Garibaldi Resources Corp. (GGI: TSX-V) stock has traded with a lot of momentum in 2010 and closed today at a new 52 week high of 24.5 cents. In fact, during today’s trading the stock hit an intra-day high of 29.5 cents.
Here is a 2 week chart on Garibaldi Resources Corp. (GGI: TSX-V)
As an AGORACOM client, assume I’m horribly conflicted but here are some reasons as to why Garibaldi is off to a strong start in 2010:
- Garibaldi Resources recently consummated a deal with Paramount Gold and Silver Corp (NYSE/TSX.PZG) where Garibaldi sold its option interest in the 54,000 hectare Temoris Concessions, in Chihuahua State, Mexico for $US 400,000 in cash and was issued 6,000,000 shares in Paramount’s capital.
- On Jan 14, 2010 PZG traded over $2.00 for the first time since May 2008. GGI’s marketable security position from this transaction with PZG gives the Company approximately a $12 million cash value.
- GGI has 49 million shares issued and outstanding which translates into a net cash value $.22 per share the on this asset alone.
- Every $1.00 increase in PZG price adds an additional (minimum) $5 million to GGI’s operational/ exploration budget.
Garibaldi Resources Corp. Profile
Garibaldi Resources Corp. IR Hub