MARIANA RESOURCES (MARL) had the bad luck of being a resource company listed on AIM on the exact day that the resource sector hit the buffers – 15/05/2006.
Not surprisingly the sp has been under the water ever since – listed through Haywood Secs @ 20p, the stock has drifted remorselessly on low volume ever since. It now stands @ 13p for a Mkt Cap of just £4.6m. End Dec’06 Cash in the B/s = c.£3m.
The Mariana portfolio includes joint ventures with IAMGOLD Corporation in Argentina & Ecuador; and with Anglo-American in Chile. Targets are mostly epithermal gold deposits but one of the Anglo American joint venture properties has significant porphyry copper potential. All prospects are in highly prospective mineral belts.
Poorly funded AIM-listed resource stocks without big-hit partners will find it difficult to refinance in 2007; but well-financed companies with interesting prospects and Industry credibility deserve a place on trader’s watch-lists. MARL is one such. Whether it makes a 10-bagger is a prospect I suspect even the Directors don’t know; but I believe there were high hopes for this one when it listed and I am hopeful that in 2007 this almost totally unknown stock will begin to ring a few bells. A useful lock-away with very little downside and most significant upside.
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