CNGJ.PK started off the week by increasing 18.75% on over 4,000 traded shares. Recently the company was awarded a “Speculative Buy” rating and $1.50 Price Target by Beacon Equity Research.
Canam Energy owns two high-grade uranium properties in Canada, both of which have exploration programs underway and plans to begin drilling during the 2007-2008 season. Its Grand Calumet property consists of 24 claims and 3,000 acres in Grand Calumet Township of Quebec and has great potential to be highly productive.
The analyst who completed the report stated, “Focusing just on the Grand Calumet property, a 10% likelihood of finding 1/10th of the area’s 1 million tons of uranium suggests a potential mineral resource amounting to 10,000 tons of uranium, worth approximately $1.8 billion at today’s prices. Considering the strong mineral potential of its properties and the Company’s comparatively low market capitalization, we think a higher valuation is warranted for Canam Energy. As a result, we are initiating coverage of these shares with a Speculative Buy rating and a $1.50 price target.”
Canam Energy also received the attention of Shazamstocks.com as it announced a profile launch featuring the company. Canam Energy plans to meet the future demand for uranium by aggressively acquiring underdeveloped uranium deposits around the world.
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