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Gold Stock News From the Day of August 4, 2009
Recent Gold Stock News Stories: August 4, 2009 (source: http://www.goldalert.com)
Taseko Mines (TGB) released its quarterly production results on July 28, 2009. The company produced 19.1 million pounds of copper and 404,000 pounds of molybdenum. The totals allowed the company to maintain its current production guidance. The company's cash costs were roughly $1.30 per pound. The company's Prosperity gold-copper project and its Harmony gold project are set to perform quite well with a rising gold price.
Randgold (GOLD) plans to hold an equity offering of 5 million shares. This should raise $300 million for the company, assuming a steady/rising gold price. This is necessary to fund the company's purchase of Moto Goldmines, which requires more than $200 million in cash. The Moto gold project will give Randgold access to more than 22.5 million gold ounces.
Premier Gold Mines (PG.TSX) released upgraded drilling results from its Hardrock project in Ontario. In its EP Zone, the highlight of the recent drill results was the discovery of 17.16 grams per ton of gold across 9.5 meters at the South Limb and 5.21 grams per ton across 37 meters at the North Limb. Premier holds a 70% interest in the project and should gain a significant revenue base with jumping gold price and positive exploration updates.
Nevsun Resources (NSU) has received government support for its Bisha project. The Government of Eritrea has formally approved the project. This is a necessary precedent for maintaining a strong relationship with the labor force. Projected gold production at Bisha, set to commence in August 2010, is expected to be roughly 431,000 ounces of gold and 702,000 ounces of silver for the first two years. The estimated operating cost of the gold production is less than $230 per gold ounce.