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by Stockwatch Business Reporter
New York spot gold added $4.30 to $1,213 Wednesday, rising after some disappointing United States economic figures. Consumer sentiment dropped to 86 in September, down from a reading of 93.4 in August. The reading is based on a survey of expectations from 5,000 American households. The TSX Venture Exchange dropped 12.94 points to 896.35, while the TSX Gold Index added a fraction to 166.69.
Gold miners in Canada ended the day some up, some down. Goldcorp Inc. (G) rose nine cents to $25.91, Barrick Gold Corp. (ABX) added three cents to $16.50, Iamgold Corp. (IMG) slipped four cents to $3.06 and Kinross Gold Corp. (K) slipped seven cents to $3.65.
Ewan Downie's Mega Precious Metals Inc. (MGP), down one cent to eight cents on 41,000 shares, has appointed Tony Makuch as a director. Mega hopes that a man with his mining experience can also help boost the company's beleaguered stock price. Mega has dropped from 70 cents in 2012. Mr. Makuch, Mega points out, is the president of Lake Shore Gold Corp. (LSG: $1.17), a company he turned into a 180,000-ounce-a-year gold producer. Well, almost. One hundred eighty thousand ounces is the upper end of Lake Shore's 2014 production target, and the miner is likely to hit it. Its Timmins West gold mine in Ontario produced 97,000 ounces in the first half of the year, up from 54,000 ounces in the same period in 2013. Mr. Makuch attributes the improvement to a mill expansion, which he completed last year. Rising production has helped Lake Shore's stock up to $1 from 36 cents last October, although it was trading over $4 in 2011, when the company first brought Timmins West to production.
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What a joke re Tony Makuch. Good luck for Mega Precious... hopefully they can get the money thru Tony, but don't let him anywhere near the actual operations.
He ran Lake Shore Gold into the ground for many years while collecting huge salary and bonuses. After about 5 years of crap leadership, with a horrible mining operation that totally missed all projected production numbers which led to the stock crapping out from $4.75 to $.35 or so, they eventually took some advice from the original Holmer Gold President and fixed their mining plan and finally the production came back. So, I guess you can credit him with running the company as it should have been... only 5 years too late.
I agree, Makuch is good.... good at collecting $$millions in salary, etc. while stumbling along on the mining side. Ask any of the original Holmer Gold or Lakeshore shareholders how those 5 years or so where under Tony's leadership as they lost most of their investment while Tony cleaned up.