Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Gold Mountain Mining (TSX.V:GMTN) has received its Notice of Departure to begin mine construction at its 100% owned Elk Gold project near Merritt, British Columbia.
The company anticipates construction to begin this month.
“Receiving this Notice of Departure allows us to take the critical steps of upgrading our existing water management system, installing a weigh scale, as well as leveraging a gravel borrow to start stripping waste from our initial pit and repurpose it into aggregate needed to resurface roads throughout the property,” Kevin Smith, CEO of Gold Mountain said in a media statement.
Previous drilling confirms that the Elk Gold Project hosts multiple gold mineralized zones within the 16,716 hectare property boundary, the company said. The project is a mesothermal, intrusive-related, gold vein system. The Siwash North Mineral Resource zone includes pit constrained Measured & Indicated 454,000 oz AuEq and Inferred 95,000 oz AuEq.
Midday Monday, Gold Mountain’s stock was down nearly 3% on the TSXV. The company has a C$152 million market capitalization.
