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11/9/11

Dorato Resources (DRI.v): Even Eric Sprott works it out eventually


Interesting SEC filing from Dorato Resources (DRI.v) yesterday afternoon, coming as it does hot on the heels of the "corporate reorganization" at the company (aka "sauve qu'il peut") that saw Carlos Ballon's sinking ship being rapidly deserted by those charming fellows over at The Cardero Group. Yesterday saw Eric Sprott's Sprott Asset Management LP declare that it had dumped two point five million shares of DRI.v recently, bringing its holding down to just over 3.5m shares:


It's still a mystery how Eric fell for the Dorato BS. Maybe it's because 'Lucky' Pierre Lassonde was already up to his eyeballs in DRI.v stock after buying in large for Franco Nevada. Maybe because Eric is still surrounded by yes-men and advisors who know precisely zero about political and regional risk in Peru (after all, look how far is phosphate project has moved forward so far due to exactly the same type of problem). Or maybe he's just an easy mark and swallows promo pump jobs for breakfast. 

Or maybe it's something else, Eric, but I'm damned sure you need to listen to better advice on LatAm investments going forward. You could have started here, for example, as we ran a whole series of posts explaining why Dorato Resources (DRI.v) didn't have a snowball in hell's chance. And y'know what? We were right.