Rate-hike and gold-price jitters took their toll on U.S. markets over the report period Feb. 28-March 6, with the Standard & Poor’s 500 Index down 15.86 points at 1,278.26. Senior gold companies shed some of their recent gains, and also took a back seat to juniors that were the biggest gainers and most-active stocks over the topsy-turvy trading session.
The big newsmaker was U.S. Gold, which, under new chairman Robert McEwen, launched takeover offers for four junior companies with exploration projects in Nevada. McEwen’s goal is to consolidate the landholdings and “build the premier exploration company” in the state. U.S. Gold jumped US$1.24 to US$6.24 on the news, while Coral Gold, one of the takeover targets, gained almost US$1 to US$3.69.
UNICO was the most-active trader, following a recent reverse stock-split and other changes to its capital structure. The company holds three historic mines in Utah, but trades at a fraction of a cent.
Silverado Gold Mines continued its slide and lost another US3.2 to close at US12. The company holds a placer gold property in Alaska, while subsidiary Silverado Green Fuel is developing an “environmentally friendly oil substitute produced from low-rank coal.”
Goldspring was the third-most-active trader, down a fraction of a cent to US2. The company recently launched a program to “improve operating efficiencies” at the Plum gold-silver mine in the Comstock region of Nevada. The open-pit project is reported to have started production in late 2004, but few details of production and costs have been released since then.
Junior World Ventures was the largest percentage gainer, almost doubling to US38 from US18. The company is headed by Ray Carson and has early stage gold projects in Ontario’s Cobalt region and Nevada’s Walker Lane trend.
New Jersey Mining gained US23 to US65 after announcing plans to revive several gold-silver mine projects in the Coeur d’Alene district of northern Idaho.
U.S. greatest percentage change
|New Jersey Mg*||NJMC||656||0.65||0.42||0.65||+54.7|
|Great China M*||GCHA||1009||0.22||0.17||0.17||-22.7|
|Grand Cen Sil*||GSLM||64||1.00||0.80||0.88||-12.0|
U.S. greatest value change
|Fording C C T*||FDG||2827600||42.10||+1.76|
|Gammon Lk Res*||GRS||1330200||17.83||+1.73|
|Soc Quim&M Ch*||SQM||91400||118.58||-3.87|
|Potash C Sask*||POT||4399800||93.39||-2.66|
U.S. most active issues
|Coeur d Alene*||CDE||21991||6.23||5.40||5.75||+0.26|