Crosshair: Is this as low as it can go?
Print This Post
|
Email This Page:
Topic: Uranium Mining Stocks — March 25th, 2008
Crosshair Exploration and Mining Corporation put on 12.79% yesterday and still closed below a dollar, at $0.97.
Crosshair has suffered as much as any other uranium stock that we know when you think that it once traded at four dollars plus and a few days ago it was down to $0.86 per share! At this point we wondered just how bad it could get for Crosshair before the bargain hunters decided to step in a bag a few shares. Yesterday may well prove to be a turning point for this uranium stock as it finally joined in with a small rally that lifted most of this sectors stocks. From our mail bag we can see that Crosshair has many supporters so it is even more surprising to see it perform so poorly. On the news front there has been a revision to the bought deal financing and some changes to the management team, nothing drastic though.
Taking a quick look at the chart we can see what sad story this one is, a one trip to the bottom of the pit.
However, this uranium stock could now be the bargain of the week. At times like these we need to be alert and avail ourselves for such opportunities. If Crosshair is on your list to be accumulated then now would appear to be a reasonable time to make a move. We do not own this stock but we have owned it in the past and traded it for a profit but we will stay put for the moment and observe this micro market. It would be nice to consider it in isolation but we must remain cognisant of the economy in general and the financial system in particular, which lurches from fiasco to pantomime all in the same day. On the positive side the long term and the spot price for uranium is remaining reasonably steady, setting the stage for a small, if unspectacular, rally going forward.
If you are new to this web site and would like to receive our free newsletter regarding investment in this arena, then please click here.
Crosshair Exploration and Mining Corp: 100% Up!
Crosshair Exploration and Mining Corporation: No sign of recovery!
Crosshair Exploration: Nearing a Buy Again
Crosshair Exploration & Mining Corp: Up 63% in 2 months
Crosshair: Non-Symmetrical Triangle Formation
|
|
Crosshair’s recent drop to the bottom of the mine shaft is likely due to the same news that has sunk Aurora Energy (AXU) and Fronteer Development (FRG).
And the news being that the Nunatsiavut Government is considering a proposed three-year moratorium on uranium mining and milling on Labrador Inuit Lands in coastal Labrador.
The Motion, which passed First Reading, is being brought to community members for review and discussion. The Motion must pass a majority General Assembly vote, following Second Reading, before it can be passed into law.
Comment by George — March 25, 2008 @ 9:42 am
Seems to be an overreaction to the Inuit land exposure:
from Crosshair’s Website: http://www.crosshairexploration.com/s/Community.asp
“Effect of Land Claims on Crosshair’s Property
Approximately 17% of Crosshair’s CMB Uranium Property falls within the Labrador Inuit Settlement Area. Of that amount, less than half (8% of the entire Crosshair CMB Property) falls within Labrador Inuit Lands. The C Zone resource and the Area 1 prospect both lie outside of Labrador Inuit Lands.”
…..I’ve been loading up!
Comment by Chris — March 25, 2008 @ 5:51 pm
Team, thanks for your comments - very much appreciated.
Comment by Uranium Stocks — March 27, 2008 @ 1:52 am
Closed down 6 cents at $0.90 today, so maybe there is a tad more downside to be flushed out?
Comment by Uranium Stocks — April 1, 2008 @ 6:40 am
Often a re-test of the low is required before the stock can make a firm bottom. Looks like that has been happening this week and with the long awaited Financing closing today (april 4th), it frees the Company up to begin releasing News again to the market. Should see decent upside form current levels as this Company has a property with more potential than most and little to no Inuit exposure in Labrador so even if Aurora struggle, then Crosshair could benefit as they become the ‘go to’ Uranium Company in the region.
Comment by Alan — April 5, 2008 @ 6:10 am