Apogee is a silver explorer in Bolivia.
Apogee’s Pulacayo-Paca properties have a lot of silver as the Pulacayo mine was the 2nd largest silver producer in Bolivian history with 600 million ounces of silver mined. Apogee has already come up with a 43-101 compliant resource of 20 million oz Ag; 500 million pounds of Zinc and Lead combined from a small satellite pit 5 kilometers from the main system.
The company came back to 23 cents from $1.50 due to the uncertainty about Bolivia over the past 18 months.
What interests me last month’s action when APE announced 31 meters of 470g/t Ag. http://biz.yahoo.com/ccn/080111/200801110435698001.html?.v=1
Throughout 2007 APE had consistently produced similar results yet the stock failed to get any meaningful traction. These January results however, were greeted with enthusiasm and the stock raced up 50%+ with the largest trading day volume seen over the last 18 months.
The company has three rigs turning and we will see results throughout this year. Silver is the place to be and APE has to be the most leveraged silver play out there.
Bolivia has turned around and the chart says the bottom is in. Technically the stock has retraced to 50 DMA (blue) presenting a good entry point at 31 cents. Next level is 200 DMA (red) of 40 cents. This is a big resistance but if it’s overcome then next level is 70 cents.
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