Colombian is showing signs of wanting to push higher and just recently broke the $1 level (December 9 and 10) for the first time in over six months. The stock quickly pulled back again but has remained above its 200-day SMA which is currently declining slightly and sitting at 90 cents. The rising 50-day SMA could soon cross over the 200-day which would be a bullish technical development, and the 100-day (81 cents) is rising nicely as well. Colombia is a fantastic place to explore for Gold and CMJ is one of the best positioned companies there in terms of its large land package (150,000+ hectares) and experience in that country. More drill results are expected soon from its Yarumalito Project, near Medoro’s Marmato Deposit and Seafield’s Quinchia properties. Results to date have been very promising but it’s still early in the game at Yarumalito. The company’s El Dovio Property, approximately 100 kilometres southwest of Yarumalito, shows excellent potential though a drill program has yet to start there. We’re bullish on Colombia in general and there’s no questioning the fact CMJ has assembled a quality pipeline of projects. There are many reasons for great encouragement regarding Colombian Mines entering 2011. Everyone has seen what has happened to Seafield which was languishing for a number of months – CMJ certainly has the potential to become a repeat of Seafield. CMJ is up 55% since we introduced it to BMR readers just over a year go. John provides a brief chart update (Dec. 20) below.
