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Making Progress

Bob Moriarty
Feb 10, 2011

I've been preaching about the benefits of owning gold as an insurance policy for years. And the wisdom of investing in gold production and pre-production stories. Every day when I go to the news, I get this feeling as if it's time to head to the nearest bunker and drag the door shut behind me.

From Las Vegas we learn that an incredible 71% of all mortgages in Clark County are underwater. That's depressing. Just how soon can we expect those nice folks to start rioting?

That's not the worst or even the most depressing. I think the worst would have to be the idea of Bristol Palin running for office. That's one of those "gag me with a spoon" kind of concepts. But why not? The 20-year-old unwed mother seems already qualified to write her own biography.. I'm going to go hug a commode. What on earth could she possibly share with us that we want to know? Both of the Palins are long past their 15 minutes of fame sell-by date.

Euromax (EOX-V) has made a lot of progress in the last two months. I did a tiny piece about them in early December when they were $.14. They made an announcement on Feb 8th that should serve to put a floor under the shares and show investors they are forging ahead. EOX reported a new 43-101 resource of 2.1 million ounces of gold at the Trun project in Bulgaria.

The deposit is open on three sides and the resource will expand as the company does more drilling. But if you used a very pessimistic $30 an ounce for gold, that would give the company a $63 million dollar market cap for Trun alone. With a current market cap of only $43 million, the stock is a safe investment if you like the future of gold.

Most of the last year was a disaster for Euromax but the new management team is getting things under control and moving forward. Putting a floor under the share price will go a long way to calming investors.

We are biased, we own shares, Euromax is an advertiser. Do your own due diligence.

Euromax Resources Ltd
EOX-V $0.34 (Feb 9, 2011)
124 million shares
Euromax website


Bob Moriarty
President: 321gold

321gold Ltd