... and Adrian Courts Virginia

04/22/2005 12:00 am EST


Adrian Day

Chairman and CEO, Adrian Day Asset Management

Adrian Day, a leading authority on natural resources, is particularly skilled at uncovering junior mining opportunities. In describing one of his favorites, Virginia Gold, he says, "Hold on to this gal; you won’t find many like her." Here's his review of the Canadian miner.

"Virginia Gold (CA:VIA  Toronto) is a keeper. The company has made a discovery at its Eleonore project in James Bay, Quebec. Despite its recent strength, I would urge you to resist the temptation to sell; Virginia’s recent discovery keeps getting bigger and has enormous potential. Virginia has released more drilling results and announced the discovery of a new zone, with equally high grades. The company has not released any resource estimate, but some analysts are suggesting these new results alone double the existing resource to as high as 2 million ounces.

"It’s certainly difficult to continually put out increasingly better results, though Virginia trying its hardest. All in all, the company is ‘extremely encouraged’ by the recent results and continues to explore aggressively, with three drill rigs. The company has over C$31 million in working capital, no debt, and well-respected management. In our opinion, Virginia is going higher. And a recent sell-off in the price, which has brought the stock back under C$5, (from a high of just north of C$6.00), gives long term investors another opportunity to buy these shares."

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