Canasil $1,200,000 Non-brokered Private Placement Oversubscribed
December 14, 2010
Canasil Resources Inc. (Canasil, TSX-V: CLZ) was selected and profiled by Roger Wiegand in the October 4, 2010, issue of Trader Tracks newsletter (www.webeatthestreet.com). In his introduction Mr. Wiegand commented: “While the Company has several interesting projects, I see a primary focus on La Esperanza, Mexico, where Canasil has a new partnership with MAG Silver. We view that news as very important as MAG, as well as their management, is well known to us. MAG Silver is very professional and aggressive; we know their lead geologist, Dr. Peter Megaw, well and consider him to be one of the best in the business. They will get busy very quickly performing their contract responsibilities. We are very impressed that MAG is involved.”
Based on technical analysis of Canasil’s chart and trading ranges, Mr. Wiegand further commented: “Note the lower trading range is focused between C$0.10 to C$0.20; the current share price on October 4, 2010, is C$0.19 on an obvious breakout from near C$0.10. A reasonable technical price for the shares on a 50% rally retracement would be C$0.45. Based upon both the technicals and silver market fundamentals, that is our price forecast from this date to and through the spring 2011silver rallies. That price is our minimum goal and we would expect to technically revise that number at the end of 2010.”
The report concluded: “Trader Tracks recommends buying the shares at the market with no stops and holding them for the longer view, at least through May-June of 2011 and perhaps longer…. This is the kind of quality junior stock where speculators can enter at a lower price and hold for some larger potential gains This is a speculative stock, but understanding what Canasil is holding we very much like the prospects for a good return.”
Canasil is a Canadian mineral exploration company with interests in precious and base metal projects in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of its mineral properties.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109