The Root’s Timeline To Success: 3 Weeks

POSTED ON March 07, 2014 BY Thom Calandra
CATEGORY Bitterroot Resources, Nickel, USA,

Bitterroot Resources Ltd. (BTT, TSX-V) has closed a non-brokered private placement of 5,200,000 units priced at C$0.05 in a non-brokered private placement for gross proceeds of C$260,000.

Each unit consists of one common share and one common share purchase warrant which is exercisable at C$0.10 until March 4, 2015.

The common shares, plus any common shares acquired through the exercise of warrants or broker warrants, are subject to a hold period expiring July 4, 2014.

Proceeds are being used to fund 1,500 met ers of drilling in approximately six holes on the "Target H" nickel/copper/PGM target in Michigan and for working capital. Management expects the drilling program will take approximately three weeks to complete.

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Michael Carr, Bitterroot's CEO, founder, qualifying person and what-not, has been at this thing for maybe the better part of two decades. I have been following the Vancouver minerals hound for at least 10 years.

I vouch for Mike's integrity and work ethic. He tells the truth all the time to all the people. Alas, he is not what I would call a headline seeker. He declines to jump up and shout EUREKA when he sees good a$$ay$.

Mike plods along.

I made money on BTT shares back when just the dream of a drill-rig propelled market valuations.

Maybe those days are returning. Or maybe Mike and his backers have other ideas.

As (you all) know, I have been purchasing Bitterroot shares again. But I asked Mike, when he announced this smidgen of a financing a month or so ago, whether this was a "desperation" act -- a couple hundred grand to keep the Vancouver, Canada, company running on a bit more than empty.

He said, "Desperation ? No. Bitterroot's major shareholders want me to drill our best Ni-Cu-PGM targets in Michigan asap, and they are prepared to put up the funds to help me do it. "

Poor sods, rich sods.

There we have it. Mike hits Michigan targets that put him in a PTM belt, with the assays to delineate continued mineralization, decent thickness and well-wishes from the governor of the state of Michigan, and the shares, maybe in 5 weeks' time when the results are in, rise to 20 cents a share Canadian from 5 cents. I have seen BTT go to a dollar from a tenth that amount on less.

This brings The Root to a $20 million market size. Yow.

Miss? Well, at this point, with the da ta spool Mr. Carr owns, and the time that Mr. Carr, a lifelong geologist, 56, has invested in The Root, I cannot imagine that happening. Yet failure happens as easily as success. Whimper.

I own a bunch of shares at 4 cents and 5 cents Canadian. It also trades at BITTF in USA. Having fun? I'm not.

See: www.bitterrootresources.com/i/pdf/2014-03-06_NR.pdf

Thom Calandra

NEVER MISS AN EDITION OF THE CALANDRA REPORT - SUBSCRIBE BY PAYPAL... Thom Calandra is the editor of The Calandra Report, an investment newsletter. He previously co-founded and was founding editor of CBS Marketwatch, one of the world's largest financial Web sites. He also co-founded Ticker Trax for Stockhouse. Thom has a wife and two children, and is based in Tiburon, California. TCR, the newsletter, is a paid report: The Calandra Report for Paypal information. More →

Twitter: @http://twitter.com/thomcalandra

thom.calandra@gmail.com

Thom Calandra

Twitter: @http://twitter.com/thomcalandra

thom.calandra@gmail.com

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