potash junior stocks, page-16

rise & fall?

it rode the potash boom what occurred with the BHP takeover attempt of Potash Corp

potash boom has now fizzled although the potash price has not fallen much

the undiluted market cap is $146m at 60 cents

indicated & measured 413Mt at 32.29% KCI, with additional 262mt inferred at 30% KCI for 675mt high grade

may be able to recover 75mt tonnes of 100% potash. thus ELM is currently worth

at 50mt recoverable, ELM is trading at $3 per tonne

at 75mt receoverable, ELM is trading at $2 per tonne

potash sells for $450/t. ELM can mine, ship & administer it, all costs, all royalties, for $124/t

looks cheap

ELM are looking for a JV partner, including to pay for the definitive feasibility study

i was a buyer yesterday at 61 and again today at 57, and ready to buyer lower

i see it as just tax loss selling, which is quite vicious this year

have bought alot of stock this week, hoping for a bounce next week (or even this week) as the tax loss sellers buy back

some stock seem to be bouncing as we speak