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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Wed Dec 01 2010 - 17:18:29 EST
<http://feedproxy.google.com/%7Er/goldtrade/%7E3/c2kUPWmt9T0/> Gold Stocks,
GDX Firm, Sunridge Gold Advances
01/12/2010
<http://www.goldalert.com/wp-content/uploads/2010/12/examples_scrap_gold.jpg
> Sunridge Gold advances
GOLD STOCKS NEWS - Gold stocks held firm Wednesday, as the Market Vectors
Gold Miners ETF (GDX) climbed 0.5% to $59.79 in morning trading. The
strength in <http://www.goldalert.com/> gold stocks and the GDX came as
gold bullion rose toward the $1,400 level while the U.S. Dollar Index slid
0.7% to 80.75. The S&P/TSX Global Gold Index, a basket of gold stocks traded
in Canada, posted modest gains alongside the GDX.
Gold stocks in the news Wednesday included
<http://www.goldalert.com/sunridge-gold> Sunridge Gold (SGC.TSXV), which
rose 2.4% to C$1.28 per share after releasing an update on the start of
feasibility work at its high grade Debarwa copper-gold-zinc VMS Deposit, as
well as exploration and definition drilling plans on other targets at its
Asmara Project in Eritrea, Africa. The Canadian-based gold explorer reported
that a 4,000 meter diamond drill program has begun to define in greater
detail some parts of Debarwa, the results of which will be used for an
updated resource estimate that is expected to be completed in the first
quarter of 2011 as part of the feasibility study.
<http://www.sunridgegold.com/> Sunridge Gold went on to report that two
additional drills are scheduled for arrival at Debarwa within ten days, and
will be used for collecting geotechnical and hydrological study data for the
feasibility study before being used for exploration drilling at other
targets. The feasibility study, which is expected to be completed in the
third quarter of 2011, will evaluate a standalone process plant at Debarwa
using flotation for the recovery of the base and precious metals, and will
study several mining options over an approximately nine year forecast life
of mine. The study will also consider "the option of mining and direct
shipping a high grade portion (greater than 15% copper) of the enriched
copper supergene zone to generate early cash flow and enhance the economics
of the deposit."
As for its exploration programs, Sunridge Gold announced that following the
completion of the Debarwa drill program two drill rigs will be mobilized to
several of the company's other projects, including Adi Nefas, Gupo Gold, and
Medrizien. Drilling at Adi Nefas and Gupo will concentrate on both resource
definition and expansion, and at Medrizien will test a large gold bearing
zone with the potential for a new discovery.
Other notable gold stocks moving higher Wednesday consisted of GDX
components Barrick Gold (ABX), Goldcorp (GG), and Kinross Gold (KGC). In
morning trading ABX, GG, and KGC rose 0.4%, 0.2%, and 0.3%, respectively.
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