Saturday, September 15, 2007

1000% in 15 trading days - It happens

Could have, would have, should have...

I could not help but notice, after the fact, that a stock that has been on my watch list since last December quite possibly made some kind of stock market record here.

Between August 20th and August 27th one could have bought Noront Resources for under 40c/share on the Canadian venture exchange. On September 13th it reached a high of $4.05 and closed at $3.94. About 80 million shares were traded during the 1st 4 days of the week -- they have about 90 million shares and another 33 million warrants and stock options. So, very close to the entire float being traded.

September 14th it was halted, and it remains halted. Rumor is that there will be news on Monday and trading will resume on Tuesday.

You can check them out at

Personally, I wouldn't touch it at this point, but it is going to be interesting to watch.

The news that got so much attention... drill results of 36 meters averaging 1.84% nickel and 1.53% copper, and not that deep, starting at 56 meters down. Certainly, if this proves to be a large deposit it would be very profitable, but it would take 5-10 years to actually build a mine, so there has been way too much speculation here.

But it will be interesting to watch.

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