
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- Jim ZLv 69 years ago
gold miners generally trade with the price of gold, but a comparison chart of ROG with the ETF GLD shows that GLD is outperforming ROG. ROG appears to be a good stock for those who uses a rolling strategy.
- RaysorLv 79 years ago
No. As said Canadian Venture exchange is not a recognised Stock Exchange, it's OTC
- Eddie WLv 79 years ago
Gold exploration? Do you know how to define a gold mine? It's a hole in the ground an a liar in the top.
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