Founders Metals stock surges to new high on Antino drill results
The new results are highlighted by another high-grade interval of 6 metres at 5.31 g/t gold.
Monday morning stocks dropped slightly in response to Greece dragging its feet on accepting the terms of a new bailout deal.
The S&P five-week rally – based on better-than-expected U.S. data – along with rallies in other indices took a breather. The S&P 500 was down 3.36 points (-0.25%), the Dow Jones Industrial Average was down 46.36 points (-0.3%), and the Nasdaq Composite Index was down 7.92 points (-0.27%).
Gold ($1,723.10) and silver ($33.61) prices suffered a small setback as a result of some profit -taking after putting on a good show for the last few weeks.
Yukon-Nevada Gold Corp (TSX: YNG.TO 0.3450 +13.11%) announced that it has restarted production at its wholly-owned Jerritt Canyon gold operation in Nevada. Gold production is going to ramp up from 9,000 oz per month in February to 12,500 oz gold per month in March.
Harmony Gold Mining’s (NYSE: HMY 12.65 +1.61%) stock moved up after the company released its second quarter financials. The company generated its highest-ever profits and increased gold production by 5% quarter on quarter at 344,592 oz by increasing the recovery grades by 13% and reducing cash operating costs by 6%.
Rangold Resources Ltd’s (NASDAQ: GOLD 118.54 +1.94%) stock also went up as a result of reporting a 259% increase in profit to $433.4 million for the 2011 year and a proposal to double their annual dividend to $0.40 per share.
The most active gold and silver producers were Barrick Gold Corp. (NYSE: ABX 49.04 -0.06%), Newmont Mining Corp. (NYSE: NEM 60.54 -0.77%) and Goldcorp Inc. (NYSE: GG 47.85 +0.50%).
This morning’s gainers also included Mines Management Inc. (AMEX: MGN 2.16 +3.85%) and Solitario Exploration & Royalty Corp. (AMEX: XPL 1.72 +2.38%). The juniors were riding positive press releases related to, in the case of MGM, acquiring a gold-silver property in Peru, and positive drill results for XPL.
Platinum Group Metals Ltd (AMEX: PLG 1.20 +2.56%) shares bounced up as a result of announcing the discovery of high-grade platinum group metals reefs at its South African Waterberg project.
Mountain Province Diamonds Inc.’s (AMEX: MDM 4.47 -4.08%) stock experienced a morning decline on some profit taking. The stock is still 9% higher than before announcing the proposed spin-off of their Kennady North diamond project located in Northwest Territories, Canada.
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