Topic: Growth Stocks

The Stock Pickers Digest Hotline – Friday, April 25, 2008

Article Excerpt

IAMGOLD CORP., $5.93, symbol IMG on Toronto, fell more than 15% this week, after Ecuador’s President Correa suspended all medium and large-scale mining exploration projects for 180 days until a new mining law is approved. Correa reiterated that he supports large mining projects, but insisted that mining companies will have to comply with stricter controls and share more of their future profits with the state. As well, most gold stocks closed down for the week. IAMGold stated that an exploration freeze could delay a feasibility study of its Quimsacocha gold project in southern Ecuador. The deposit holds an estimated 3.3 million ounces of gold. Quimsacocha was scheduled to start production in 2012. Leftist ex-finance minister Rafael Correa won the national election in Ecuador in November 2006, becoming the country’s eighth president since 1996. President Correa is an ally of Venezuelan president Hugo Chavez. IAMGold has interests in eight operating gold mines. The Quimsacocha mine was at least four years away from production. The…