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March 4, 2011 Dear Friend,
We raised Vale to
Overweight from Neutral, despite its massive $24
billion 2011 cap ex program, because iron ore and
nickel prices exceed our estimates. It shares trade
near seven times the past two quarters' actual
results annualized, and product prices have move up
even more. The shares apply a deep discount both
for cyclicality and our doubts about its cap ex
outlays.
We have added
Pele Mountain and Victoria Gold to our March 30-31
speaker roster, deleted Pretivm which had scheduling
issues and added Majescor, Everton Resources, Focus
Gold, High Desert Gold Corp., Northcliffe Resources
and Romeus Gold to our March 30 "Core Shack." Our
attached program now includes 47 companies and we
have floor space to add 5 more to the Core Shack.
Please forward your one-on-one requests either to me
or Skip Carpenter. Please reserve your seats for
the "21 Club" Speakers Dinner on March 30th, where
seating is limited to 50. Rob McEwen of US Gold,
Minera Andes and Lexam VG Gold, Andre Gaumond of
Virginia Mines and discover of Goldcorp's Eleonore
gold deposit, Duluth Metals, Connacher Oil and Gas,
Texas Rare Earth Resources, Greystar Resources and
many other companies will be present.
Faithfully,
John C. Tumazos,
CFA
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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