Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Virginia Mines: Goldcorp's Disappointing Eleonore Report Makes This Company A 'Sell'

In November I wrote an article in which I argued that investors shouldn't be fooled by Virginia Mines' (OTCPK:VGMNF) strong performance in the face of a declining gold market. While investors were optimistic about the company's royalty on Goldcorp's (NYSE:GG) Eleonore mine, I pointed out that even using generous valuation metrics that the Eleonore Royalty was simply not valuable enough to justify taking a position in the (then) $330 million market cap company. This didn't necessarily mean that one should short the stock. After all the company has over 5,000 square kilometers of exploration property, a late stage exploration project--Coulon--which has a small defined base metal deposit, and a management team with a proven track record

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