Gold and silver shares were largely mixed Wednesday afternoon despite a sell-off in precious metals.
The Philadelphia Gold & Silver Index (XAU) traded fractionally lower at 199.04, after climbing as much as 1.4% to 202.13 this morning. Notable advancers included AngloGold Ashanti (AU) and Harmony Gold (HMY), which rose 0.4% and 0.8%, respectively. On the downside, Pan American Silver (PAAS) slipped 0.6% and Royal Gold (RGLD) dropped 2.5%.
COMEX gold futures held near unchanged this morning, but turned noticeably lower as the day progressed. The April gold futures contract settled lower by $17.10, or 1.0%, at $1,731.30 per ounce.
Silver futures followed a similar trajectory, with the COMEX March contract closing down $0.49, or 1.4%, at $33.70 per ounce.
The decline in precious metals coincided with a rebound in the U.S. dollar, which recouped earlier losses against a basket of foreign currencies to trade near the flatline.
Extorre Raises C$50M to Fund Development in Argentina
Last month the emerging gold company reported the filing of an updated National Instrument 43-101 compliant mineral resource estimate for its flagship Cerro Moro Project in Santa Cruz Province, Argentina. The resource estimate contained 1.35 million gold equivalent ounces in the Indicated Category and 1.05 million gold equivalent ounces in the Inferred Category. Full Extorre Gold Mines Press Release.
- The financing is comprised of 5.3 million common shares at C$9.45 per share for gross proceeds of C$50,085,000
- Extorre will grant the underwriters of the transaction an over-allotment option, exercisable prior to the closing of the offering, to purchase from the Company up to an additional 795,000 common shares at C$9.45 per share to raise additional gross proceeds of up to C$7.5 million
- The financing is expected to close on or before February 22, 2012
- Following the year end break, exploration utilizing four rigs is scheduled to continue at Cerro Moro