Crosshair: Is this as low as it can go?
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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.
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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
It is “funny” to back and read these comment I thought was reasonable at the time it was posted - yet facts is Crosshair has fallen much lower…. so much for technical analysis!
I believe Crosshairs fall is due to the “suck up” of liquid cash in the market. Risky shares is the first to be eliminated from a portfolio in problems….
Comment by Lars W — September 8, 2008 @ 4:52 pm
“Is this as low as this can go”? Are you kidding? Who is the asshead who prdicted that? No wonder you’re afrraid to print your name! No, not even close! Looks like 25 cents-a-share is now officially the “good old days” as far as this chit company is concerned, I’m down over 95% with this despicable “company”. Move over Enron! Out of the way Bear Sterns! You’ve got a worse company than yours. Any shareholder lawsuits you can advise me of?
Comment by JoeBronx — September 19, 2008 @ 11:42 pm
CXX stock has suffered badly but so has most other uranium stocks and the majority of junior resource stocks.
You can start by sueing the shorts and naked shorts on the TSX. But good luck with that.
It appears to me that since the “uptick rule” was removed in early July 2007, the junior resource stocks have gone into a free fall and to this day continue to make 52-week lows. Is this a coincidence? I think not! What do others think?
The “uptick rule” should be reinstated and stricktly enforced. Naked shorting also needs to be closely monitored and prevented from taking place with heavy penalties and maybe even jail time to these cheaters that are inflicting great damage to these junior stocks.
Until this happens, I think the junior resource stocks will continue to suffer and many will cease to exist.
I’ve written several complaints to the Ontario Securities Commission (OSC) inquiries@osc.gov.on.ca without much satisfaction. Maybe we need more voices flooding their mailbox with complaints!!
Or it might just have to take a 1960’s style protest outside the TSX to wake up these dead head politicians and regulators. At least the hippies knew how to drive the message home and get results!
Comment by George — September 20, 2008 @ 12:18 am
CROSSHAIR update: I reported on Sept. 19th, that Crosshair’s share price of TWENTY-FIVE CENTS-A-SHARE was the “good old days”. I’m unhappy to report that now it looks as though TEN CWNTS-A-SHARE is now officially the “good old days”. Sorry for my premature prediction…
Comment by JoeBronx — November 17, 2008 @ 2:24 pm