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From: Eritrean (er_boy@yahoo.com)
Date: Sat Nov 06 2010 - 20:57:54 EST
GOLD STOCKS NEWS
Gold stocks climbed Thursday, with the Market Vectors Gold Miners ETF
(GDX) rising 3.9% to a new all-time record high of $59.48 per share.
The rally in gold stocks and the GDX came as gold bullion surged
$29.47 to $1,377.38 as investors digested the Federal Reserves $600
billion QE2 announcement. Two gold stocks that have posted year-to-
date gains far surpassing that of the GDX, Spanish Mountain Gold
(SPA.TSXV) and Sunridge Gold (SGC.TSXV), reported results from their
respective exploration projects this morning. Following the
announcements, SPA.TSXV soared as much as 11.8% to C$0.76, while
SGC.TSXV climbed 5.3% to C$1.40 per share. With todays gains in these
gold stocks, Spanish Mountain Gold and Sunridge Gold extended their
2010 returns to 181.5% and 197.9%, respectively, compared to a 28.7%
gain for the GDX. Spanish Mountain Gold announced details of assay
results received from drill holes completed on its flagship Spanish
Mountain Gold Project in southern central British Columbia, Canada.
The Canadian-based gold explorer reported that all exploration holes
intersected gold mineralization that confirm or extend the known
mineralization as much as 350 meters from the current limits of the
Main and North zones. Highlights of the results included the
intersection of 26.50 meters grading 1.18 grams per tonne (g/t) gold
including 2.25m grading 5.06 g/t gold in Hole 10-DDH-912 drilled 150m
west of the Main Zone. Commenting on the announcement, Brian Groves,
President and CEO of Spanish Mountain Gold, stated that The
exploration drilling was successful in demonstrating that the
potential exists to expand the areas of mineralization to the east and
west. Additional drilling will be done in 2011 to better define the
continuity of mineralization in these areas. The company went on to
say that the results are consistent with those from previous drilling
within the known mineralized areas and will be included in the
Preliminary Economic Assessment (PEA) for the Spanish Mountain Gold
Project. The economic model for the project is scheduled for release
later this month, with the full report due in December 2010. Sunridge
Gold announced results from the initial exploration program on the
gold/copper/zinc Besakoa project in Madagascar, Africa. The company
reported that recent work has identified several volcanogenic massive
sulphide (VMS) targets which have strong similarities to its Asmara
Project in Eritrea, Africa, where Sunridge has successfully defined
large amounts of copper, zinc and gold. Sunridge management stated
that it believes that Besakoa may represent a new emerging VMS
district. Commenting on the report, David Daoud, Sunridges Exploration
Manager, stated that We are extremely encouraged with the results from
the initial exploration program. The coincident surface gossans,
strong soil and gravity anomalies as well as airborne EM conductors
are very similar to the initial exploration data collected at both the
Asmara Project and Nevsuns Bisha Project in Eritrea. We look forward
to drilling what could be a new VMS district at Besakoa. Alongside the
GDX, other gold stocks posting gains Thursday after reporting third
quarter financial results included Kinross Gold (KGC), Yamana Gold
(AUY), Gold Fields (GFI), and Royal Gold (RGLD). In morning trading
KGC, AUY, GFI, and RGLD rallied 2.2%, 6.0%, 4.2%, and 2.7%,
respectively.
Short URL: http://www.goldalert.com/?p=6118
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