Argmaur News: Gold, RBY Soar to New Heights

Gold, RBY Soar to New Heights

October 15, 2009

Yesterday, gold and many precious metals stocks set new records. The price of gold hit a new (nominal) high above $1,070, before quickly retreating. Similarly, shares of Rubicon Minerals (RBY) reached a record price of $4.80, over 20% higher since our September 28th commentary.

New JV Projects:

Last week, Platinum Group Metals (PLG) announced details on a second joint venture project with Japan Oil Gas and Metals National Corporation (JOGMEC). In Japan's efforts to accumulate precious metals assets, the company will invest $3.2M for 37% interest in the new 60 sq. mi exploration area in South Africa's platinum-rich Bushveld complex. On Monday, shares of PLG jumped nearly 15% and volume remains twice as high as average.

Takeover Targets:

This week, Solitario Exploration (XPL) announced that it has upped its bid for Metallic Ventures (MTLVF) to $18 B after learning that Metallic Ventures received a bid from a third party. The news of the rival bids pushed MTLVF shares up nearly 9% in intraday trading on Tuesday.

Recent High-Grade Discovery:

Exeter Resources (XRA) recently released bonanza-grade drill results between 9 and 942 g/t Au, and 92 and 29,452 g/t Ag at its Cerro Moro, Santa Cruz, Argentina property. This is by far, one of the best high-grade gold and silver discoveries of the year.

Reply to this Post

More News: