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Gold Mining Stocks: Jinshan (JIN:TSX) closes in on buy limit

Posted May 22, 2008

Baltimore — (TFN): After weeks and weeks of unsatisfying ups and downs for our Chinese-Canadian gold miner Jinshan Gold Mines Inc. (TSX: JIN), the company is finally moving. April 29 marked a turning point for the stock when it hit our post-recommendation low of C$2.35 a share. Since then, we’ve been moving on up.

TFN had initiated coverage of JIN on March 3, when the stock traded at C$2.78. (This is the price we entered as our official buy level in our tracking portfolio.) Today, shares have thus far hit an intraday high of C$2.99, a cent below our buy limit of C$3.

Today’s gain represents a gain of 7.5% over our official entry price, and a 27.23% gain over our post-recommendation low.

Nothing to crow about alright, but I think this trend may turn out to have legs. On Tuesday, Jinshan announced that a wholly-owned subsidiary of China National Gold Group Corp (China Gold), China’s largest state-owned gold producing enterprise, has completed the purchase of 42% of Jinshan’s issued and outstanding common shares from Ivanhoe Mines Ltd ( Ivanhoe Mines). The deal is worth o C$217.7 million.

The company will host a telephone conference call for investors and analysts on this afternoon at 3:00 p.m. PST (that’s 6:00 p.m. EST and 6:00 a.m. Friday, May 23rd in Beijing) to discuss 2008 Q1 results. CEO and President of JinshanJay Chmelauskas will make a presentation and take questions.

The conference call may be accessed by dialing toll-free 1-866-223-7781 in Canada and the United States, or 1-416-641-6142 in the Toronto area and internationally. The conference call will be archived for later playback and may be accessed by dialing 1-416-695-5800 and entering the pass code 3261841, or via www.jinshanmines.com. The archived playback will be available until Jun 21, 2008 11:59 p.m.

We like the stock and recommend you hold on to your stash of JIN shares.

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Posted by J. Christoph Amberger · Filed Under Gold and Resources 

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