The Hornby Story
Back in January, I was teasing my readers at my old blog about a "secret uranium stock". I was saying how great it was because of its huge land base etc. I finally revealed what the stock was on January 6th:
The Secret Stock I was talking about is Hornby Bay.
The reason they have so much potential in my opinion is because of their huge land & mineral claims. How much you ask?
"HBE controls 100% of all its mineral claims and leases. From 1996 to 1998, HBE acquired mineral claims in Nunavut and today is unique because it has established a massive 530,000 acre (215,000 hectares) land position in one of Canada's relatively unexplored Proterozoic basins. The Hornby Bay basin is considered to have excellent potential for the discovery of massive unconformity-type uranium deposits.
HBE's prime exploration areas are the Coppermine River area (128 mineral claims) located 100 kilometers south of Kugluktuk (formerly Coppermine) and the Asiak River area (90 mineral claims) 50 kilometers to the southeast. These claims overlie areas prospected in the 1970's and the 1980's by several major mining companies including Union Carbide, Anaconda, BP Minerals and Uranerz. HBE owns the exploration data from this historical work and has carried out additional exploration work since acquisition. 2005 will mark the culmination of seven years of HBE's exploration activity.
A detailed review of HBE's Coppermine River area data by a major uranium company benchmarked it as one of the top three worldwide massive uranium targets.
An aggressive exploration program for uranium was completed in 2004. This season, the Company will double its efforts with a $7 million dollar exploration program planned for the April to September 2005 time period.
HBE owns several other minor mineral holdings in Ontario, Manitoba and British Columbia."
That makes me pretty excited.
The current CEO is a director of Southern Cross Resources Inc. and Fronteer Development Group Inc. The rest of the management have lots of experience in mining and uranium.
Another great thing to know is that based on their current drill tests, their claims have higher background radioactivity than those in the Athabasca Basin.
If you look at their chart, they have been whacked all year long. But I think the downtrend has finished and we are at the very beginning to a ride up to $1.00 and maybe even higher by the end of the year.
I have not bought in yet. It has had a very strong day so far but if it drops below $0.40 I will try to buy.
If you are serious about investing in them, get more info on their website.
You should read over their investor presentations but I think I gave you the most important info here: they have tons of land, lots of experience and higher radioactivity in their samples.
Is that enough to push a stock up? I think so!
P.S. They just released a press release yesterday saying the following:
"During 2004 and 2005, the company has spent $11.0 million on the systematic advancement of its world-class uranium claims in Nunavut. FOR 2006, 18 HIGH POTENTIAL, DRILL-READY URANIUM TARGETS HAVE BEEN SELECTED WITH DRILLING SCHEDULED TO COMMENCE IN APRIL."
Good News!
This was just my introduction to this interesting company. But if it was to become a pick, I would have to do more Due Diligence and phone their Investor Relations. This was what I wrote on my blog following my conversation with them:
Hornby Bay - Weak, hard to understand, sounded like he didn't give a crap.
I did a more thorough overview about other companies but I was so turned off that I didn't bother.
Anyway, if we fast forward 3 months, Hornby has just announced that Cameco will acquire 19.5% of Hornby's shares.
This shows that Cameco is quite confident in Hornby's property. (Although they are buying in at $0.40, not the current price which is about 30% higher.)
I too feel that Hornby has an outstanding property but I still don't feel management is up to par.
Maybe with a Cameco member on the Board, things will begin to change.
Also of note is that Hornby wants to change its name to Unor inc. I think that this along with some new management members could really push the company higher.
For now, it's just on my radar.