i agree, we are much further along, more so than some might think. I remember also at the same time, Erin was featured in a number of articles including the Insider Report:
The Insider Report has been covering Erin Ventures on it's Daily Bulletins
since it was at $1.25 on July 28th. The stock is tightly held and is prone
to movement on light volume as was the case on Friday (up $0.26 on 54,800
Movement in the stock in the past (first quarter '97, $4.50/sh) was due to
early acquisitional speculation. We believe there is now more to this story
to warrant coverage. In addition to that, the company is also just now
beginning to gear up its investor relations activities; an important criteria
in our coverage.
Erin Ventures is an emerging international producer of industrial minerals.
In October 1996 the corporation entered into a Letter of Intent with
Electroprivreda, the national power company of Yugoslavia to jointly
develop a 7.5 million metric tonne Boron property. The Letter of Intent
gives Erin Ventures access to vast reserves of Boron. Extensive exploration
has already been carried out. The reserve estimates based upon the drill
hole data suggests that the deposit has the potential of hosting reserves
in excess of 10-12 million tons.
Boron has a value of $350 US per ton for raw material and $750 US per ton
of boric acid. Assuming the "Pobrdski Potok" and "Piskanja" borate
deposits do hold 10 million tons of 37% boron, this would give the deposit
a value of $1.3 billion USD. As Erin is joint ventured 50-50 with
Electroprivreda Sjerbje, this would give EV control of more than $600
million USD ($850 million CDN) worth of raw deposit.
Erin Ventures has not released any news since February (more than 6 months
ago) and this, along with the poor junior market has seen it fade from
highs of $4.90 in February to its recent low, two weeks ago, of $1.15 (when
the Insider Report began coverage).
The stock is generally lightly traded and tightly held. It has had only two
days of trading over 100,000 shares in the last year. This fact, along
with the potential of their Boron deposit and upcoming promotional efforts,
should ensure good market movement over the course of the next two months.
The Insider Report will be covering this story throughout August and
perhaps longer. We feel that EV offers minimal downside. With the potential
upside now beyond the 52-week high of $4.90/sh we should have a very
interesting month ahead of us.