Novagold Resources (AMEX:NG) (TSE:NG) ended the week with a nice gain, as it partook of the brutal week for gold prices and gold mining stocks, which got hammered after a strong run-up, which set record gold prices levels.
This wasn't unexpected, as speculators took profits after the extraordinary increase in gold prices.
Novagold ended Friday up by $0.12, or 1.82 percent in New York, finishing at $6.72 a share. They did lose some of that in after hours trading. They almost mirrored that in Toronto with gains of $0.11, or 1.55 percent.
Volume in New York was well above the 3-month average of 2,974,610, rising to 4,595,657.
Showing posts with label Gold Mining Shares. Show all posts
Showing posts with label Gold Mining Shares. Show all posts
Friday, May 21, 2010
Thursday, May 20, 2010
Goldcorp (TSE:G), Barrick (TSE:ABX), Newmont Mining (NYSE:NEM), All Down Since Last Week
Goldcorp (NYSE:GG) (TSE:G), Barrick (TSE:ABX) (NYSE:ABX) and Newmont Mining (NYSE:NEM) continue to follow the price of gold down in the midst of a temporary correction, as increased worries over the debt crisis in the European Union, consequences from banking regulation, and China inflation weighs on the market.
All three of these major gold miners are now down over 10 percent each since Bear Stearns ceased to exist, but I look at this as a great time to prepare to buy, as gold will come roaring back, as the fundamentals are too strong for it to linger lower for a long period of time.
It has been a while since a significant correction, so we need to watch and be ready to enter back in, while not waiting too long in an attempt to bottom feed too much, i.e., try to time our entry as the lowest price level.
Goldcorp closed in New York, down by 3.56 percent, or $1.51. Barrick Gold was down 3.98 percent in New York, or $1.70, while Newmont dropped 4.48 percent, or $2.44.
Almost all gold mining stocks are trading at a much higher volume than normal, especially in New York.
All three of these major gold miners are now down over 10 percent each since Bear Stearns ceased to exist, but I look at this as a great time to prepare to buy, as gold will come roaring back, as the fundamentals are too strong for it to linger lower for a long period of time.
It has been a while since a significant correction, so we need to watch and be ready to enter back in, while not waiting too long in an attempt to bottom feed too much, i.e., try to time our entry as the lowest price level.
Goldcorp closed in New York, down by 3.56 percent, or $1.51. Barrick Gold was down 3.98 percent in New York, or $1.70, while Newmont dropped 4.48 percent, or $2.44.
Almost all gold mining stocks are trading at a much higher volume than normal, especially in New York.
Saturday, May 15, 2010
Allied Nevada Gold's (AMEX:ANV) Strong Sales
Allied Nevada Gold (AMEX:ANV) had tremendous sales grow over their last fiscal year, leading gold companies when measured in percentages, increasing by 632.2 percent during that time.
Sales for the last year have come to $63.5 million for the gold miner, with estimated sales in the next fiscal year expected to reach about $166 million.
Allied recently said they're going to sell 13 million shares of their stock, which caused the price of the stock to decline quickly from its yearly high of $22.92 a share.
They've dropped down to $19.88 a share as of 5:30 P.M. EST.
Sales for the last year have come to $63.5 million for the gold miner, with estimated sales in the next fiscal year expected to reach about $166 million.
Allied recently said they're going to sell 13 million shares of their stock, which caused the price of the stock to decline quickly from its yearly high of $22.92 a share.
They've dropped down to $19.88 a share as of 5:30 P.M. EST.
Friday, May 14, 2010
Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) End Week Strong
Barrick Gold (NYSE:ABX) (TSE:ABX) and Newmont Mining (NYSE:NEM) ended the week up strongly, as Newmont rose by 8 percent on the week and Barrick wasn't too far behind at a gain of 6.5 percent.
Newmont also reached a 52-week high of $59.57 a share this week, although it pulled back a little since then. In electronic trading on Friday it was $58 a share at about 5:00 P.M. EST.
Barrick went as high as $46.05 on Friday, not too far from its 52-week high of $48.02. It shouldn't be long before they break through that and then they'll be shooting for $50 a share.
We are probably going to see some big swings in the days, and possibly weeks ahead for gold and gold mining prices, as we're facing extraordinary times in Europe, and increasing inflation risks in China.
Investors are starting to understand the propping up of the positive financial news by mainstream media outlets is only telling a small part of the economic story, and we are at as grave as economic risks as we've ever been in most of out lifetimes, and it has yet to be seen and played out as to how deep and far the consequences will go concerning Europe and their failed socialist, welfare practices.
The threat is real, and the Federal Reserve and central banks are already talking in a way that says the $1 trillion offered to the failing socialist nations in Europe aren't going to be near enough to stem the tide sweeping across the continent.
Gold will respond accordingly, and the European bailout will probably end up in the multi-trillions, making the bailout of the banks seem like a drop in the bucket. Oops. I forgot, The European bailout is just another bailout of the banks.
Amazingly, that's what the Federal Reserve is using as an argument that Americans won't have to bail out the socialist countries of Europe. Rather they say, we're bailing out the banks. At least they're being honest this time around.
Either way, these are going to be extraordinary times, and gold should be in a bull market for years, possibly extending far beyond what was originally thought.
Newmont also reached a 52-week high of $59.57 a share this week, although it pulled back a little since then. In electronic trading on Friday it was $58 a share at about 5:00 P.M. EST.
Barrick went as high as $46.05 on Friday, not too far from its 52-week high of $48.02. It shouldn't be long before they break through that and then they'll be shooting for $50 a share.
We are probably going to see some big swings in the days, and possibly weeks ahead for gold and gold mining prices, as we're facing extraordinary times in Europe, and increasing inflation risks in China.
Investors are starting to understand the propping up of the positive financial news by mainstream media outlets is only telling a small part of the economic story, and we are at as grave as economic risks as we've ever been in most of out lifetimes, and it has yet to be seen and played out as to how deep and far the consequences will go concerning Europe and their failed socialist, welfare practices.
The threat is real, and the Federal Reserve and central banks are already talking in a way that says the $1 trillion offered to the failing socialist nations in Europe aren't going to be near enough to stem the tide sweeping across the continent.
Gold will respond accordingly, and the European bailout will probably end up in the multi-trillions, making the bailout of the banks seem like a drop in the bucket. Oops. I forgot, The European bailout is just another bailout of the banks.
Amazingly, that's what the Federal Reserve is using as an argument that Americans won't have to bail out the socialist countries of Europe. Rather they say, we're bailing out the banks. At least they're being honest this time around.
Either way, these are going to be extraordinary times, and gold should be in a bull market for years, possibly extending far beyond what was originally thought.
Thursday, May 13, 2010
Newmont Mining (NYSE:NEM), Kinross Gold (NYSE:KGC). Agnico-Eagle Mines (NYSE:AEM) and Yamana Gold (NYSE:AUY) Expected to Rise
Newmont Mining (NYSE:NEM), Kinross Gold (NYSE:KGC). Agnico-Eagle Mines (NYSE:AEM) and Yamana Gold (NYSE:AUY) look like they're set to rise, based on call buying.
Aggressive calls by traders shows they believe in the short term that these particular gold mining stocks are going to go up.
Because of the aggressive rise in the price of gold futures, there will no doubt inevitably be a correction, and gold mining companies, for the most part, will participate in that correction, even so, gold has support now, and even when gold corrects, there will be a continuation of the gold bull market well into the future, no matter what the short term swings are.
Aggressive calls by traders shows they believe in the short term that these particular gold mining stocks are going to go up.
Because of the aggressive rise in the price of gold futures, there will no doubt inevitably be a correction, and gold mining companies, for the most part, will participate in that correction, even so, gold has support now, and even when gold corrects, there will be a continuation of the gold bull market well into the future, no matter what the short term swings are.
Wednesday, May 12, 2010
Goldcorp (TSE:G), Barrick Gold (NYSE:ABX) Level and Down Even with Gold Price Records
Goldcorp (TSE:G) (NYSE: GG) and Barrick Gold (NYSE: ABX) (TSE:ABX), among the largest gold mining companies in the world, didn't partake in the surge in gold mining stocks, as they responded to record gold futures prices over the last couple of days.
This isn't a surprise of completely unexpected, as the junior miners and mid-level gold mining companies like Eldorado Gold (TSE:ELD), Apollo Gold (AMEX:AGT) and NovaGold Resources (AMEX:NG) are being looked to as companies that will move up strongly in response to rising gold prices.
Depending on which stock exchange you view the companies at, Goldcorp and Barrick are either down, or barely above level, and that seems to imply investors think they're valued at what they should be, and the gold prices are already figured into the share prices of the giant mining companies.
But the junior and mid-level gold mining companies should shine going forward, as they've been sitting around not doing much, and now that the limits seem to be taken off the price of gold futures, gold mining stocks are starting to draw interest of investors, and they're finally starting to move up to more accurately reflect the markets they're in.
This isn't a surprise of completely unexpected, as the junior miners and mid-level gold mining companies like Eldorado Gold (TSE:ELD), Apollo Gold (AMEX:AGT) and NovaGold Resources (AMEX:NG) are being looked to as companies that will move up strongly in response to rising gold prices.
Depending on which stock exchange you view the companies at, Goldcorp and Barrick are either down, or barely above level, and that seems to imply investors think they're valued at what they should be, and the gold prices are already figured into the share prices of the giant mining companies.
But the junior and mid-level gold mining companies should shine going forward, as they've been sitting around not doing much, and now that the limits seem to be taken off the price of gold futures, gold mining stocks are starting to draw interest of investors, and they're finally starting to move up to more accurately reflect the markets they're in.
Newmont (NYSE:NEM), Freeport-McMoRan (NYSE:FCX), Harmony Gold (NYSE:HMY) and Gold Fields (NYSE:GFI) Rise with Gold Futures Prices
Gold futures continue to rise into uncharted territory, and gold mining companies are finally starting to rise with them as Newmont (NYSE:NEM), Freeport-McMoRan (NYSE:FCX), Harmony Gold (NYSE:HMY) and Gold Fields (NYSE:GFI) all ended the session with gains.
Newmont was up 51 cent, an increase of .88 percent; Gold Fields moved up 13 cents, or .95 percent; Harmony Gold rose .19 cents, or 1.86 percent; and Freeport-McMoRan enjoyed gains of 2.76, or 3.93 percent.
Gold mining stocks hadn't been moving up with gold futures prices, and it was only a matter of time before they responded and increased along with gold prices.
Now that there are few, if any, barriers to the rise of gold prices, it's impossible to estimate or predict where things are going from here, as the path has never been traveled before, and the sovereign debt crisis in Europe, along with the inflationary pressures in China guarantee we're not going to see a correction in gold any time soon, and even when it does eventually come, gold will continue to march up for a long time to come.
Newmont was up 51 cent, an increase of .88 percent; Gold Fields moved up 13 cents, or .95 percent; Harmony Gold rose .19 cents, or 1.86 percent; and Freeport-McMoRan enjoyed gains of 2.76, or 3.93 percent.
Gold mining stocks hadn't been moving up with gold futures prices, and it was only a matter of time before they responded and increased along with gold prices.
Now that there are few, if any, barriers to the rise of gold prices, it's impossible to estimate or predict where things are going from here, as the path has never been traveled before, and the sovereign debt crisis in Europe, along with the inflationary pressures in China guarantee we're not going to see a correction in gold any time soon, and even when it does eventually come, gold will continue to march up for a long time to come.
Saturday, April 24, 2010
Eldorado Gold, (NYSE:EGO) IAMGOLD (NYSE:IAG) and Gammon Gold (NYSE:GRS) Response to Gold Prices Rising
Just because gold prices are rising doesn't guarantee gold mining companies will rise significantly with them, and that's the case with gold miners like Eldorado Gold (TSE:ELD)(NYSE:EGO), IAMGOLD (NYSE:IAG) and Gammon Gold (NYSE:GRS).
Of the three gold mining companies mentioned above, Eldorado Gold performed the best when measured by the last 12 months or so, while the Gammon and IAMGOLD struggled more, with Gammon plunging in share price on operational problems.
Gold and silver production at their Ocampo project in Mexico was the major factor in that, gold production was down 23 percent and silver production was down 5 percent for the first quarter.
A board shake up at Gammon may help turn things around for the company, although that remains to be seen, and in the gold mining sector there are a lot better companies to invest in until that's proven.
The positive for Gammon is it's beaten down and cheap, and if they are able to turn things around, that could bring some good returns for investors, but that is a risky bet, even at the current price of the company.
Of the three gold mining companies mentioned above, Eldorado Gold performed the best when measured by the last 12 months or so, while the Gammon and IAMGOLD struggled more, with Gammon plunging in share price on operational problems.
Gold and silver production at their Ocampo project in Mexico was the major factor in that, gold production was down 23 percent and silver production was down 5 percent for the first quarter.
A board shake up at Gammon may help turn things around for the company, although that remains to be seen, and in the gold mining sector there are a lot better companies to invest in until that's proven.
The positive for Gammon is it's beaten down and cheap, and if they are able to turn things around, that could bring some good returns for investors, but that is a risky bet, even at the current price of the company.
Friday, April 2, 2010
Gold Price Ends Week at $1,124
Gold prices going up
The price of gold continues to move up, as it finished the shortened week at $1,124 an ounce, as the U.S. dollar continues to weaken and fears of inflation rising even more than it has weighs on investors.
Gold prices rising continued its trend after the market closed, and it'll be interesting to see where it lies when they open again in the U.S. on Monday. London markets won't open again till Tuesday.
Many gold companies enjoyed the renewed vigor of gold, as many increased in price in tandem with spot gold prices.
Gold prices going up
The price of gold continues to move up, as it finished the shortened week at $1,124 an ounce, as the U.S. dollar continues to weaken and fears of inflation rising even more than it has weighs on investors.
Gold prices rising continued its trend after the market closed, and it'll be interesting to see where it lies when they open again in the U.S. on Monday. London markets won't open again till Tuesday.
Many gold companies enjoyed the renewed vigor of gold, as many increased in price in tandem with spot gold prices.
Gold prices going up
Monday, March 22, 2010
SEMAFO (TSE:SMF) Strong On Weak Gold Day
SEMAFO reaches million ounce threshhold
SEMAFO (TSE:SMF) was one of the better performers on an otherwise weak day for gold prices, as the indecision on investors whether to use gold or the U.S. dollar as a place of safety fluctuates from day to day.
It wasn't primarily the fundamentals that moved the stock up 5 percent to C$5.24 today, but rather more of a marketing push announcing the company had produced its 1 millionth ounce of gold.
The million ounces of gold have come from three mines, led by the Samira Hill Mine in Niger, which has produced 385,000 ounces; the Kiniero Mine in Guinea, which is right behind Samira with 355,000 ounces; and Mana Mine in Burkina Faso, which the company has extracted 260,000 ounces out of.
SEMAFO (TSE:SMF) was one of the better performers on an otherwise weak day for gold prices, as the indecision on investors whether to use gold or the U.S. dollar as a place of safety fluctuates from day to day.
It wasn't primarily the fundamentals that moved the stock up 5 percent to C$5.24 today, but rather more of a marketing push announcing the company had produced its 1 millionth ounce of gold.
The million ounces of gold have come from three mines, led by the Samira Hill Mine in Niger, which has produced 385,000 ounces; the Kiniero Mine in Guinea, which is right behind Samira with 355,000 ounces; and Mana Mine in Burkina Faso, which the company has extracted 260,000 ounces out of.
Tuesday, March 16, 2010
Gold Stocks Surge with Gold Price
Gold Stocks Climb with Gold Prices
After gold prices exploded upward today in anticipation of the news the Federal Reserve would be keeping interest rates where they were, once the news was confirmed, gold prices increased even more, taking gold stock up with them, making a lot of investors very happy.
Large gold mining companies enjoying the resurgence were Barrick Gold (TSE:ABX) and Goldcorp (TSE:GG), which were both up over 2.5 percent on the day, gaining back what they lost last week.
With confirmation of the interest rates staying the same, we may see a nice move by gold again as everything is favoring the yellow metal at this time, with monetary policy, an inflation hedge and a place of safety all lining up to make things look good for some time to come.
Gold Stocks Climb with Gold Prices
After gold prices exploded upward today in anticipation of the news the Federal Reserve would be keeping interest rates where they were, once the news was confirmed, gold prices increased even more, taking gold stock up with them, making a lot of investors very happy.
Large gold mining companies enjoying the resurgence were Barrick Gold (TSE:ABX) and Goldcorp (TSE:GG), which were both up over 2.5 percent on the day, gaining back what they lost last week.
With confirmation of the interest rates staying the same, we may see a nice move by gold again as everything is favoring the yellow metal at this time, with monetary policy, an inflation hedge and a place of safety all lining up to make things look good for some time to come.
Gold Stocks Climb with Gold Prices
Friday, November 21, 2008
MonArc Corporation (MONA) Completes Peru Visit Andrea SA Gold Mine
BEIJING, Nov 21, 2008 /PRNewswire-FirstCall via COMTEX/ -- Mon Arc Corporation www.monacorporation.com PINKSHEETS: MONA.PK management representatives have completed their on-site inspection of the Andrea Gold mine operation in Peru.
While the MonArc team is still traveling they have been able to provide a top line summary of the results of their field work. The have had the opportunity to view the current operations of the mine, led by a geologist familiar with this particular gold play.
In addition, they were fully briefed on the status of the assays to date, and the progress being made to complete its form 43-101 filing, which will provide an analysis of the proven and probable reserves of the mine based on industry standard requirements.
MonArc CEO, Mr. Yong Chan advises; "Based on these initial reports, all parties are eager to finalize this acquisition. We are currently drawing up the necessary documents to complete the acquisition, and anticipate that the deal can close very shortly." Mr. Alex Diaz President of Andrea SA Mine in Peru (targeted merger company) said "We are pleased to have met the MONA management and their advisors and I'm particularly pleasantly impressed with MONA executive management and its corporate Secretary Mr. Winters. While we were approached by others for the merger and business cooperation Andrea SA and its managers feel that MONA is the best fit for all concerned."
The Company will provide additional updates as information continues to come in from the field, and expects to have the team back next Wednesday, the 26th of November.
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet www.pinksheets.com filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
CONTACT: For corporate matters contact: corporate@monacorporation.com
CONTACT: corporate@monacorporation.com
SOURCE MonArc Corporation (MONA)
Copyright (C) 2008 PR Newswire. All rights reserved
While the MonArc team is still traveling they have been able to provide a top line summary of the results of their field work. The have had the opportunity to view the current operations of the mine, led by a geologist familiar with this particular gold play.
In addition, they were fully briefed on the status of the assays to date, and the progress being made to complete its form 43-101 filing, which will provide an analysis of the proven and probable reserves of the mine based on industry standard requirements.
MonArc CEO, Mr. Yong Chan advises; "Based on these initial reports, all parties are eager to finalize this acquisition. We are currently drawing up the necessary documents to complete the acquisition, and anticipate that the deal can close very shortly." Mr. Alex Diaz President of Andrea SA Mine in Peru (targeted merger company) said "We are pleased to have met the MONA management and their advisors and I'm particularly pleasantly impressed with MONA executive management and its corporate Secretary Mr. Winters. While we were approached by others for the merger and business cooperation Andrea SA and its managers feel that MONA is the best fit for all concerned."
The Company will provide additional updates as information continues to come in from the field, and expects to have the team back next Wednesday, the 26th of November.
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
Get the Facts Right. The issuer works hard to continue to keep our shareholders informed, and news is updated frequently via Press Releases, Pink Sheet www.pinksheets.com filings, and updates to our websites. Other websites not sponsored, or recognized by the Company may provide misleading or disinformation to investors in order to manipulate trading patterns for a given stock. Always look for original content from trusted sources, rather than relying on 'excerpts' or discussion boards that may not give you the whole story. The Securities and Exchange Commission requires financial institutions or brokerage firms to provide their clients with documentation, describing the risks of investing in penny stocks.
CONTACT: For corporate matters contact: corporate@monacorporation.com
CONTACT: corporate@monacorporation.com
SOURCE MonArc Corporation (MONA)
Copyright (C) 2008 PR Newswire. All rights reserved
Friday, November 7, 2008
Hunt Gold Corporation -- Company to Commence Stock Purchases
Hunt Gold Corp. confirms will start purchasing its shares
NEW YORK, NY -- (Marketwire) -- 11/07/08 -- Hunt Gold Corporation (PINKSHEETS: HGLC)announced on November 4, 2008 that it had been resolved that the Company will commence with the purchase of shares of its own Common Stock in the market.
The Company is now in a position to confirm that it will commence these purchases early next week as the necessary arrangements have been made with Brokers to purchase these shares for and on behalf of the Company.
The Company is confident that it will be in a position to accumulate fairlysubstantial amounts of stock at the current very low price levels as itappears that there are significant sellers or "weak holders" at these price levels, based upon our observations of this week's trading patterns in the market.
The Company stresses that these purchases of its shares of Common Stock in the market are for investment purposes only; once purchased, they will beheld in Treasury and will not be cancelled.
The Company intends to sell these shares in the market in due course and at what Management believes will be at a substantial profit, and only at such time as the Company's stock price corrects itself to reasonable and accurate prices.
The Company will account for these profits as an Extraordinary Item in its Financial Statements.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company focused on thedevelopment and exploration of its Gold properties, namely "Mockingbird,""Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "LookoutSilver," "Starlight," "American flag," "Venezia," "Stormcloud," "Cherry,""Buffalo Limecap," "Red Cloud" and "Federal." The Company has completedthe sale of its "American Molygold" interests and will be distributing theentire sale proceeds through a Stock Dividend to its stockholders, this tobe announced shortly.
This release contains "forward-looking statements" within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E theSecurities Exchange Act of 1934, as amended and such forward-lookingstatements are made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. "Forward-looking statements"describe future expectations, plans, results, or strategies and aregenerally preceded by words such as "may," "future," "plan" or "planned,""will" or "should," "expected," "anticipates," "draft," "eventually" or"projected." You are cautioned that such statements are subject to amultitude of risks and uncertainties that could cause future circumstances,events, or results to differ materially from those projected in theforward-looking statements, including the risks that actual results maydiffer materially from those projected in theforward-looking statements as a result of various factors, and other risksidentified in a companies' annual report on Form 10-K or 10-KSB and otherfilings made by such company with the SEC.
For further information contact:Hunt Gold CorporationE Mail: Email ContactTelephone: (954) 840-6956Contact:Mr. Michael G Saner
NEW YORK, NY -- (Marketwire) -- 11/07/08 -- Hunt Gold Corporation (PINKSHEETS: HGLC)announced on November 4, 2008 that it had been resolved that the Company will commence with the purchase of shares of its own Common Stock in the market.
The Company is now in a position to confirm that it will commence these purchases early next week as the necessary arrangements have been made with Brokers to purchase these shares for and on behalf of the Company.
The Company is confident that it will be in a position to accumulate fairlysubstantial amounts of stock at the current very low price levels as itappears that there are significant sellers or "weak holders" at these price levels, based upon our observations of this week's trading patterns in the market.
The Company stresses that these purchases of its shares of Common Stock in the market are for investment purposes only; once purchased, they will beheld in Treasury and will not be cancelled.
The Company intends to sell these shares in the market in due course and at what Management believes will be at a substantial profit, and only at such time as the Company's stock price corrects itself to reasonable and accurate prices.
The Company will account for these profits as an Extraordinary Item in its Financial Statements.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company focused on thedevelopment and exploration of its Gold properties, namely "Mockingbird,""Ambassador," "Golden Eagle," "Gladstone Lookout," "Lady Alde," "LookoutSilver," "Starlight," "American flag," "Venezia," "Stormcloud," "Cherry,""Buffalo Limecap," "Red Cloud" and "Federal." The Company has completedthe sale of its "American Molygold" interests and will be distributing theentire sale proceeds through a Stock Dividend to its stockholders, this tobe announced shortly.
This release contains "forward-looking statements" within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E theSecurities Exchange Act of 1934, as amended and such forward-lookingstatements are made pursuant to the safe harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. "Forward-looking statements"describe future expectations, plans, results, or strategies and aregenerally preceded by words such as "may," "future," "plan" or "planned,""will" or "should," "expected," "anticipates," "draft," "eventually" or"projected." You are cautioned that such statements are subject to amultitude of risks and uncertainties that could cause future circumstances,events, or results to differ materially from those projected in theforward-looking statements, including the risks that actual results maydiffer materially from those projected in theforward-looking statements as a result of various factors, and other risksidentified in a companies' annual report on Form 10-K or 10-KSB and otherfilings made by such company with the SEC.
For further information contact:Hunt Gold CorporationE Mail: Email ContactTelephone: (954) 840-6956Contact:Mr. Michael G Saner
Monday, November 3, 2008
Gold Resource Corporation Intercepts 1.4m of 55.30 g/t Gold Within 7.8m of 20.34 g/t Gold at El Rey
Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) is pleased to report 1.4 meters of 55.30 g/t gold within 7.8 meters of 20.34 g/t gold at El Rey. El Rey is one of 4 properties in the state of Oaxaca, Mexico in which GRC has 100% interest. El Rey is being evaluated for development where high-grade gold ore could potentially be trucked 95 kilometers to GRC's El Aguila mill, currently under construction. GRC targets production at its El Aguila Project Q1, 2009, subject to obtaining remaining permits, regulatory approvals, equipment delivery and construction schedules.
El Rey recent drill highlights include:
Hole # 208018
-- 1.4 meters of 55.30 g/t gold, 70.7 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 164.0 g/t silver and
-- 1.4 meters of 14.30 g/t gold, 56.2 g/t silver within
-- 7.8 meters of 20.34 g/t gold, 78.3 g/t silver
Hole # 208036
-- 1.0 meter of 29.10 g/t gold, 27.0 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 35.8 g/t silver
El Rey previous and recent drill highlights include:
Hole Deg From Length Au Ag AuEq* AgEq*
Number Meters Meters g/t g/t g/t oz/tonne
---------------------------------------------------------------------------
2007 Highlights
---------------------------------------------------------------------------
7802 -40 72.0 1.0 20.30 13.6 20.57 0.66
7802 -40 73.0 1.0 66.40 86.2 68.12 2.19
7802 -40 74.0 1.0 3.94 60.2 5.14 0.17
7802 -40 75.0 1.0 3.97 83.1 5.63 0.18
7802 -40 76.0 1.0 31.80 118.0 34.16 1.10
7802 -40 77.0 1.0 3.81 100.0 5.81 0.19
7802 -40 78.0 2.0 6.90 84.4 8.59 0.28
7802 -40 80.0 1.0 30.30 43.6 31.17 1.00
------------ -------- -------- -------- -------- -------- -------- --------
Average 72.0 9.0 19.37 74.8 20.87 0.67
------------ -------- -------- -------- -------- -------- -------- --------
Including 72.0 2.0 43.35 49.9 44.35 1.43
------------ -------- -------- -------- -------- -------- -------- --------
Including 73.0 1.0 66.40 86.2 68.12 2.19
------------ -------- -------- -------- -------- -------- -------- --------
7808 -45 56.0 0.5 3.84 101.0 5.86 0.19
7808 -45 56.5 0.5 5.78 44.6 6.67 0.21
7808 -45 57.0 0.5 13.85 134.0 16.53 0.53
7808 -45 57.5 0.5 16.25 1585.0 47.95 1.54
7808 -45 58.0 0.5 3.55 1240.0 28.35 0.91
------------ -------- -------- -------- -------- -------- -------- --------
Average 56.0 2.5 8.65 620.9 21.07 0.68
------------ -------- -------- -------- -------- -------- -------- --------
Including 57.5 1.0 9.90 1412.5 38.15 1.23
------------ -------- -------- -------- -------- -------- -------- --------
7810 -40 27.0 1.0 132.50 88.0 134.26 4.32
---------------------------------------------------------------------------
2008 Highlights
---------------------------------------------------------------------------
208001 -45 33.0 1.5 3.22 74.0 4.70 0.15
208001 -45 34.5 1.5 18.65 272.0 24.09 0.77
------------ -------- -------- -------- -------- -------- -------- --------
Average 33.0 3.0 10.94 173.0 14.40 0.46
------------ -------- -------- -------- -------- -------- -------- --------
208002 -60 38.0 1.0 5.66 120.0 8.06 0.26
208008 -60 39.0 1.0 12.70 14.5 12.99 0.42
208010 -60 114.0 1.0 2.66 19.5 3.05 0.10
208010 -60 115.0 1.0 13.50 55.0 14.60 0.47
------------ -------- -------- -------- -------- -------- -------- --------
Average 114.0 2.0 8.08 37.3 8.83 0.28
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 50.0 1.0 8.96 9.1 9.14 0.29
208011 -45 51.0 1.0 23.30 19.7 23.69 0.76
208011 -45 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
Average 50.0 5.0 25.35 34.9 26.05 0.84
------------ -------- -------- -------- -------- -------- -------- --------
Including 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 59.0 1.0 6.75 83.6 8.42 0.27
208012 -60 58.0 1.0 4.26 13.3 4.53 0.15
208012 -60 59.0 1.0 3.07 12.4 3.32 0.11
208012 -60 60.0 1.0 21.80 57.0 22.94 0.74
208012 -60 61.0 1.0 3.98 52.7 5.03 0.16
208012 -60 62.0 1.0 5.64 95.0 7.54 0.24
208012 -60 63.0 1.0 0.98 19.7 1.37 0.04
208012 -60 64.0 1.0 4.63 83.3 6.30 0.20
208012 -60 65.0 1.0 6.15 22.0 6.59 0.21
------------ -------- -------- -------- -------- -------- -------- --------
Average 58.0 8.0 6.31 44.4 7.20 0.23
------------ -------- -------- -------- -------- -------- -------- --------
208013 -45 73.0 1.0 23.90 204.0 27.98 0.90
208013 -45 74.0 1.0 2.03 43.2 2.89 0.09
208013 -45 75.0 1.5 6.04 42.8 6.90 0.22
208013 -45 76.5 1.5 0.74 57.2 1.88 0.06
208013 -45 78.0 1.5 13.95 191.0 17.77 0.57
------------ -------- -------- -------- -------- -------- -------- --------
Average 73.0 6.5 8.77 105.2 10.88 0.35
------------ -------- -------- -------- -------- -------- -------- --------
208018 -45 96.2 1.4 55.30 70.7 56.71 1.82
208018 -45 97.6 1.4 14.30 56.2 15.42 0.50
208018 -45 99.0 3.0 9.25 72.1 10.69 0.34
208018 -45 102.0 1.0 23.70 164.0 26.98 0.87
208018 -45 103.0 1.0 9.80 52.5 10.85 0.35
------------ -------- -------- -------- -------- -------- -------- --------
Average 96.2 7.8 20.34 78.3 21.91 0.70
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 2.8 34.80 63.5 36.07 1.16
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 1.4 55.30 70.7 56.71 1.82
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 27.2 1.0 5.98 9.9 6.18 0.20
208023 -45 28.2 1.0 9.32 18.5 9.69 0.31
------------ -------- -------- -------- -------- -------- -------- --------
Average 27.2 2.0 7.65 14.2 7.93 0.26
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 55.7 0.8 3.86 251.0 8.88 0.29
208024 -60 59.0 1.0 63.20 44.0 64.08 2.06
208024 -60 60.0 2.0 65.70 156.0 68.82 2.21
208024 -60 62.0 1.0 19.75 94.0 21.63 0.70
208024 -60 63.0 1.0 11.85 164.0 15.13 0.49
------------ -------- -------- -------- -------- -------- -------- --------
Average 59.0 5.0 45.24 122.8 47.70 1.53
------------ -------- -------- -------- -------- -------- -------- --------
Including 59.0 3.0 64.87 118.7 67.24 2.16
------------ -------- -------- -------- -------- -------- -------- --------
208036 -60 87.0 1.0 29.10 27.0 29.64 0.95
208036 -60 91.0 1.0 23.70 35.8 24.42 0.78
------------ -------- -------- -------- -------- -------- -------- --------
*AuEq = Au @ $650, Ag @ $13. Assays by ALS Chemex, Vancouver, BC Canada
Mr. William W. Reid, President of Gold Resource Corporation, stated, "El Rey's high-grade gold intercepts are impressive with 1.4 meters of 55.30 grams, (or 1.78 ounces) gold per tonne within 7.8 meters of 20.34 grams gold per tonne and with previously drilled high grade intercepts included 1 meter of 132.50 grams, (or 4.26 ounces) gold per tonne and 3 meters of 64.87 grams, (or 2.08 ounces) of gold per tonne."
Mr. Reid continued, "With multiple high-grade intercepts of one ounce gold or greater we are optimistic about the potential of El Rey becoming a mine. Mineralization is relatively shallow and could facilitate an easy startup. We are currently analyzing this vein system for possible development."
"Though our main focus has been and will continue to be bringing the Company's flagship El Aguila Project into production, we are evaluating the possibility of blending El Rey's high-grade gold mineralization into the second half of our first 12 month production schedule. The permitting process for El Rey is underway and initial metallurgical tests recovered 94% of the gold and 75% of the silver," stated Mr. Reid
Mr. Reid stated, "The ability to truck ore from multiple properties to feed the strategically located Aguila mill could potentially add to longevity of operations, maintain the highest head grade through the mill and hold capital costs of developing additional projects to a minimum."
About GRC
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 34,324,619 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K and Form S-1 filed with the Securities and Exchange Commission.
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
El Rey recent drill highlights include:
Hole # 208018
-- 1.4 meters of 55.30 g/t gold, 70.7 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 164.0 g/t silver and
-- 1.4 meters of 14.30 g/t gold, 56.2 g/t silver within
-- 7.8 meters of 20.34 g/t gold, 78.3 g/t silver
Hole # 208036
-- 1.0 meter of 29.10 g/t gold, 27.0 g/t silver and
-- 1.0 meter of 23.70 g/t gold, 35.8 g/t silver
El Rey previous and recent drill highlights include:
Hole Deg From Length Au Ag AuEq* AgEq*
Number Meters Meters g/t g/t g/t oz/tonne
---------------------------------------------------------------------------
2007 Highlights
---------------------------------------------------------------------------
7802 -40 72.0 1.0 20.30 13.6 20.57 0.66
7802 -40 73.0 1.0 66.40 86.2 68.12 2.19
7802 -40 74.0 1.0 3.94 60.2 5.14 0.17
7802 -40 75.0 1.0 3.97 83.1 5.63 0.18
7802 -40 76.0 1.0 31.80 118.0 34.16 1.10
7802 -40 77.0 1.0 3.81 100.0 5.81 0.19
7802 -40 78.0 2.0 6.90 84.4 8.59 0.28
7802 -40 80.0 1.0 30.30 43.6 31.17 1.00
------------ -------- -------- -------- -------- -------- -------- --------
Average 72.0 9.0 19.37 74.8 20.87 0.67
------------ -------- -------- -------- -------- -------- -------- --------
Including 72.0 2.0 43.35 49.9 44.35 1.43
------------ -------- -------- -------- -------- -------- -------- --------
Including 73.0 1.0 66.40 86.2 68.12 2.19
------------ -------- -------- -------- -------- -------- -------- --------
7808 -45 56.0 0.5 3.84 101.0 5.86 0.19
7808 -45 56.5 0.5 5.78 44.6 6.67 0.21
7808 -45 57.0 0.5 13.85 134.0 16.53 0.53
7808 -45 57.5 0.5 16.25 1585.0 47.95 1.54
7808 -45 58.0 0.5 3.55 1240.0 28.35 0.91
------------ -------- -------- -------- -------- -------- -------- --------
Average 56.0 2.5 8.65 620.9 21.07 0.68
------------ -------- -------- -------- -------- -------- -------- --------
Including 57.5 1.0 9.90 1412.5 38.15 1.23
------------ -------- -------- -------- -------- -------- -------- --------
7810 -40 27.0 1.0 132.50 88.0 134.26 4.32
---------------------------------------------------------------------------
2008 Highlights
---------------------------------------------------------------------------
208001 -45 33.0 1.5 3.22 74.0 4.70 0.15
208001 -45 34.5 1.5 18.65 272.0 24.09 0.77
------------ -------- -------- -------- -------- -------- -------- --------
Average 33.0 3.0 10.94 173.0 14.40 0.46
------------ -------- -------- -------- -------- -------- -------- --------
208002 -60 38.0 1.0 5.66 120.0 8.06 0.26
208008 -60 39.0 1.0 12.70 14.5 12.99 0.42
208010 -60 114.0 1.0 2.66 19.5 3.05 0.10
208010 -60 115.0 1.0 13.50 55.0 14.60 0.47
------------ -------- -------- -------- -------- -------- -------- --------
Average 114.0 2.0 8.08 37.3 8.83 0.28
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 50.0 1.0 8.96 9.1 9.14 0.29
208011 -45 51.0 1.0 23.30 19.7 23.69 0.76
208011 -45 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
Average 50.0 5.0 25.35 34.9 26.05 0.84
------------ -------- -------- -------- -------- -------- -------- --------
Including 52.0 3.0 31.50 48.5 32.47 1.04
------------ -------- -------- -------- -------- -------- -------- --------
208011 -45 59.0 1.0 6.75 83.6 8.42 0.27
208012 -60 58.0 1.0 4.26 13.3 4.53 0.15
208012 -60 59.0 1.0 3.07 12.4 3.32 0.11
208012 -60 60.0 1.0 21.80 57.0 22.94 0.74
208012 -60 61.0 1.0 3.98 52.7 5.03 0.16
208012 -60 62.0 1.0 5.64 95.0 7.54 0.24
208012 -60 63.0 1.0 0.98 19.7 1.37 0.04
208012 -60 64.0 1.0 4.63 83.3 6.30 0.20
208012 -60 65.0 1.0 6.15 22.0 6.59 0.21
------------ -------- -------- -------- -------- -------- -------- --------
Average 58.0 8.0 6.31 44.4 7.20 0.23
------------ -------- -------- -------- -------- -------- -------- --------
208013 -45 73.0 1.0 23.90 204.0 27.98 0.90
208013 -45 74.0 1.0 2.03 43.2 2.89 0.09
208013 -45 75.0 1.5 6.04 42.8 6.90 0.22
208013 -45 76.5 1.5 0.74 57.2 1.88 0.06
208013 -45 78.0 1.5 13.95 191.0 17.77 0.57
------------ -------- -------- -------- -------- -------- -------- --------
Average 73.0 6.5 8.77 105.2 10.88 0.35
------------ -------- -------- -------- -------- -------- -------- --------
208018 -45 96.2 1.4 55.30 70.7 56.71 1.82
208018 -45 97.6 1.4 14.30 56.2 15.42 0.50
208018 -45 99.0 3.0 9.25 72.1 10.69 0.34
208018 -45 102.0 1.0 23.70 164.0 26.98 0.87
208018 -45 103.0 1.0 9.80 52.5 10.85 0.35
------------ -------- -------- -------- -------- -------- -------- --------
Average 96.2 7.8 20.34 78.3 21.91 0.70
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 2.8 34.80 63.5 36.07 1.16
------------ -------- -------- -------- -------- -------- -------- --------
Including 96.2 1.4 55.30 70.7 56.71 1.82
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 27.2 1.0 5.98 9.9 6.18 0.20
208023 -45 28.2 1.0 9.32 18.5 9.69 0.31
------------ -------- -------- -------- -------- -------- -------- --------
Average 27.2 2.0 7.65 14.2 7.93 0.26
------------ -------- -------- -------- -------- -------- -------- --------
208023 -45 55.7 0.8 3.86 251.0 8.88 0.29
208024 -60 59.0 1.0 63.20 44.0 64.08 2.06
208024 -60 60.0 2.0 65.70 156.0 68.82 2.21
208024 -60 62.0 1.0 19.75 94.0 21.63 0.70
208024 -60 63.0 1.0 11.85 164.0 15.13 0.49
------------ -------- -------- -------- -------- -------- -------- --------
Average 59.0 5.0 45.24 122.8 47.70 1.53
------------ -------- -------- -------- -------- -------- -------- --------
Including 59.0 3.0 64.87 118.7 67.24 2.16
------------ -------- -------- -------- -------- -------- -------- --------
208036 -60 87.0 1.0 29.10 27.0 29.64 0.95
208036 -60 91.0 1.0 23.70 35.8 24.42 0.78
------------ -------- -------- -------- -------- -------- -------- --------
*AuEq = Au @ $650, Ag @ $13. Assays by ALS Chemex, Vancouver, BC Canada
Mr. William W. Reid, President of Gold Resource Corporation, stated, "El Rey's high-grade gold intercepts are impressive with 1.4 meters of 55.30 grams, (or 1.78 ounces) gold per tonne within 7.8 meters of 20.34 grams gold per tonne and with previously drilled high grade intercepts included 1 meter of 132.50 grams, (or 4.26 ounces) gold per tonne and 3 meters of 64.87 grams, (or 2.08 ounces) of gold per tonne."
Mr. Reid continued, "With multiple high-grade intercepts of one ounce gold or greater we are optimistic about the potential of El Rey becoming a mine. Mineralization is relatively shallow and could facilitate an easy startup. We are currently analyzing this vein system for possible development."
"Though our main focus has been and will continue to be bringing the Company's flagship El Aguila Project into production, we are evaluating the possibility of blending El Rey's high-grade gold mineralization into the second half of our first 12 month production schedule. The permitting process for El Rey is underway and initial metallurgical tests recovered 94% of the gold and 75% of the silver," stated Mr. Reid
Mr. Reid stated, "The ability to truck ore from multiple properties to feed the strategically located Aguila mill could potentially add to longevity of operations, maintain the highest head grade through the mill and hold capital costs of developing additional projects to a minimum."
About GRC
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 34,324,619 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K and Form S-1 filed with the Securities and Exchange Commission.
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
Thursday, October 30, 2008
Profits for Barrick Gold Drop 26% in Third Quarter
Reporting on its third-quarter profits Thursday, Barrick Gold Corp. announced they fell by 26 percent to $97 million, saying that downward pressure came mainly from the impairment charges.
While gold prices were higher than projected for Barrick, sales dropped by 4 percent to offset the higher price.
Net income for the quarter ending September 30 reached $254 million, or 29 cents a share, down significantly from the $345 million, or 39 cents a share enjoyed in the third quarter of 2007. Analysts had been looking for about 47 cents a share.
The impairment charges came from investments in Highland Gold Mining LTD, a company based in Russia, as well as junior mining companies.
Revenue did increase from $1.68 billion to $1.88 billion for the quarter.
Gold sales came in at 1.8 million ounces at $872 an ounce during the quarter, in contrast to the 1.89 million ounces sold last year during the same period at $681 an ounce. Costs increased year-over-year, rising from $365 an ounce to $466 an ounce.
The company stands by its guidance of production of between 7.6 million to 7.8 million ounces of gold, with costs of between $425 an ounce to $445 an ounce.
Chief Executive Officer Peter Munk said in looking ahead he is very positive on the outlook for gold.
While gold prices were higher than projected for Barrick, sales dropped by 4 percent to offset the higher price.
Net income for the quarter ending September 30 reached $254 million, or 29 cents a share, down significantly from the $345 million, or 39 cents a share enjoyed in the third quarter of 2007. Analysts had been looking for about 47 cents a share.
The impairment charges came from investments in Highland Gold Mining LTD, a company based in Russia, as well as junior mining companies.
Revenue did increase from $1.68 billion to $1.88 billion for the quarter.
Gold sales came in at 1.8 million ounces at $872 an ounce during the quarter, in contrast to the 1.89 million ounces sold last year during the same period at $681 an ounce. Costs increased year-over-year, rising from $365 an ounce to $466 an ounce.
The company stands by its guidance of production of between 7.6 million to 7.8 million ounces of gold, with costs of between $425 an ounce to $445 an ounce.
Chief Executive Officer Peter Munk said in looking ahead he is very positive on the outlook for gold.
Wednesday, October 29, 2008
Newmont Mining Corp. Third-quarter Profits Fall by over 50 Percent
Newmont Mining Corp. (NEM) released its third-quarter profits on Wednesday, and said profits plunged by over 50 percent, as shipment of gold and copper declined and production cost rose.
The world's second-largest gold miner had overall revenue drop by 13.9 percent to $1.39 billion.
For the quarter net income fell to $196 million, a huge plunge from the $397 million the company enjoyed a year ago. Share price also fell from 88 cents a share to 43 cents a share during that same time period.
Also falling significantly was income from continuing operations, which last year stood at 73 cents a share, and in the third quarter dropped to 39 cents a share.
Another problem the company has is the challenges related to costs in developing its Western Australia Boddington project, which Newmont thought would be ready for operation sometime in the middle of 2009. Original projections were for 600,000 to 700,000 ounces of gold to be produced on average over a five-year period.
Most mining companies will continue to suffer until the forced liquidation period coming from the tight credit market is over. Until then, this will be the story for mining companies across the board.
The world's second-largest gold miner had overall revenue drop by 13.9 percent to $1.39 billion.
For the quarter net income fell to $196 million, a huge plunge from the $397 million the company enjoyed a year ago. Share price also fell from 88 cents a share to 43 cents a share during that same time period.
Also falling significantly was income from continuing operations, which last year stood at 73 cents a share, and in the third quarter dropped to 39 cents a share.
Another problem the company has is the challenges related to costs in developing its Western Australia Boddington project, which Newmont thought would be ready for operation sometime in the middle of 2009. Original projections were for 600,000 to 700,000 ounces of gold to be produced on average over a five-year period.
Most mining companies will continue to suffer until the forced liquidation period coming from the tight credit market is over. Until then, this will be the story for mining companies across the board.
Thursday, April 24, 2008
Gold Mining Company Shares Down on Dollar Rally
Shares in gold mining companies plummeted as the U.S. dollar strengthened against the euro, and the yellow metal fell in price.
Also affected by the strengthening U.S. dollar was gold futures, which plunged by $20.30 to finish at $888.70 for the June contract on the Nymex. It fell as low as $884.50 before it rebounded. Still it's the lowest price since January 10, 2008. Gold has fallen by 8 percent since its high of $1,038.60.
Some gold company results today:
Gold Fields Ltd. (nyse:GFI) dropped 35 cents, or 2.5 percent, to $13.71.
Newmont Mining Corp. (nyse:NEM) finished down by 85 cents at $43.
Goldcorp Inc. (nyse:GG) declined by $2.14, or 5.6 percent, to $36.30.
Barrick Gold Corp. (nyse:ABX) lost $1.57, or 3.9 percent, to $39.23.
Friday, March 28, 2008
Lessoning Inflation Concerns Triggers Drop in Gold, Sell Off
Better than expected news from the U.S. Department of Commerce concerning consumer spending, evidently gave the U.S. dollar some strength at the end of the week, along with news inflation isn't getting out of control.
As a result, gold fell as those using it as a hedge against inflation sold off some of their holdings.
Other gold news from around the web:
Gold Plummets on Stronger Dollar
Gold prices fell sharply Friday after the dollar ticked higher and crude oil retreated, diminishing the precious metal's appeal as a hedge against inflation.
=====
Gold falls 2 percent in broad commodities sell-off
Gold fell more than 2 percent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment ... More
=====
Gold-mining shares decline amid dollar strength, benign inflation figures
Shares of gold mining companies fell Friday as the yellow metal came under pressure amid strength in the dollar, falling oil prices and tame inflation numbers ... More
=====
Gold drops towards 930 usd on solid US economic data
Gold continued lower, dropping towards 930 usd after solid US economic data expedited an end of week slide started by weaker oil prices and the dollar's firmer footing.
=====
Gold futures down 2% as other metals fall
Gold futures ended sharply lower Friday, as strength in the dollar and broad weakness in the commodity markets weighed on the precious metal.
Gold for April delivery dropped $18.20 to end at $930.60 an ounce on the New York Mercantile Exchange.
=====
Iamgold Profit Falls 9.3% on Costs at Quebec Mine
Iamgold Corp., owner of the Doyon mine in Quebec, said fourth-quarter profit fell 9.3percent because of costs to find additional gold at the deposit.
=====
Investors confident despite Barrick CEO departure
Barrick Gold's (ABX.TO) deep pool of talent and track record of succession planning is letting investors shrug off the surprise departure of Chief Executive Greg Wilkins, as the company's founder, Peter Munk, temporarily retakes the reigns.
=====
As a result, gold fell as those using it as a hedge against inflation sold off some of their holdings.
Other gold news from around the web:
Gold Plummets on Stronger Dollar
Gold prices fell sharply Friday after the dollar ticked higher and crude oil retreated, diminishing the precious metal's appeal as a hedge against inflation.
=====
Gold falls 2 percent in broad commodities sell-off
Gold fell more than 2 percent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment ... More
=====
Gold-mining shares decline amid dollar strength, benign inflation figures
Shares of gold mining companies fell Friday as the yellow metal came under pressure amid strength in the dollar, falling oil prices and tame inflation numbers ... More
=====
Gold drops towards 930 usd on solid US economic data
Gold continued lower, dropping towards 930 usd after solid US economic data expedited an end of week slide started by weaker oil prices and the dollar's firmer footing.
=====
Gold futures down 2% as other metals fall
Gold futures ended sharply lower Friday, as strength in the dollar and broad weakness in the commodity markets weighed on the precious metal.
Gold for April delivery dropped $18.20 to end at $930.60 an ounce on the New York Mercantile Exchange.
=====
Iamgold Profit Falls 9.3% on Costs at Quebec Mine
Iamgold Corp., owner of the Doyon mine in Quebec, said fourth-quarter profit fell 9.3percent because of costs to find additional gold at the deposit.
=====
Investors confident despite Barrick CEO departure
Barrick Gold's (ABX.TO) deep pool of talent and track record of succession planning is letting investors shrug off the surprise departure of Chief Executive Greg Wilkins, as the company's founder, Peter Munk, temporarily retakes the reigns.
=====
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