00:09:18 EDT Mon 16 Sep 2019
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Gold Summary
Symbol C : *MKTGOLD
Recent Sedar Documents

Gold Summary for Sept. 4, 2019

2019-09-04 19:29 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold added $5.30 to $1,552.00 on Wednesday. The TSX Venture Exchange rose 0.65 point to 592.93 while the TSX Gold Index rose 2.62 points to 269.41. Detour Gold Corp. (DGC) helped lead Canadian gold miners higher today. It jumped 55 cents to $24.80 on 1.41 million shares.

Alex Black's Rio2 Ltd. (RIO) slid to an intraday low of 43 cents before ending the day off five cents to 53 cents on 2.46 million shares. The slump came on the heels of a prefeasibility study of Rio's Fenix gold project in Chile. The study, based on a reserve of 116 million tonnes at 0.49 gram of gold per tonne, proposes to recover 1.37 million ounces of gold from a $111-million (U.S.) mine running at 20,000 tonnes per day over a 16-year run, or about 85,000 ounces per year. The bottom line is a discounted net present value of $121-million (U.S.) after taxes.

Mr. Black, the company's Peru-based president and chief executive officer, tapped into a high-grade vein of puffery to woo skeptical investors who had expected considerably more. His "highly skilled and experienced management team" has taken great strides since Rio2 acquired Fenix barely a year ago. They have "reimagined and re-engineered" the project to shorten the timeline to production, simplify the approval process, lower the capital cost and to concentrate on higher grades in the early years while minimizing the initial strip ratio. All that points to a considerably smaller mine than the market had been expecting, it appears.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2019 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.