Phoenix, AZ (PRWEB) September 13, 2005
As Gold continued to move up towards 17 year highs Monday, Gold issues remained firm including Azco Mining Inc., which recently soared 500% off its 2005 lows. With increasing numbers of Gold Analysts calling for higher Gold prices and with the tightness in supplies of Gold brought on by dwindling production, the outlook for Gold remains brighter than at anytime since the late 1970's Gold boom, that could be the beginning of a 30 year bull move in Gold.
Wall Street's top-ranked chart strategist while at Citigroup Inc and noted analyst Louise Yamada, who last year predicted oil would reach $67 a barrel, long before anyone else saw the Crude Oil rise coming is now calling for Gold to rise to as high as $600, $700 and even $1000. This is an exceedingly bullish forecast coming from a Wall St legend who has one of the best track records in the business. Since Louis Pasteur is famous for his declaration: "Fortune favors the prepared mind", it would appear wise to take note of Ms Yamada's prescient forecast, given her stunning accuracy in calling for $67 Crude, shortly before Crude Oil soared to an all time record high of $70.85 on August 30, 2005.
World Gold demand increased 14% last month, according to the World Gold Council, and this stunning increase could be the tip-off that Gold prices at current levels cannot be sustained for much longer and may also be the reasoning behind so many analysts now starting to get seriously bullish on Gold, enough to significantly impact prices in the months and years ahead.
Meanwhile, our mission is to find undervalued stocks and it remains our view that Azco Mining Inc AZMN represents perhaps the most inexpensive way to invest in Gold today due to its extreme undervaluedness compared to its peers, with 2 Million ounces of Gold contained in its 90 square mile Ortiz Gold fields deposit and the company's declared intent to acquire additional reserves soon.
The acquisition of the Ortiz Gold property represents the first realization of Azco's new strategic agenda. In addition, the company (OTC:AZMN - News), has reported it has been successful in identifying other attractive precious metals properties containing drilled resources and has begun active negotiations on two of those properties.
Azco's Ortiz gold project contains two million ounces of gold in several deposits that other companies discovered and drilled in the 1970's and 1980's at a cost of $40 million. These deposits have yet to be mined, although a major gold company did operate another open cut mine on the property in the 1980's, producing some 350,000 ounces of Gold. Two of the undeveloped deposits contain one million ounces of gold and were the subject of extensive drilling, metallurgical testing and feasibility studies.
In 1990, a pre-feasibility study carried out by the former LAC - Pegasus Joint Venture concluded that economics would be positive for open-pit, mining of the Carache Canyon and Lucas Canyon deposits at gold prices over $325 per ounce, assuming a discount rate of 10%. Production was projected to average 83,500 ounces of gold and 103,444 ounces of silver annually over a nine-year period. Operating costs for one mining scenario averaged $222 dollars per ounce of gold produced, although the study concluded that the numbers quoted were conservative and that significant improvements in capital and operating costs would be possible. The study also considered the project to have excellent upside potential to increase both the minable ore reserves and grades.
Re-iterating Azco's goal to build a substantial mining company driven by cash flow and possessing a portfolio of quality exploration, development and acquisition of new projects for future growth, Dr. Pierce Carson CEO of Azco Mining, in a recent interview added,
"Out of the one million ounce deposit alone, we can expect over $100 million as a bottom line profit number."
Industry titans Morningstar and Barchart.com generated an unusually large number of alerts and very positive technical analysis based on 13 key technical indicators earlier this week which reflected their opinion of a 100% BUY rating for shares of AZMN. A copy of this analysis is available at http://cfrn.net .
CT's Previously Highlighted Issues that have soared along with Azco Mining Inc mentioned in several previous press releases: Imperial Industries Inc (Nasdaq: IPII - News) highlighted at $8 and projected to $24 and $32, recently traded at $30 per share, up almost the 400% gains we were projecting for this issue. Tradestation Group Inc (Nasdaq: TRAD - News), has risen more than 50% and met initial projections of $9. Dale Jarrett Racing Adventure DJRT recently rallied strongly off its lows on all time record volume.
Today we are featuring Odyssey Petroleum ODE.V listed on the Canadian Venture Exchange. The company just announced TSX VENTURE:ODE - News that it has acquired a 100% working interest in the Pelahatchie Field, in Rankin County, Mississippi offering a unique opportunity for Consolidated Odyssey and it partners to develop proven, but yet undeveloped oil and gas reserves that have produced at rates exceeding 2000 barrels of oil per day and two million cubic feet of gas per day, according to production records maintained by Shell Oil Company. However, the field was never fully developed. In a publication dated September 1, 1968 and filed with the Department of Energy (report Conf-681095), and titled ÂPelahatchie FieldÂMississippi GiantÂ, Mr. H. E. Karges, Certified Petroleum Geologist, stated that this field could prove to one of MississippiÂs largest oil fields.. Field studies by Mr. Michael Tierney Certified Petroleum Engineer in the year 2,000 indicate that an estimated 100,000,000 barrels (equivalent) could be produced using primary production methods. Secondary and tertiary methods employed later could probably double the amount of reserves recovered. At prices of US$0.35 cents a share, this is akin to buying 100 Million Barrels at equivalent of 35 cents per bbl.
About Odyssey Petroleum
Consolidated Odyssey Exploration is an independent oil and gas exploration company focused on developing significant natural gas and oil reserves in North America. The company is aggressively buying participation in exploration and development fields located primarily in Louisiana and the Mississippi Interior Salt Basin. Management believes that exploration drilling in the highly prolific area will continue to rapidly increase our production and reserves.
About Azco Mining Inc.
Azco Mining Inc. is a U.S.- based mining and exploration enterprise with an emphasis on gold, copper and industrial minerals. Azco owns mineral lease rights to 90 square miles at the Ortiz gold property in New Mexico, where previous exploration has identified resources containing two million ounces of gold. Azco also owns and operates the Black Canyon mica deposit in Arizona, which contains a large resource of mica and bi-product feldspathic sand.
The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
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The CT research team continues to follow the ongoing situation at CMKM Diamonds Inc (CMKX).
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