NEW YORK, Oct. 13, 2003 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
eResearch Mining Analyst Ron Wortel has initiated coverage on Zaruma Resources Inc. (TSE:ZMR) (Pink Sheets:ZMRAF) with a "Speculative Buy" rating and a target price of $CAN 0.85.
In the report, which is free on eResearch's website www.eresearch.ca/juniormining/ and at http://www.investrendresearch.com, Wortel noted that: "The Company holds properties in Mexico and Venezuela with a focus on gold exploration and development."
Of particular interest, the analyst noted that: "The San Antonio Project in northwestern Mexico holds a drill indicated resource of 530,830 ounces of gold in three deposits. Numerous other gold bearing zones and targets are located on the project. The Company continues to advance the gold exploration on this project with the goal of increasing the resource base prior to a production decision."
Furthermore, Wortel said, "Zaruma's projects have already seen over US$25 million in exploration by others and the Company is using this large data base to develop targets for exploration and move towards development. These properties already host over 800,000 ounces in resources that have a good potential to increase."
Zaruma Resources Inc. has paid eResearch a fee of $CAN 4,066 to conduct research on ZMR. eResearch (Independent Equity Research Corp.) is an independent equity research firm focused on under-covered, under-followed North American equities. It has based its business model on that of the bond rating agencies. It does not trade in the securities of the companies it covers or accept any stock related compensation for its research services. It conducts no investment banking, consulting or investor relations services for the companies it covers. eResearch's sole business is equity research. eResearch derives its revenue solely from the companies it covers and its subscribers.
The company's website is at http://www.zaruma.com
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