Visible Gold Mines

Visible Gold Mines - VGD.V
August 11 - last trade .34
47.5 million shares o/s

I've been watching Visible Gold for a while now, and finally bought a few after their recent news release of August 11 on their Wasa Creek Property.

http://www.visiblegoldmines.com/press-release/detail-42.html

The company is in northwestern Quebec, in the Rouyn-Noranda region. There are 4 properties, the Joutel Project, Cadillac/Lucky Break, Stadacona East, and Silidor-Capricorne.

Of interest is the Cadillac/Lucky Break property which is near Osisko's Canadian Malarctic  (OSK.T) open pit mine. As of mid-July, three drill rigs are operating in the northern portion of the Lucky Break Project over the newly-named Wasa Creek Property which covers claims immediately south and west of Richmont Mines' growing Wasamac deposit, 15 kilometres west of Rouyn-Noranda.

Their Senior Geologist and Vice-President Exploration, Robert Sansfaçon, was involved in the discovery of Osisko's Canadian Malartic deposit, and has over 30 years' experience as an exploration geologist which includes more than a decade as a project manager for Lac Minerals Ltd.

The company is well funded, with over $5 million in cash (last time I checked), and 47.5 million shares o/s. Funds own approximately 30% of the outstanding shares and Inwentash (Pinetree Capital) bought in February 2011.

Click to view a QUICK FACT SHEET on Visible Gold Mines.

When I wrote this in early August, the chart showed weakness after reaching a high of .375. Major support is at .26 and I thought .30 might be a decent entry level.

But, did I buy at .30?? nooooo. totally ignored my own technicals and didn't buy. The stock has jumped on the news from August 11th and will have resistance at .36. I was filled at .345.

I don't think this is one that will skyrocket overnight, so there's plenty of time to put in some stink bids on lousy trading days.

VISIBLE GOLD CHART

The company has been covered by Coffin Brothers research, Jay Taylor, Bullmarketrun, Jim Dines, Lawrence Raulston and others.

Click HERE to read Bullmarket Run's latest update on VGD.V

As always, do your own due diligence and visit the company website for more information.

Visible Gold Mines Homepage

The latest interview can be found here

mms://media.kitco.com/weeklyreport/Fulp&Graham20110802.mp3