U.S. equity markets rebounded Tuesday, as the Dow Jones Industrial Average (DJIA) rallied 188.68 points, or 1.8%, to 10,998.53 in late morning trading.
The bounce back follows yesterday’s 634.76 point plunge in the Dow, its sixth-worst single-day loss ever.
As risk aversion subsided and the broader equity markets moved higher, gold relinquished the majority of its gains. COMEX gold futures, per the December contract, slid from a new record high of $1,782.50 to as low as $1,724 at approximately 11:00am ET. However, gold futures subsequently bounced back toward $1,740 per ounce.
Gold equities pared their gains alongside the yellow metal, as the AMEX Gold Bugs Index (HUI) retreated from an intra-day high of 536.84 to 530.47, which represented a 0.8% gain.
Spanish Mountain Gold Advances Flagship Project
The acceptance of the Project Description indicates that the Project has now entered the Pre-Application phase of the Environmental Assessment and Permitting process. Spanish Mountain Gold expects that public meetings will be scheduled shortly in connection therewith. The Company has already held initial public meetings in the communities of Likely, Big Lake and Williams Lake and has held several meetings with both the Williams Lake Indian Band and Soda Creek Indian Band. Full Spanish Mountain Gold News Release.
- The Company anticipates that the formal commissioning of a pre-feasibility study (PFS) for the Project to begin in September 2011.
- The PFS will refine the estimates of capital and operating costs that form the basis for the Preliminary Economic Assessment (PEA) completed by the Company in 2010.
- Spanish Mountain Gold currently has ongoing geotechnical, metallurgical and power supply studies underway, the results of which will be incorporated in the PFS.
- The Company expects that the PFS will also examine the optimal mill throughput at the beginning of potential commercial production from the Project.
