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January 29, 2010 Dear Friend,
We raised our price target
for MeadWestvaco to $23 from $20 because its earnings from
consumer and office products were better than expected, and we
remain at Neutral.
We raised our investment
rating for Newmont Miningt to Neutral from Underweight as it had
fallen below our $45 target. We had previously rated NEM
Underweight when its valuation exceeded $400 per oz of reserves,
but the share price decline reversed it quickly. Further, there
is a chance that reserves grow with the February 25th reserve
report as NEM ups to a $875 gold price basis, defines Nunavut or
perhaps has unexpected successes.
We have forwarded below our
electronic signature below the Duluth Metals January 28th
exploration program press release. We hosted five meetings in
Manhattan yesterday for Duluth Metals, and we were pleased that
it issued a press release to put new developments into the
public domain. We at JTVIR strive to follow the letter and
spirit and current interpretations of securities laws, and we
want the companies we host for conferences and meetings to
maintain compliance procedures and do the same.\
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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