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Gold Stock News From the Day of July 28, 2009
Recent Gold Stock News Stories: July 28, 2009 (source: http://www.goldalert.com)
IAMGOLD (IAG) recently updated investors on its ongoing exploration program. The program is expected to cost about $54 million over the course of the year. Positive results came in from all but one of the gold stock company's locations: Buck Reef JV. A deal could not be reached with the Tanzanian government so the project will be terminated. With the current gold price, the 573,000 ounces held at this property would have been quite profitable.
Yamana Gold (AUY) was downgraded by well-known analyst Barry Cooper. Cooper downgraded the company due to weak growth forecasts amid a rising gold price. Also, one of the gold stock company's main locations is not moving along as quickly as the market expects.
Skygold Ventures (SKV.TSX.V) has begun drilling at its Spanish Mountain property. The NI 43-101 cites a measured and indicated resource of 1.56 million gold ounces at a gold cut-off of 0.7 gold grams per ton. With currently high gold prices, this property should be very profitable for the company. Especially since the gold price has reversed its downward trend.
Premier Gold Mines (PG.TSX) has announced that it has signed a MOU with a local group regarding the exploration of its Hardrock Project. Based on the hedge book, the company should be quite happy with a rising gold price. This will further allow for the funding of exploration activities that will boost the resource count on the property. The key to keeping gold stock investors happy is to be able to capitalize off increasing gold prices.