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.
Wednesday market sentiment was jittered by the never-ending Greek debt negotiations story. Main indices recovered some of the ground lost earlier in the morning but some of them were still low in the afternoon session.
The Dow Jones Industrial Average was down 17.98 points or -0.14% to 12,860; the Nasdaq Index recovered and marched into green territory scoring a 2.06-point gain or +0.07% to 2906.14. The S&P/TSX Venture Composite Index was slightly lower (-0.23%) at 1659.460.
The Euro/USD Index moved slightly up in afternoon trading (+0.04%) to 1.3265.
Precious metals also recovered some of the lost ground: Gold was at $1734.0 but still down $10.80 (-0.63%) and silver was at $33.780, down $0.37 (-0.9%).
The stock slide continued for Nevsun Resources Ltd (TSX: NSU) as the company is still reeling from yesterday’s announcement of lower gold content in their Bisha pit, Eritrea. The stock was down 4.55% to $4.20 on top of yesterday’s 30% loss.
Another loser was South Africa-focused Great Basin Gold (AMEX: GBG), which droppped 4.76% to $1.01. The company released a preliminary December quarterly update indicating that the company missed production targets at both their Nevada and South African operations.
Thompson Creek Metals Company (NYSE: TC) announced the start of commercial production at its new mill at the Endako primary molybdenum mine in British Columbia, Canada. The stock went up 1.98% to $9.29.
Yukon Nevada Gold Corp.’s (OTC: YNGFF) investors downgraded the company’s stock a healthy 5.75% due to the company announcing that it has entered into a $20 million Forward Gold Purchase Agreement with Deutsche Bank that would see the company delivering 27,950 ounces of gold over a 43-month term at $716 per ounce.
In other news the press is reporting that Rio Tinto is looking at processing the higher-grade Husab uranium ore at its nearby Rossing mine located in Namibia. A partnership to develop the Husab uranium into a successful mining operation is not out of the question.
In 2011, the US power sector’s thermal coal consumption declined 4%. The EIA estimated that this year’s consumption would decline another 2%.
The January 2012 U.S. mining employment gained 13.4% while the overall average was a mere 1.5% increase.
