Gold and silver shares posted strong gains on Wednesday, fueled by the broad-based rally in precious metals. The Philadelphia Gold & Silver Index (XAU), a leading composite of the world’s largest gold and silver companies, climbed 2.6% to 215.56 in afternoon trading.
Notable advancers included XAU components Yamana Gold (AUY), Pan American Silver (PAAS), and Silver Wheaton (SLW). AUY, PAAS, and SLW surged 2.4%, 4.6%, and 4.3%, respectively.
With today’s rally, the XAU extended its weekly and monthly gains to 2.8% and 7.3%, respectively.
Gold bullion backed off its $1,588.90 new all-time high this afternoon, but remained firmly in positive territory at $1,578.88 per ounce. Silver added $1.78, or 4.9%, to $37.92 per ounce.
Mines Management Reports Results of Annual Meeting
Mines Management (MGN) announced the results of the Company’s Annual Meeting of Shareholders held earlier this month in Spokane, Washington. At the Annual Meeting, the Company’s shareholders re-elected Glenn M. Dobbs and Roy G. Franklin as Class II directors, with terms expiring at the 2014 Annual Meeting. Additionally, Mines Management shareholders approved the appointment of Tanner LC as the independent registered auditor, and approved the 2005 Warrant Proposal, comprised of the issuance of common stock in excess of the NYSE Amex’s 20% limitation. Full Mines Manegement Press Release.
HIGHLIGHTS:
- Mines Management provided a recap of results from the first quarter of 2011, which included a $15.2 million capital raise to advance its flagship Montanore Project.
- Mine and Quarry Engineering Services finalized the Preliminary Economic Assessment (PEA) of Montanore during the quarter, which was prepared to provide guidance on the potential viability of the project and the basis for the continuation of exploration activities.
- The company noted that a Record of Decision (ROD) approving the proposed Mine Plan of Operations could occur in 2012, which would allow exploration and mine development work to commence.
Glenn Dobbs, President and CEO:
"This PEA is the culmination of analysis and engineering to optimize the mine plan. It indicates the Montanore mine plan may be quite profitable in today’s commodity environment and could operate at metals prices significantly below current levels. The favorable economics indicated in the PEA at this early stage of development underscore the strong case for advancement through the final steps of the permitting process and completion of the subsequent underground drilling and evaluation program for which we have completed surface construction and initiated underground preparations."
Mines Management Interactive News:
You need to upgrade your Flash Player OR you dont have rights to Access this graph.