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From Rouyn-Noranda, Quebec, 1:35 pm eastern

Gold Bullion President and CEO Frank Basa has confirmed an interview with BMR to take place tomorrow at the Granada Gold Property.

From Rouyn-Noranda, Quebec, 11:10 am eastern

Gold has traded within a range of $1,235 and $1,245 so far today…as of 11:10 am eastern, the yellow metal is down $2 an ounce to $1,238…we believe Gold will reach new all-time highs soon, perhaps as early as next month, but not before a re-test of the $1,200 area as John detailed in his excellent technical analysis yesterday…the CDNX bounced off its rising 20-day moving average yesterday, hitting a low of 1453, and as of 11:10 am eastern the Venture is up 6 more points to 1469…the 9% move from 1343 to current levels since early is no “sucker rally”…this is a market in the midst of a powerful new uptrend that we believe could accelerate rapidly next month on a convincing move through 1500…this appears to be 2004 all over again with the CDNX which is also showing that Gold is indeed going to new highs…Gold Bullion Development (GBB, TSX-V) is unchanged at 54 cents…our Granada site visit yesterday clearly demonstrated to us that the massive LONG Bars Zone project is moving forward very efficiently..there is a continued sense of excitement on the ground…what has caught our attention with Gold Bullion in recent weeks, after the 2 news releases last month, is how the area east of the Preliminary Block Model is becoming more and more interesting from a geological point of view…something a little different seems to be coming together in this part of the LONG Bars Zone with the amount of altered feldspar porphyry that is being intersected and appears to be mineralized based on what Gold Bullion reported July 13 and again July 29…initial assays, expected soon, will start to tell the tale and give a much better understanding of what’s happening…it’s very interesting to note, as we mentioned in our article last night, that Willoughby’s 1994 publicly available report on the Granada eastern extension stated, “Sulphides (mainly pyrite) are abundant in porphyry on East Granada, in the area of the Aukeko Shaft.”  Our question is, could they be abundant elsewhere, too?…the area east of the Preliminary Block Model has historically never been explored to the extent that it is now by Gold Bullion…GENIVAR’s visual observations, reported last month by Gold Bullion, are highly interesting…if there are disseminated sulphides in the porphyry east of the Block Model, and an abundance of them, tonnage implications for this area (which has the potential of being extended much further east) could be very significant…we’re in Rouyn-Noranda again all day today, doing additional research, prior to our departure from here tomorrow afternoon…Richfield Ventures (RVC, TSX-V) is powering higher…Richfield is up 11 more cents to $1.85…we first brought this company to BMR readers’ attention last December when it was sitting at $1.20…Jay Taylor endorsed RVC August 16…like Granada, Richfield’s Blackwater Project in central British Columbia has multi-million ounce potential and higher gold prices are going to make Blackwater even more attractive…Richfield is expected to release results on several more holes next week…Blackwater also has copper and silver values…Excel Gold Mining (EGM, TSX-V) is down half a penny to 14.5 cents…we are departing in the near future for southern Quebec where we will be checking out Excel’s highly prospective Montauban Mining Camp Project, 120 kilometres west of Quebec City…Excel’s 130 square kilometre land package includes the former producing Montauban Mine (near-surface gold, silver, and base metal mineralization) which the company is taking a fresh look at…Excel has a powerful looking chart with a volume surge in recent months that suggests something exciting is in the works here…

A view at 8 o'clock this morning, from Lake Osisko, of most of Xstrata’s very large Horne Copper Smelter, which is now treating more and more electronic recycling, at the same location as the original Horne Copper and Gold Mine that formed the foundation for Noranda and built the twin towns of Rouyn and Noranda.

From Rouyn-Noranda, Quebec, 10 pm eastern

Today I was blessed with my third visit to Gold Bullion Development’s (GBB, TSX-V) Granada Gold Property in six months.  And it was terrific.   Most people’s idea of excitement certainly doesn’t include visiting a dusty gold property 3,000 kilometres away in northwestern Quebec where a British Columbian can sometimes find it frustrating even ordering a Subway sandwich if all they speak is English.  In all seriousness, though, BullMarketRun readers – most of whom are gold enthusiasts and intensely follow the speculative junior resource market – should certainly appreciate how intriguing it is to “hang out” along the “Cadillac Trend” and see a potential multi-million ounce gold deposit in the early stages of development.

The very first thing I noticed that was different today from previous visits was the beefed up security at the entrance to the Granada Property.  Of course with all the activity here now – and there’s a lot of it – and with all the core now being logged and split on site, it just makes sense to guard the gates 24/7 (“Fort” Granada!) which is what Gold Bullion is doing through a local security company.  The stakes are high and this story is garnering a lot of attention.  Security and safety issues are therefore critical, and Gold Bullion has definitely stepped up to the plate in these areas.  This is good to see and another sign that this is a maturing exploration company that means business.

Drill core pictures were not allowed and technicians’, geologists’ and drillers’ lips were sealed in terms of any discussion surrounding Phase 2 drilling beyond what has been released publicly by Gold Bullion.  But the mood on the property is very upbeat and if body language is any indication, it’s clear to me that everyone on the Granada Property understands how big this project is and the immense potential of it.  This is a focused and excited crew, a reflection of the disciplined efforts of Gold Bullion and GENIVAR, its geological consultant.

One member of the crew is Nathan Jourdain, the very energetic and highly regarded 22 year-old technician recruited late last year by GENIVAR’s Nicole Rioux who is in charge of exploration at Granada.   Jourdain, who honed his skills with Agnico-Eagle, Aurizon and Richmont from 2006 through 2009 while studying geology at Rouyn-Noranda’s Cegep de l’Abitibi-Temiscamingue (he just recently graduated), has been described as a “fantastic find” and has played an important role in the success of Gold Bullion’s Phase 1 and Phase 2 drill programs.  He’s eager and hungry to help find a major gold deposit.  “What I like about this,” Nathan told us today, “is that it’s a big project and I’ve been involved since the first hole was drilled last December.”  He’s not a shareholder in Gold Bullion (GENIVAR’s tight regulations) but he has taken ownership in different ways.  He regularly puts in a 60-hour+ week and is on call 24/7, sometimes having to get out of bed to rush to the property at 2 am if something unusual develops on the drilling front.  He helps coordinate a lot of activity on site and of course works frequently with maps and software to get the best understanding possible of the structures GENIVAR is finding.  He has played a key role in selecting some of the drill targets and is fascinated by the “magic” of the “Cadillac Trend”.  Nathan is “pumped”  and that’s a good sign.

A few members of the GENIVAR/Gold Bullion team at Granada (left to right, Marie, Charles, Nathan and Aliou). This picture was taken in the eastern extension area - Gold Bullion is using crushed rock from the waste pile to build a good road leading out to LONG Bars Zone 2.

The Cadillac Fault, a regional structure that traverses through the northern edge of Gold Bullion’s claims, has indeed been the driving force, geologically, at Granada.  The Fault runs one kilometre deep and is spatially related to numerous multi-million ounce deposits including of course Osisko’s massive Canadian Malartic Deposit 65 kilometres to the east.  I’m not a geologist, but I’ve studied Granada intensely beginning more than a month before BMR first introduced Gold Bullion to its readers when the stock was sitting at just 7 cents last December.  I’ve spoken to numerous geologists regarding Granada and the “Cadillac Trend” in general.  Gold Bullion is searching for gold in one of the most highly prospective areas there is anywhere.

There is no denying that the LONG Bars Zone has the potential to develop into a multi-million ounce open-pit deposit.   Much deeper down, given the nature of the Cadillac Trend, this property also has potential as a high grade underground operation.  We’ve stated this before and it’s worth stating again – the best place to find a new mine is often near an old mine.  Granada produced 50,000 ounces of gold in the 1930’s and 80 years later Gold Bullion’s fresh approach to this former mine, and the nearly 5,000 hectare land package surrounding it, is starting to pay big dividends.

North of the Cadillac Fault, where one sees much more VMS-style mineralization, are volcanic rocks.  Sedimentary rocks are found south of the Fault where there tends to be considerably more faulting, increasing the chances of gold mineralization (many secondary faults have developed from the Cadillac Fault).  Based on historical information and what has been reported so far by Gold Bullion, there is intense faulting and alteration throughout Granada.  One of the keys for GENIVAR, in our view, is identifying the location, dip and depth of these faults and chances are they have had success in doing that based on the highly encouraging news Gold Bullion issued July 13 and July 29.

Infill drilling continues within the Preliminary Block Model where Gold Bullion outlined a potential non-compliant resource of 2.4 to 2.6 million ounces in late April.  Holes 33 and 41, released July 29, show the Block Model is on track but tighter spacing and much more drilling are still ahead.  Additional potential exists at depth.    Keep in mind, also, that this and other areas at Granada are renowned for particle gold that in many cases won’t show up in drill results but will be processed in the mining procedure – the so-called “upgrading” effect that has certainly been seen elsewhere.  That’s why Gold Bullion’s large 2007 bulk sample (grading 1.62 g/t Au) was so important.

East of the Preliminary Block Model is where things get really interesting as this huge area has “blue sky potential” written all over it.  Historically, the Granada “eastern extension” has been under-explored but there is enough information – historical and current – to suggest there could be widespread, near-surface mineralization in this area through, in part at least, quartz veining and gold that is carried in disseminated sulphides in feldspar porphyry.  A very large low grade “halo” effect could also exist here – in terms of its total mineralized surface area, the eastern extension could eventually dwarf the size of the current Preliminary Block Model.  If a lot of nice intersections of around a gram or better start coming in from the east, it will be “mission accomplished” for Phase 2.  And it wouldn’t be surprising to see a few spectacular holes based on the visuals.

As Gold Bullion reported July 29, “Each and every hole (north, south, east and west of GR-10-17)” has intersected “significant zones of altered feldspar porphyry (favorable for gold mineralization) with quartz veining. Visible gold has also been observed in many of these holes including GR-10-78 which just became the easternmost hole drilled to date by Gold Bullion at Granada. GR-10-78, collared nearly 250 metres east of GR-10-17, was drilled to a vertical depth of 350 metres and intersected large alteration and intrusive zones.”

Gold Bullion appears to be encountering much more altered feldspar porphyry in the eastern extension.  Upcoming drill results from the east and extensive analysis by GENIVAR should give us a better understanding of what is really going on in this part of the LONG Bars Zone.  An interesting observation is made on page 88 of Willoughby’s 1994 report (“Geology, Structure and Gold Mineralization on the Granada Extension Property”) that we obtained through the Quebec Ministry of Mines a couple of months ago.  “Sulphides (mainly pyrite) are abundant in porphyry on East Granada, in the area of the Aukeko Shaft.”  Are they abundant in porphyry elsewhere as well?

Willoughby made numerous important observations regarding Granada in general in his 1994 report:

“A large circular feature interpreted from air photos encloses most of the Granada Mine Property and suggests an intrusive stock at depth, perhaps the feeder for the numerous sills and dykes mapped at surface.”

“The role of major northeasterly fault structures in the localization of high-grade zones as steeply dipping, northeast plunging ore bodies is considered significant.”

“The area of shearing and alteration covering the gold veins/structures on the Granada Mine Property (what Gold Bullion is currently drilling) comprise a relatively distinct zone measuring some 450 metres wide and 2 km long.  Previously designated the Mine Sequence…regional consideration and 1994 mapping results show the zone continues both east and west, attaining truly regional dimension.”

“The ongoing mapping and drilling of the Granada Mine and Granada Extension properties indicate an 8 km long zone of shearing, deformation and gold mineralization along the southern part of the Granada Segment, and in conjunction with other mineralization features apparent within the segment, is considered to be a regional feature.”

Oh, and we certainly shouldn’t forget about Big Bert in LONG Bars Zone 2.  As exciting as our visit was today, the golden highway hasn’t quite been completed out to that area yet so unfortunately we weren’t able to pay a visit.  Of course we’re referring to the Bert Vein near the old Aukeko shaft.  The average assay of three bulk samples (reported in 1938 by Hosking, according to Willoughby’s report) was 7 ounces Au per tonne.  Gold Bullion plans to visit Big Bert later this year as exploration moves further east at Granada.

With a strong team on the ground as we saw today at Granada, working a highly prospective and big project, there’s no question Gold Bullion Development has a golden opportunity on its hands.

From Rouyn-Noranda, Quebec, 10:15 am eastern

Greetings from Rouyn-Noranda, Quebec, home of the Xstrata Smelter with Gold Bullion Development’s (GBB, TSX-V) Granada Gold Property just 5 kilometres to the south…we have returned to the infamous “Cadillac Trend” and the world’s #1 ranked jurisdiction for mining and exploration…anyone seriously interested in this business as an investor needs to visit this amazing area – it is truly an eye-opener…there is so much to see and learn…Gold Bullion is once again graciously allowing us another peak at the LONG Bars Zone this afternoon…we are here today and tomorrow and we’ll be filing our first major report at 10 o’clock eastern tonight…the company has not released any exploration news and drill results since July 29 but the news last month was certainly encouraging, so we remain extremely upbeat about this project…so too, it seems, is Jordan Capital which has been on another buying spree lately and they are a key player to watch in the GBB market…we do know, based on Gold Bullion’s web site Fact Sheet which was updated yesterday, that 16,000 metres (out of a planned 20,000 metres) has now been completed in Phase 2 and news is “pending” from Granada – we take that to mean within a week or so but that’s just a wild guess…what also stood out on the Fact Sheet was another drill core picture from an unidentified hole in the eastern extension that appears to us to be feldspar porphyry which is interesting…this is becoming a common theme…GBB’s news last month emphasized the fact that drilling in the east is intersecting a lot of altered feldspar porphyry which may prove to be very significant (assays of course will tell the tale)…what we’re hoping Gold Bullion will be able to do in the near future is lay out more specifics regarding the Granada geological equation – in particular the very intriguing scenario that seems to be taking shape east of the Block Model…we’ll get into this a little more tonight…Granada is a fascinating geological story and those who like to keep focused on the “big picture”, and not allow themselves to get distracted by hourly price moves in the stock, cannot help but remain very confident and excited about the enormous potential of the LONG Bars Zone and its possible “twin brother” further east…we’re very much looking forward to our site visit later today…the rain in Rouyn has now stopped and the weather is expected to improve rather dramatically…Gold Bullion is unchanged at 54 cents as of 10:15 am eastern…Gold is up another $10 per ounce to $1,240 after a powerful intra-day reversal yesterday…BMR’s technical analyst provided an update on Gold this morning…John is not expecting a breakout to new highs just yet but it is something to prepare for…the CDNX is hugging its rising 20-day moving average, where there is good support, and is currently down 1 point at 1456…we believe there’s huge technical support at the 50-day SMA, 1425, so the downside from here appears very limited in our view…the primary trend is up with the CDNX and that’s important to understand…the BMR Portfolio is quiet so far today…we’re keeping an eye on Richfield Ventures (RVC, TSX-V) which is expected to release more drill results from Blackwater next week…Richfield is currently unchanged at $1.60…we’re also watching North Arrow Minerals (NAR, TSX-V) closely as the company is expecting to get word any day now on its drill permit application for Lac de Gras…it’s very possible North Arrow could be drilling its highly prospective diamond property next month…the Dow has taken a beating the last few sessions – it has dipped below 10,000 this morning – and there are a lot of nervous investors which is good…on an important political note, voter turnout in the Republican primaries last night was far greater than the turnout in the Democratic primaries, further evidence the Democrats are in serious trouble in the upcoming Congressional elections…for what it’s worth, our prediction is that the Republicans will win back control of the House, and possibly even the Senate, and this is going to have significant positive implications for the market which has consistently shown over the years that it loves gridlock in Washington…in addition, Obama’s radical left and anti-business agenda will suffer a serious blow…one more reason we see strong markets in the fall…

It's a cloudy and showery day in Rouyn - this picture was taken at 8 am today. Beautiful Lake Osisko is in the background with the Xstrata Smelter just a 5-minute walk away. Osisko Mining, which of course has the huge Canadian Malartic Deposit just 65 kilometres to the east of Gold Bullion’s Granada Property, took its name from Lake Osisko where Canadian mining legend Edmund Horne made a major discovery in 1920 that became the famous Horne Mine and built the Noranda Mining Company.

From Rouyn-Noranda, Quebec, 7:30 am eastern time

Gold had a volatile day yesterday, rebounding sharply after an intra-day tumble.  As of 7:30 eastern time this morning, the yellow metal is up $4 to $1,234 and has traded within a range of $1,230 to $1,240.  BMR’s technical analyst has a very bullish outlook on Gold but sees some back-and-forth action for a little while, including a re-test of yesterday’s low, before it’s ready to explode to new highs:

John: Yesterday, Gold (continuous contract) opened at $1226, fell to $1210 and then rocketed back up to a high of $1235, all in the space of 2 hours before settling down and closing at $1231 for a gain of $5.  A wild day indeed.   Watching this kind of volatility on a regular basis is confusing, frustrating and offers no insight as to what the Gold market is doing. In order to define what we may expect in the near future we have to consult a chart and analyze it with methodology such as the Elliott Wave Theory, Fibonacci levels, indicators and candlesticks.

First, a word about RN Elliott’s Wave Theory which states that a market follows a cycle made up of 8 “Waves”.  This Wave structure occurs in both uptrends and downtrends and continues until the trend ends.  The trend structure is composed of two phases – the Motive Phase and the Corrective Phase. The Motive Phase moves in the direction of the primary trend and consists of 5 Waves whereas the Corrective Phase consists of 3 Waves and moves countertrend.

Looking at the chart we see that on the left hand side a Corrective Phase starting at $1226 is shown as 3 blue zig-zag lines down to a low of $1045.  This indicates of course the primary trend is up.  At $1045 there is a bullish reversal and a Motive Phase starts, a series of 5 Waves up (green lines) until it reaches a peak of  $1249.  A reversal then occurs with a Corrective Phase down to $1155.  This is followed by another reversal and a #1 Wave starts upward and climbs to $1237 at which point (last Friday, August 20) a bearish reversal 3 candle pattern called an “evening star” was formed.  It was this pattern that alerted me to the possibility of a reversal on Monday.  This pattern had to be confirmed by a down candle on Monday which indeed did occur.   After the pattern was confirmed I placed on the chart the Fibonacci retracement levels because Wave #2 usually does not retrace Wave#1 more than the 61.8% level and typically the reversal occurs between the 38.2% and the 61.8% levels ($1,206 to $1,186), thus this can be considered a band of strong support.   Yesterday’s trading went as low as $1210.  I expect to see this support band tested before the reversal to start Wave #3.

Looking at the indicators:

The RSI shows that it is on the edge of the overbought region and must decline to a much lower level before Wave #3 can start in a similar manner to Wave #2 on the previous Motive Phase (i.e, the RSI dropped down to the 30% level before the reversal occurred (thin vertical blue lines).   Similarly, the Slow Stochastics also has to decline down to about the 20% level before the reversal.

The ADX trend indicator shows the -DI (red line) is about to cross up over the +DI (green line) indicating the near term moves will be down.  The ADX trend strength indicator (black line) is weak and flat.  Note that this daily ADX does not indicate the strength of the Primary trend – the weekly ADX is used to determine that. The weekly ADX (not shown here) is strong and shows Gold is in an uptrend.

Outlook: The primary trend for Gold is up and is strong. We are likely to see some downside in the near future until Wave #2 is complete, then a reversal and the start of Wave #3 which is usually the longest and strongest wave of the Motive Phase.

Markets are weak across the board today…Gold is off $10 an ounce to $1,216 as of 6:30 am Pacific, though it has bounced off its low of the day which was $1,209…as we mentioned yesterday, any pullback in Gold will be supported by physical buying which traditionally strengthens beginning at this time of the year…the start of festival season in India this week is just one example…the very respected Frank Holmes, Chief Executive of U.S. Global Investors, is very bullish on Gold and commodities in general and stated on CNBC this morning, “We like to compare the E-7 – the 7 most populated countries in the world:  They are 4 times the G-7 in population and their income levels are rising.  There’s a propensity in these countries to buy Gold for both monetary (purposes) and jewelry”…investors should welcome any pullback in the CDNX as a buying opportunity prior to a potential major move through 1500…any weakness in the CDNX should be strongly supported by the 50-day SMA at 1425…as of 6:40 am Pacific, the Venture is down 13 points to 1462…BMR leaves later this morning for Quebec and Gold Bullion Development’s Granada Gold Property…our first report from the LONG Bars Zone will be sometime tomorrow…Gold Bullion is off a penny in very early trading to 53 cents…Jordan Capital’s huge appetite for GBB continues as it picked up over 400,000 more shares in the first few minutes of trading this morning…

Gold has traded within a range of $1,222 to $1,233 so far today…as of 8:00 am Pacific, the yellow metal is down $4 per ounce at $1,224…this week marks the start of festival season in India…physical demand should strongly support Gold on any pullback…we see the floor for Gold at $1,200, give or take 1%, with a good chance for a new all-time high as early as next month…the CDNX is off 4 points this morning to 1476…the CDNX is looking very strong from a technical perspective and we believe it’s only a matter of time before it blasts through resistance around 1500…the CDNX’s 50-day SMA has turned positive, ending a 3-month decline…this is just one more bullish development after the Index hit a 2010 low of 1343 July 6…since that time, the CDNX has jumped 10% and has outperformed the broader markets and the TSX Gold Index…the CDNX continues to mirror the pattern of 2004 when it jumped 25% from its July low to the end of the year...Gold Bullion Development (GBB, TSX-V) is off to a strong start this week…Jordan Capital kicked things off again this morning as they were on the buy side in 11 of the first 13 trades, accumulating another 132,000 shares in just the first 4-and-a-half minutes…GBB got as high as 56 cents and as of 8:00 am Pacific it’s trading at 55 cents, up 2 pennies on the day, on volume of over 600,000 shares…Richfield Ventures (RVC, TSX-V) is off a nickel to $1.60…the company has added a second drill rig at its Blackwater Project in central British Columbia and expects to release assay results on another 5 holes sometime next week…the stock has cooled off slightly over the past couple of weeks, allowing for an unwinding of its overbought condition…North Arrow Minerals (NAR, TSX-V) is waiting for approval of a drill permit before proceeding with drilling at its Lac de Gras diamond project in the Northwest Territories…news on that permit should come by month-end…Seafield Resources (SFF, TSX-V) is unchanged at 16.5 cents…we expect a strong final 4 months of the year for Seafield as drill results start flowing in and exploration ramps up at its highly prospective Quinchia Project in Colombia…we continue to keep a close watch on Excel Gold Mining (EGM, TSX-V) which is currently unchanged at 16.5 cents…a chart can often tell a lot about a company, and Excel’s chart is very revealing as this company has moved aggressively recently in developing its Montauban Mining Camp Project which is 120 kilometres west of Quebec City…

The BMR Portfolio:

Gold Bullion Development (GBB, TSX-V)

Gold Bullion enjoyed a strong day Friday and what we found particularly encouraging was Jordan Capital’s renewed foray into the market…Jordan, of course, was first on the scene with Gold Bullion late last year and was the force behind the financing at 7 cents that got the ball rolling with this company and allowed it to begin drilling Granada…Jordan has been a huge buyer of GBB all year and their activity in the Gold Bullion market is important to watch…in the opening hour of Friday’s trading, they purchased 196,500 of the 211,200 shares that traded (93%)…they finished the day with 439,500 shares on the buy side and sold nothing…also interesting to note with Gold Bullion is the second symmetrical triangle of the year that has formed on the charts – very similar to the one we saw in January and February prior to the March 1 breakout (check John’s updated TA on GBB August 19)…Gold Bullion closed the week at 53 cents, a drop of just 1 penny…there is obviously very strong technical support around current levels as investors wait for more news from Granada…

Sidon International (SD, TSX-V)

It was not a great week for Sidon as the stock fell 3 cents from the previous Friday, closing at 12.5 cents – its lowest close since July 28…for the first time since early July the stock is also trading below its still-rising 20-day moving average…the turning point for the week came Thursday when Sidon opened at 15 cents, up a penny, climbed another half penny to 15.5 cents, and then headed south on high volume to close the day at 13 cents, down 1 cent…the company issued a “news release” after the close of trading Wednesday which we felt contained some positive information pertaining to a “gold rush” around its Morogoro East Property in Tanzania, but the release seemed rather “amateurish” – so much so that BMR sent an email to Sidon President Kamal Alawas seeking clarification that this was indeed a legitimate Sidon news release…Kamal replied in the affirmative and also added he had received “over 65 emails and several phone calls and all but two (you are one of them) did not like the PR”…whether we liked the news release or not was actually quite irrelevant…the activity in the market on Thursday and Friday should have sent a strong message to Sidon that it needs to improve its messaging…on the positive side, Sidon has an exciting property in an under-explored region of a country that has dramatically increased its gold reserves over the last decade and where foreign investment is welcome…Canaco (CAN, TSX-V), getting great results from its Handeni Project approximately 100 kilometres north of Morogoro East, is clearly showing the potential for gold explorers in Tanzania, and (sadly) we’d much rather invest in that country than, say, Australia…

Seafield Resources (SFF, TSX-V)

Seafield finished up half a cent on the week to 16.5 cents…BMR’s technical analyst took a fresh look at Seafield in an article posted earlier today, so we suggest you check that out if you haven’t already…fundamentals will drive this company forward – specifically, if Seafield can grow ounces in the ground at its Quinchia Project in Colombia which we like a lot…drilling continues right now at Miraflores where Seafield has a 43-101 inferred resource of nearly 800,000 ounces…the drill program is aimed at increasing that resource to a million ounces…initial assay results are expected sometime next month…drilling should also start soon at Dos Quebradas which has an in-house non-compliant resource of 800,000 ounces…Chuscal completes the “triple play” in this game – it’s a highly prospective property – but drilling may not commence there until next year…it makes sense to us that Seafield has a good chance of at least doubling its current market cap of $15.5 million by year-end if it can show it’s on track to increase its compliant inferred resource at Quinchia from 800,000 to 2 million ounces…ultimately, as Seafield itself has claimed, this is a project that has the potential of proving up 3 to 5 million ounces…

Richfield Ventures (RVC, TSX-V)

Another low grade, high-tonnage gold prospect we like very much is Richfield’s Blackwater Project in central British Columbia…Blackwater also has silver and copper values as well…we see that respected newsletter writer Jay Taylor has finally discovered this company (about 8 months after we did) and issued a Richfield buy recommendation August 16 at $1.46…Richfield closed up a dime on the week at $1.65 and reported 2 developments…it has finally added a second drill rig at Blackwater, which will provide a much-needed boost to exploration speed, and the company also expects to release additional assay results (5 more holes) by the first week of September at the latest…Blackwater has multi-million ounce potential and the next few months should prove interesting with Richfield…the company is in the midst of a 25,000 metre drill program and is set-up to drill the property year-round…

North Arrow Minerals (NAR, TSX-V)

North Arrow had a quiet week as investors wait for news regarding the company’s Lac de Gras drill permit…a decision on that is expected by the end of the month…upon approval, drilling is expected to begin almost immediately…North Arrow has several interesting projects in its portfolio but the Lac de Gras diamond play is the most exciting and also holds the greatest potential…NAR closed the week down a penny at 19 cents on very low volume…

Colombian Mines Corporation (CMJ, TSX-V)

Like Seafield, Colombian seems to have found bottom just slightly below its rising 300-day moving average…CMJ fell 3 pennies this past week to 63 cents but continues to trade in an area of very strong technical support…patience is again the key here…the company has an excellent portfolio of exploration properties in Colombia – topping that list is Yarumalito where drilling continues…with a market cap of only $14.5 million, almost identical to Seafield’s, there appears to be more upside potential than downside risk with CMJ at current levels…well-managed, CMJ is also in a good cash position and knows how to maneuvre in Colombia which is critical…

“Watch List”:

Excel Gold Mining (EGM, TSX-V) had a strong week, finishing up half a penny to 16.5 cents on total weekly CDNX volume of 6 million shares…during the week the stock also hit a new 52-week high of 18 cents…Excel is developing its Montauban Mining Camp Project approximately 120 kilometres west of Quebec City…this project includes the former producing Montauban Mine which features near-surface gold, silver, zinc and copper mineralization…we believe there’s an exciting geological story in the works here and we’ll be visiting Montauban in the near future during our upcoming trip to Quebec…Excel is taking a fresh approach to Montauban…other successful companies in Quebec, the most notable of course being Osisko (OSK, TSX), have demonstrated the best place to find a new mine is near an old mine…we like the potential of Excel – its chart is also phenomenal – and we look forward to further due diligence on this company…