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Monday, 15 October 2012
Jay Taylor says "it's time to get back into" Golden Goliath
Golden Goliath (CVE:GNG) has been mentioned in the latest edition of Jay Taylor's Gold, Energy & Tech Stocks newsletter with the veteran banker and investor telling readers it was "time to get back into" the stock.
The Vancouver-headquartered company is focused on exploring and developing an historic mining camp located in the Sierra Madre Occidental Mountains of Mexico.
Agnico-Eagle Mines (NYSE:AEM)(TSE:AEM) inked an option agreement in late 2010 for the right to earn a 51 per cent interest on Golden Goliath's Las Bolas/Los Hilos property and the company's Nopalera asset lies adjacent to silver giant Fresnillo's (LON:FRES) Orisyvo discovery, currently stated to contain 9.6 million ounces of gold and 13 million ounces of silver.
"That majors like Agnico-Eagle, as well as Peñoles and Fresnillo have surrounded properties picked up by GNG’s President Paul Sorbara adds legitimacy to his vision of a decade or so in the past," Jay Taylor wrote.
"With some good drill results over the next several months, assuming the equity markets avoid a major plunge, this baby gold stock could emerge as a very big winner."
Taylor wrote that "shareholders may soon realize a payday" with Agnico-Eagle commencing a serious drill program on the Las Bolas Property and with Comstock Mining putting money in the ground on the Corona Property.
The first major gold discovery in the immediate area, Orisyvo's that 9.6 million ounce gold deposit, should quicken the development of this "very promising" area.
The construction of a road has already helped Golden Goliath make a gold discovery on its Barranca Property.
"GNG remains a high risk/high reward proposition, but in my view much of the risk that was faced by investors in the past being related to the time value of money and dilution has now been removed as the area is now being developed and as GNG has now adopted, at least in part, a project generator model," Taylor said in his newsletter.