Lundin refreshes Cardero buy
Cardero Resource Corp (C:CDU) Shares Issued 58,543,477 Last Close6/29/2009 $1.14 Monday June 29 2009 - In the News
Brien Lundin, in the June, 2009, edition of the GoldNewsletter, refreshes his buy of Cardero Resource Corp., recently $1.17. Mr.Lundin said buy Cardero four times between December, 2004, and March, 2009, atprices ranging from $1.15 to $4. Assuming a $1,000 investment for each of thefour buys, the $4,000 investment is now worth $2,368. The newsletter editor saysCardero shareholders have endured a roller coaster ride recently. First,Nanjinzhao delayed paying a $10-million instalment for the Pampa de Pongo ironore deposit so it could delve deeper into the economics of the project. Afterreviewing the economics of the project, Nanjinzhao said it required a "reductionin the overall purchase price of $200-million," which sent Cardero shares to 90cents from $1.50. Two days later, Cardero renegotiated a price of $100-millionand it received a $10-million deposit. This bit of news sent the share price to$1.20. According to Mr. Lundin, Rio Tinto PLC still has the right to match therevised terms of the agreement over the next 45 days. The cash infusion givesCardero plenty of money to put toward its suite of properties and the stockmarket guru says Cardero is a great deal
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