Gold Stock Blog

End of Day Update

4:43pm EST

Gold stocks closed the month of June with a rally, as the Market Vectors Gold Miners ETF (GDX) climbed more than 1% on the back of the rise in the price of gold. Despite today's advance, however, the GDX finished the week and month with losses of 2.0% and 7.2%, respectively, and cut its year-to-date gain to 4.4%

GDX: $48.22, +0.54, +1.13%

GDXJ: $26.67, +0.48, +1.83%

XAU: 169.72, +2.17, +1.30%

HUI: 442.64, +6.84, +1.57%

S&P 500: 1,101.60, +0.07, +0.01%

gold stocks top performing sector

$48.23 +0.55

11:49am EST

Gold stocks have been the best performing sector in the equity markets for the second consecutive day thus far, as the Market Vectors Gold Miners ETF (GDX) has risen over 1% on the back of the stronger gold price. With today's advance, the GDX cut its monthly loss to 7.2% and extended its year-to-date gain to 4.4%.

osisko price target raised

C$12.93 +0.24

10:10am EST

Dundee Securities raised its price target on Osisko Mining (OSK.TSX) to C$16.50 from C$14.00.

Randgold's new discovery

$88.57 +0.20

9:58am EST

Mark Bristow, CEO of Randgold Resources (GOLD), stated in a media briefing that the company's recent discovery of a "world-class" gold deposit at Gounkoto Project in western Mali, Africa has confirmed the region's potential for additional finds of this size.

Centerra reverses year-earlier loss

C$13.12

8:34am EST

Centerra Gold (CG.TSX) reported second quarter gold production of 121,728 ounces, a 10% increase over the prior year period, at a total cash cost of $616 versus $667 for second quarter 2009. Net earnings totaled $29.8 million, or $0.13 per share, compared to net loss $79.6 million and negative $0.36 per share for the year earlier period. Revenues were $152.2 million, a 46% increase over the second quarter of 2009, due to the increase in production and a 33% increase in realized gold price of $1,200 per ounce. Cash provided by operations amounted to $76.5 million, or $0.33 per share, and the company's cash position at June 30 stood at $400 million. Centerra carries no debt.

End of Day Update

4:40pm EST

Gold stocks rose for a second day with the major sector ETFs and indices gaining on a rebounding gold price and, on balance, favorable earnings news. After Goldcorp reported that it had missed on profits by $0.02 after yesterday's close, this morning Barrick Gold, Agnico-Eagle Mines, and Eldorado Gold announced results that beat estimates. Barrick earnings increased 59% over the year ago period, while AEM reported a 116% increase in year-over-year production after bringing new mines into operation.

GDX: $47.68, +0.29, +0.61%

GDXJ: $26.19, +0.41, +1.59%

XAU: 167.55, +0.77, +0.46%

HUI: 435.77, +1.65, +0.38%

S&P 500: 1,101.53, -4.60, -0.42%

Sunridge hits new gold-copper zone

C$0.44 +0.04

1:38pm EST

Sunridge Gold (SGC. TSXV) announced drill results from its Adi-Rassi copper-gold prospect, part of the Asmara project in Eritrea which included intercepts of 1.32 g/t gold and 0.84% copper over 84 meters, and 0.75 g/t gold and 0.54% copper over 25 meters. According to the company, the assay results indicate a new, potentially large copper and gold zone at Adi Rassi. Combined with recently re-assayed core from drilling conducted at the site by Golden Star Resources in 1996, the new results show a strike length of over 500 meters.

Sunridge conducted the five-hole drill program which totaled 1,243 meters. Based on recent detailed geological mapping, sampling and drilling results, Adi Rassi is now considered to be a potentially large and continuous zone containing significant gold and copper mineralization. With many untested anomalies and drill targets within the Asmara Project, the potential for additional discoveries is significant.

Agnico Eagle doubles Q2 production

$54.40 -0.70

11:36am EST

Agnico-Eagle Mines (AEM) reported second quarter gold production of a record 257,728 ounces, more than double the prior-year period as the company brought a number of new mines into operation. Total cash cost for the quarter averaged $487 per ounce, however, a 50% increase over the year-earlier period's $326 per ounce due to the inclusion of costs at AEM's Meadowbank mine which is in a commissioning stage. Full earnings totaled $100.4 million, or $0.64 per share, but net of foreign currency translation and one-time tax adjustment profits were $0.44 per share, beating analysts' estimates by $0.05. The company reiterated gold production guidance for 2010 of 1.0 to 1.1 million ounces at a revised-upward total cash cost of $425 to $450 per ounce.

Production down 17% at Centamin

C$2.45 -0.02

11:04am EST

Centamin Egypt (CEE.TSX) reported fourth quarter production of 30,236 ounces of gold, a 17% decline from third quarter output due to lower grades. Cash operating costs averaged $569 for the quarter, above company forecasts and 41% higher than the previous quarter. Still, Centamin posted $19.1 million in profits for the quarter and increased gold resources at its flagship Sukari mine to 11 million ounces Measured and Indicated and 3.5 million ounces Inferred. Despite the production shortfall, the company reiterated guidance at 200,000 ounces for calendar 2010.

Barrick Gold profits up 59%

$40.60 +0.57

9:01am EST

Barrick Gold (ABX), the world's largest gold producer, reported second quarter production of 1.94 million ounces at a total cash cost of $457 per ounce, and posted record profits of $783 million, or $0.79 per share, a 59% increase over the prior year period. Operating cash flow rose 42% to $1.02 billion and exceeded $2 billion for the first half of 2010. Realized average gold price of $1,205 for the quarter was mainly responsible for a 56% increase in the cash margin to $748 per ounce. Barrick reiterated its original full year production guidance of 7.6-8.0 million ounces at total cash costs of $425-$45, and announced a 20% increase in the quarterly dividend to $0.12 per share. Barrick bested analysts' profit estimates of $0.72 per share and was trading higher by $0.57 to $40.60 per share in premarket trading.

Eldorado beats Q2 profit estimates

$15.77

8:29pm EST

Eldorado Gold (EGO) reported second quarter production of 167,940 ounces, nearly double the year-earlier period, at a cash operating costs of $357 per ounce. Cash operating cosst for Q2 2009 were $303. Profits totaled $60.5 million, or $0.11 per share, compared with $25.9 million, or $0.07 per share, a year ago. Cash from operating activities before non-cash changes in working capital amounted to $92.3 million on revenues that rose 158% to $207.8 million. Results beat estimates by a significant margin with analysts expecting profit of $0.08 per share on revenues of $185.2 million.

Goldcorp earnings miss by $0.02

$38.91 +0.09

5:57pm EST

Goldcorp (GG) reported second quarter earnings of $198.8 million, or $0.27 per share - missing analyst expectations by $0.02. Revenue increased 34% over the 2009 second quarter while gold production was 609,500 in the quarter. The company paid dividends out of $33.0 million. Finally, Goldcorp reaffirmed their 2010 guidance.

End of Day Update

4:40pm EST

Gold stocks made a modest comeback in today's session, one day after the Market Vectors Gold Miners ETF (GDX) plunged 3.8%. Newmont Mining (NEM) kicked off the gold stocks sector earnings season with a 79% increase in year-over-year profits, but failed to meet earnings consensus forecasts. The stock lost 0.7% on the day, closing at $55.40 per share.

GDX: $47.39, +0.30, +0.64%

GDXJ: $25.78, +0.07, +0.27%

XAU: 166.78, +0.53, +0.32%

HUI: 434.11, +1.90, +0.44%

S&P 500: 1,106.13, -7.71, -0.69%

Gold miner Takeovers: Who's next?

12:47pm EST

Morningstar, Inc., the independent provider of stock and mutual fund research and analysis, sees Kinross Gold (KGC), IAMgold (IAG) and Harmony Gold (HMY) as possible takeover targets, according to an article featured on Morningstar's website. The research firm noted that IAMGold may be a particularly appealing target to AngloGold Ashanti (AU) and Gold Fields (GFI), two firms to which IAMGold has joint venture ties and which would benefit from acquiring a lower-cost producer with projects proximate to their own.

While Harmony's high cost structure would deter an outright takeover, Morningstar cited the company's Morobe JV as an asset which could fetch upward of $300 million for Harmony's 50% interest. Noting that only the largest gold miners could mount a takeover of Kinross - itself in the large miner category - Morningstar expects that joint projects between Kinross and Barrick Gold (ABX), the world's largest gold miner, could result in additional deals like the one struck by the companies which transferred a 25% stake in the Cerro Casale gold-copper deposit to Barrick for $470 million in March.

semafo commissions plant expansion

C$7.00 +0.10

11:36am EST

SEMAFO (SMF.TSX) announced the commissioning of the semi-autogenous grinding (SAG) mill at its Mana Mine in Burkina Faso, Africa, as well as the completion of phase two of the plant expansion. Since the SAG mill start-up, throughput capacity has reached up to 6,870 tonnes per day. The company stated that once fully commissioned, the SAG mill and new crusher will increase hard rock processing capacity from the current 4,000 tpd to 6,000 tonnes per day.

hecla lowers cash cost guidance

$4.77 +0.05

9:42am EST

Hecla Mining (HL) reported second quarter financial and operatings results, which included silver production of 2.6 million ounces and gold production of 17,880 ounces. Net income came in at $13.7 million, and the company lowered its full-year cash cost guidance to $1.00-$1.50 per ounce.

lihir upgraded to "outperform"

$35.96

9:01am EST

Lihir Gold (LIHR) was upgraded to "Outperform" from "Sector Perform" at RBC Capital after reporting quarterly gold production of 243,925 ounces - in line with the company's forecast.

spanish mountain assay results

C$0.40

8:52am EST

Spanish Mountain Gold (SPA.TSXV) reported assay results received from 24 large-diameter (HQ) drill holes completed on its Spanish Mountain Gold Project in southern central British Columbia, Canada. Most of the holes were drilled to a depth of 150 meters (m) with the deepest to 160 m. The drilling was completed in late 2009 in a known area of near-surface higher grade gold mineralization.

The Canadian-based gold explorer announced that work to date has continued to confirm that gold recoveries of 90% can be achieved by a conventional process utilizing flotation and Carbon-in-Leach processing of the concentrate. Highlights of the assay results included the intersection of 40.0 m grading 1.19 g/t gold including 8.0 m grading 2.25 g/t gold in Hole 09-DDH-892. Spanish Mountain will include these results in an updated geological model as part of the current Preliminary Economic Assessment, which is expected to be completed in the fourth quarter of this year.

Newmont misses on q2 profits

$55.78

8:46am EST

Newmont Mining (NEM) reported equity gold production of 1.3 million ounces for the second quarter at an average realized gold price of $1,200. Net profits excluding asset sales totaled $377 million or $0.77 per share, a 79% increase over the prior year period, but fell short of the consensus estimate of $0.84 per share. Sales also were shy of expectations with reported revenues of $2.15 billion versus a forecasted $2.2 billion. The company also announced a 50% increase in its quarterly dividend to $0.15 per share.

In addition to lower than expected revenues, higher costs due to lower gold grades at Newmont's Boddington mine in Australia were the primary reason for the earnings miss. Nevertheless, the company reiterated its production guidance of 5.3 to 5.5 million ounces for the full year at a cash cost of $460 to $480 per ounce. In premarket trading, Newmont shares were down $0.62 to $55.16.

End of Day Update

4:17pm EST

Gold stocks' recent weakness continued as the Market Vectors Gold Miners ETF (GDX) slid over 3.5% to its lowest level on a closing basis since May 20. Small- and mid-cap gold stocks, as measured by the Market Vectors Junior Gold Miners ETF (GDXJ), fared modestly better than their large-cap counterparts, falling 2.3%.

GDX: $47.09, -1.80, -3.68%

GDXJ: $25.72, -0.60, -2.28%

XAU: 166.25, -5.57, -3.24%

HUI: 432.21, -15.12, -3.38%

S&P 500: 1,113.84, -1.17, -0.10%

international tower hill's drill results

$5.98 -0.12

1:05pm EST

International Tower Hill Mines (THM) announced drill results from the initial 19 holes completed in its 45,000-metre Summer 2010 Livengood Exploration Program in Alaska.

Highlights from the results included its report that the Money Knob deposit at Livengood continues to expand in several directions: at depth (RC-0366, 83.8m at 1.1 g/t gold and RC-0364, 59.4m @ 0.7 g/t), to the west in the Lillian area (RC-0355, 7.6m @ 3.3 g/t gold and RC-0362, 6.1m @ 2.9 g/t), and to the southeast in the Sunshine Zone (MK-RC-0365, 21.3m @ 0.8 g/t gold).

gold stocks under pressure

$47.04 -1.85

12:29pm EST

Gold stocks have come under severe selling pressure in mid-day trading, as the Market Vectors Gold Miners ETF (GDX) has fallen over 3.7% alongside the lower price of gold. With today's decline the GDX is now lower by 9.5% month-to-date and on pace for its worst month since its 14.4% plunge in June 2009.

us gold update at el gallo

$4.48 -0.28

11:36am EST

US Gold (UXG) reported assay results for 15 new drill holes that were designed to increase the total number of ounces beyond the initial NI 43-101 resource estimate released on July 6 at its El Gallo project in Mexico. The company stated that the best drill hole encountered two separate zones, returning 16.8 ounces of silver per ton (opt) over 78.6 feet (ft) [(576.9 grams per tonne (gpt) over 24.0 meters (m)] and 4.2 opt silver over 42.0 ft (142.3 gpt over 12.8 m).

east asia minerals' drill results

C$5.85 +0.04

9:57pm EST

East Asia Minerals (EAS.TSXV) reported drill results at its Miwah Main Zone in Aceh Province, Northern Sumatra, Indonesia. Highlights from the results included the intersection of 1.43 g/t gold over 149.3 meters, including 4.27 g/t gold over 21.9 meters where the hole stopped due to poor drilling conditions.

African barrick reduces guidance

p 544.50

8:38pm EST

African Barrick (ABG.LSE) reported a 23% year-over-year gold production increase for the first half of 2010 but reduced full-year 2010 guidance from 800,000-850,000 ounces to 750,000-800,000 ounces. The London-based gold producer, which was spun-off in March of this year from the world's largest gold company, Barrick Gold (ABX), posted per-share profit of $0.24 - a year-over-year increase of 217% - on revenue of $424 million and cash costs of $529 per ounce. According to the company, the revision to the full-year production guidance was caused by a delay in accessing higher grade ore from the Buzwagi mine.

End of Day Update

4:59pm EST

Gold stocks began the week lower with the Market Vectors Gold Miners ETF (GDX) falling $0.32 to $48.89 after posting a 3.5% gain over the four previous sessions. Gold stocks once again were pulled down by a sliding gold price despite the S&P 500 Index closing at a five-week high with a 1.1% rise for the day. With the sector set to announce a slew of earnings beginning this week for a quarter in which the average gold price set an all time high, volatility in gold stocks could be dramatic as results for individual gold producers hit, beat or miss production and profit targets.

GDX: $48.89, -0.32, -0.65%

GDXJ: $26.32, -0.06, -0.23%

XAU: 171.82, -1.60, -0.92%

HUI: 447.33, -4.52, -1.00%

S&P 500: 1,115.01, +12.35, +1.12%

gold stocks fall alongside gold price

$48.87 -0.34

1:57pm EST

Gold stocks are trading modestly lower alongside the gold price this afternoon, as the Market Vectors Gold Miners ETF (GDX) is lower by 0.7%. With today's decline the GDX is now lower by 5.7% in July, but remains higher by 6.1% year-to-date.

semafo advances at mana mine

C$7.05 -0.15

12:09pm EST

Canadian-based SEMAFO (SMF.TSX) reported that its auger geochemical drilling program continues to be "very successful" with new priority targets on the Y and BC1 blocks at its Mana Mine in Burkina Faso, Africa. The company noted that the auger drilling program is progressing on schedule, with nine out of 15 work blocks within the priority target areas covered to at least 400-meter spacing.

silvercorp reports mining damage in china

$6.35 -0.28

11:04am EST

Silvercorp Metals (SVM) announced that heavy rainfall on July 24 over the area covering the Ying Mining District in China caused damage to the mining operations at its Ying mining camp.

The silver miner stated that management estimates that direct recovery costs for the damage should be no greater then $1 million, and the time necessary for repairs and clean-up should be no more than 30 days, during which time operations at the respective mines will be suspended. Consequently, the company expects approximately a 10% decline in ore production during the current quarter.

Seabridge's new deposit at KSM project

$26.82 +0.16

10:02am EST

Seabridge Gold (SA) announced that drilling on its Iron Cap target has "confirmed a new, large potentially bulk mineable deposit at KSM which could substantially improve project economics." The company will now proceed "with the aim of establishing new proven and probable reserves to be included in mine plans for the project."

Target price rises on Canaco Resources

$1.66

9:48am EST

Rodman and Renshaw increased its target price on Canaco Resources (CAN.TSXV) to C$2.50 from C$1.50 based upon a “better understanding of the geology at Magambazi.” Senior metals and mining analysts, in a note to clients, stated that “We are encouraged by the continuity in structure and grade of the high-grade core and the recognition of the Magambazi Main Lodes and Magambazi North as separate parallel zones of near-surface gold mineralization.”

“Our estimate of the contained gold at Magambazi has increased to 3.5 Moz compared to our earlier estimate of 1.8 Moz. Based on a per ounce valuation of US$75/oz, we arrive at a net asset value of C$2.57/sh.”.

End of Day Update

4:29pm EST

Gold stocks finished slightly higher with Market Vectors Gold Miners ETF (GDX) gaining only 0.1% but with the other major sector indices and ETFs edging higher. Gold stocks were the rope in a day-long tug-of-war between the broader equity market which opened lower before staging a comeback to close with a 1% gain, and the gold price which broke above the $1,200 level in the pre-market session but then skidded through the rest of the day.

GDX: $49.21, +0.05, +0.10%

GDXJ: $26.38, +0.15, +0.57%

XAU: 173.42, +1.08, +0.63%

HUI: 451.84, +1.96, +0.43%

S&P 500: 1,102.66, +8.99, +0.82%

Newmont changes time of earnings call

$59.41 +0.40

9:50am EST

Newmont Mining (NEM) has revised the time of its second quarter earnings call to Wednesday July 28 at 9:30am eastern time. The company will still report earnings before the market opens next Wednesday. The call will also be carried on Newmont's website at newmont.com.

Kinross buys B2Gold interest in Kupol

$16.33

8:45am EST

Kinross Gold (KGC) announced it has agreed to acquire B2Gold's right to an interest in the Kupol East and West exploration license areas for $33 million in cash and future payments based on proven and probable reserves and net smelter returns should the project advance to production. Under a prior agreement, Kinross had undertaken to secure a right to a 37.5% joint venture interest in the Kupol properties for B2Gold. Kinross holds a 75% ownership interest in the venture.

End of Day Update

4:12pm EST

Gold stocks rallied alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) climbed 2.0%. With today's advance the GDX is now positive on the week by 1.3%, but remains lower by 5.4% month-to-date.

GDX: $49.16, +0.98, +2.03%

GDXJ: $26.23, +0.47, +1.82%

XAU: 172.34, +3.65, +2.16%

HUI: 449.90, +9.20, +2.09%

S&P 500: 1,093.67, +24.08, +2.25%

guyana goldfields upgrade

C$6.66 +0.13

3:11pm EST

TD Newcrest upgraded Guyana Goldfields (GUY.TSX) to "Speculative Buy" from "Hold" and issued a 12-month target price of C$9.00 per share.

Aurizon drill results at Casa Berardi

$4.88 -0.02

1:09pm EST

Aurizon Mines (AZK) announced that drill results at the East Block project on its wholly-owned Casa Berardi property which show the potential for additional mineralized structures are encouraging. The drill program is being conducted by Lake Shore Gold (LSG.TSX) under an agreement with Aurizon which grants Lake Shore an option to earn up to a 50% interest in portions of the exploration property near the Casa Berardi mining operation.

Lake Shore reported that drill results returned intercepts of 11.54 g/t gold over 3.89 meters from one hole, and 40.30 g/t gold over 0.42 meters from another, which extends mineralization 120 m down dip of previous drilling and confirms continuity of mineralization near the east limit of the G Zone. Results suggest potential for a shallow depth gold resource just four miles from the Casa Berardi Mine and Mill Complex.

Golden Star's discovery adds 500,000 oz.

$4.00 +0.02

12:57pm EST

Golden Star Resources (GSS) announced a preliminary mineral resource estimate and pit optimization results from the new discovery at its Buesichem South deposit. The company reported that the discovery added approximately 500,000 ounces of gold to the Buesichem resource base, raising the deposit’s total to 134,000 ounces of Measured and Indicated Mineral Resources and 497,000 ounces of Inferred Mineral Resource.

The company went on to say that with additional drilling, the life of the Buesichem pit will be extended by several years. Buesichem South is open ended to the south and drilling is continuing. To date, an additional 62 holes totaling 14,700 meters (m) have been drilled on a nominal 50 m X 50 m grid interval.

Tom Mair, Golden Star’s President and CEO, commented that “We are excited about the results of the new Buesichem South discovery. Drill rigs are currently busy drilling at Buesichem South to firm up the mineral resource as well as determine the strike extent to the south. This new discovery yet again demonstrates how focused exploration on an existing mining camp can deliver significant results, and we are continuing this approach along our 85 kilometer strike length of the prolific Ashanti Trend.”

Anatolia starts new village construction

C$5.72 +0.07

11:32am EST

Anatolia Minerals (ANO.TSX) announced it has commenced construction of the new Çöpler village in Turkey. The construction is proceeding under terms of an agreement Anatolia reached with Çöpler village officials and residents to exchange occupied land upon which the company will construct its Çöpler Gold Mine for homes and public facilities to be built north of the mine site. Earthworks and concrete work are underway to build 33 residences, several community buildings, roads, power, water supply and waste treatment infrastructure.

"Completing the Çöpler village is among our highest priorities," said Edward Dowling, President and CEO of Anatolia Minerals. Construction at the Çöpler Gold Mine is continuing, with first gold pour expected during the fourth quarter of 2010.

Over 1 million ounces at Sunridge Gold’s Asmara

9:27am EST

Sunridge Gold (SGC.TSXV) announced the results of a Strategic Production Study for its Asmara Project in Eritrea, Africa. Three of the four mineral deposits owned 100% by Sunridge - Emba Derho, Adi Nefas and Debarwa - together contain Indicated resources of 1.28 billion pounds of copper, 2.5 billion pounds of zinc, 1.05 million ounces of gold, and 31.8 million ounces of silver. The fourth resource, Gupo Gold, contains 189,000 ounces of gold in the Inferred category.

The Canadian-based gold explorer stated that the Study’s results are “intended to serve as a roadmap for Sunridge for future engineering studies and project development.” As a result of the “positive conclusions” of the Study, Sunridge plans to begin pre-feasibility studies for Emba Derho, Adi Nefas and Debarwa in the “near future.”

initial resource at eldorado's tz project

$15.69

8:46am EST

Canadian-based Eldorado Gold (EGO) announced an National Instrument 43-101 compliant resource estimate at its 100% owned Tocantinzinho Project (TZ) in the Tapajos District of Para State in northern Brazil. TZ contains measured and indicated resources of 2.1 million ounces of gold, and Eldorado reported that a Pre-Feasibility Study is scheduled for completion during the fourth quarter of 2010.

End of Day Update

4:37pm EST

Gold stocks retreated alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) fell 0.8%. The GDX remained in positive territory for the first half of the day, but turned lower alongside the broader market after Fed Chariman Bernanke's testimony on the economy.

GDX: $48.18, -0.37, -0.76%

GDXJ: $25.76, -0.38, -1.45%

XAU: 168.69, -0.39, -0.23%

HUI: 440.70, -4.42, -0.99%

S&P 500: 1,069.59, -13.89, -1.28%

romarco results from ledbetter area

C$1.60 -0.01

3:26pm EST

Romarco Minerals (R.TSXV) reported drill results from its Ledbetter area of its Haile gold project in South Carolina. Highlights from the results included an intercept of 11.89 grams per tonne of gold over 38.1 meters.

barrick gold upgraded by cibc

$42.33 +0.52

12:49pm EST

In a research report in which it raised its 2012 gold price forecast from $1,000 to $1,500 per ounce, CIBC also upgraded shares of Barrick Gold (ABX) from "Sector Performer" to "Sectour Outperform" as it noted that it expects "an influx of money" into the gold sector in the coming months, and believes Barrick will be "the prime beneficiary."

kibali construction to begin six months early

12:03pm EST

Randgold Resources (GOLD) announced that construction on its Kibali project in the Democratic Republic of Congo is now expected to begin in mid 2011 - six month earlier than originally anticipated. Kibali is potentially one of the world's largest gold mines, and the government of the Democractic Republic of Congo holds a 10% stake - with Randgold and AngloGold Ashanti (AU) each holding 45%.

new gold upgraded at two firms

$5.07 +0.04

11:21am EST

New Gold (NGD) was upgraded by two firms after reporting a 62% rise in gold production. TD Newcrest raised shares of NGD to "Buy" from "Hold," while Cormark Securities raised its rating to "Buy" from "Market Perform."

rbc downgrades gold explorer

C$5.82 -0.09

10:32am EST

RBC Capital downgraded shares of Anatolia Minerals (ANO.TSX) from "Outperform" to "Sector Perform."

red back lowers production forecast

C$24.52 -0.77

9:58am EST

Red Back Mining (RBI.TSX) lowered its full year consolidated production forecast from 485,000-525,000 to 445,000-465,000 ounces of gold, a 9% decline due to ongoing water pipeline issues at its Tasiast mine in Mauritania, Africa. The Canadian-based gold miner did reaffirm guidance of 240,000-250,000 ounces at its Chriano gold mine in Ghana.

freeport's earnings rise 10%

$64.32

8:45am EST

Freeport-McMoRan Copper & Gold (FCX), the world's largest publicly traded copper company and a significant gold producer, released its second quarter 2010 earnings report. Net income attributable to common stock was $649 million, or $1.40 per share - versus $588 million, or $1.38 per share, in the second quarter of 2009.

Consolidated sales from mines totaled 914 million pounds of copper, 298,000 ounces of gold and 16 million pounds of molybdenum - compared to 1.1 billion pounds of copper, 837,000 ounces of gold and 16 million pounds of molybdenum for the second quarter of 2009. In premarket activity shares of FCX were indicated high by 4.6% at $67.27.

End of Day Update

4:26pm EST

Gold stocks snapped their four-day losing streak, as the Market Vectors Gold Miners ETF (GDX) climbed 2% amid a rally in the precious metals sector. Gold stocks rebounded alongside the broader market, as the s&P 500 surged from as low as 1,056.88 this morning to finish near its intra-day high at 1,083.48.

GDX: $48.55, +1.02, +2.15%

GDXJ: $26.14, +0.76, +2.99%

XAU: 169.08, +3.83, +2.32%

HUI: 445.13, +8.71, +2.00%

S&P 500: 1,083.48, +12.23, +1.14%

Dundee upgrades miner after 20% slide

$14.30 +0.11

3:35pm EST

Dundee upgraded Alamos Gold (AGI.TSX) from "Neutral" to "Buy" noting that the nearly 20% drop in the shares of Alamos is "overblown." Dundee maintained its 12-month price target of C$17.00.

fortuna advances at san jose

$2.07 +0.05

2:24pm EST

Fortuna Silver Mines (FVI.TSX) released an update on construction activities at its 100% -owned San Jose silver-gold project in Oaxaca, Mexico. The Canadian-based silver miner reported that construction is on schedule and within budget for completion and commissioning of the mine in the third quarter of 2011.

San Jose is expected to operate at a rate of 1,500 tonnes per day, and will produce five million silver equivalent ounces annually at a cash cost of $6.20 per ounce. San Jose will be Fortuna's second operating mine, joining the company's Caylloma mine. Fortuna intends to achieve full production capacity within 24 months from the start of operations.

Jorge Ganoza, President, CEO and Director, commented "With US$ 74 million in the treasury, the Company is fully funded to build the mine at San Jose and continue exploring to grow existing resources and reserves both in Peru and Mexico."

fronteer results from long canyon

$5.91 +0.08

1:07pm EST

Fronteer Gold (FRG) reported its latest set of drill results at its Long Canyon project in Nevada, which is now 2.7 kilometers long and remains open for expansion. The Canadian-based gold explorer noted that drilling to the northeast of the current resource area at Long Canyon continues to return broad intervals of high-grade oxide gold. Highlights from the results included the intersection of 5.27 grams per tonne of gold over 64 meters.

Canaco announces bought deal, led by TD

C$1.67 -0.01

11:28am EST

Canaco Resources (CAN.TSXV) announced a C$20 million bought deal private placement financing whereby a syndicate of underwriters has offered to purchase 14.3 million common shares of CAN.TSXV at a price of C$1.40 per share for total gross proceeds of C$20,020,000.

The financing includes an over-allotment option in which the underwriters can purchase up to 3.6 million additional shares at closing, which is expected on or about August 4, 2010. The Canadian-based gold explorer stated that the net proceeds of the transaction will be used to fund further exploration and development of its mineral properties and for general corporate purposes. Shares of Canaco have surged 215% this year on the back of the company's new high-grade gold discovery in Tanzania.

Dorato strikes high-grade in peru

C$0.57 +0.00

10:06am EST

Dorato Resources (DRI.TSXV) reported that it has received additional assay results from the ongoing drill program on its Taricori Gold Project, located in the prolific Cordillera del Condor gold belt in northwest Peru. Highlights from the results included the intersection of 10.84 grams per tonne (g/t) of gold over 8.9 meters (0.31 oz/t), including 21.06 g/t gold (0.61 oz/t) over 4.3 meters.

Drilling continues on site with hole TAR-028 currently in progress. Keith Henderson, Dorato's President and CEO, stated that "results for all Phase II drill holes to date show a 100% hit rate in terms of significant gold intercepts, which demonstrates the continuity potential of the gold-bearing zones being drilled." Sprott Asset Management, run by one of the most successful resource investors of the last decade, Eric Sprott, owns 6.1% of the outstanding shares of Dorato while another 5.1% is held by Franco Nevada (FNV.TSX), a $3.5 billion gold royalty company.

new gold posts 62% production increase

$4.72

9:01am EST

New Gold (NGD) reported second quarter gold production of 89,919 ounces - a 62% increase from the 55,633 ounces in the second quarter of 2009. Gold sales for the quarter came in at 82,402, with a total cash cost of $490 per ounce, net of by-product sales.

End of Day Update

4:49pm EST

Gold stocks retreated alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) dropped over 2% amid further liquidation in the gold sector. With today's decline the GDX extended its monthly decline to 8.9%, its worst month since a 9.4% plunge in December 2009.

GDX: $47.53, -1.01, -2.08%

GDXJ: $25.38, -0.63, -2.42%

XAU: 165.25, -2.14, -1.28%

HUI: 436.41, -7.46, -1.68%

S&P 500: 1,071.25, +6.37, +0.60%

andean - new cfo, drill results

C$3.17 +0.13

3:38pm EST

Andean Resources (AND.TSX) announced the appointment of Mr. Eric Edwards as its new Chief Financial Officer and Mr. Robert Menard as its Vice President, Engineering and Construction. The gold explorer also reported the highest-grade results to date from the ongoing exploration program at its wholly owned Cerro Negro Project in Santa Cruz Province, Argentina.

vista gold update on Paredones amarillos

$1.37 -0.11

1:15pm EST

Vista Gold (VGZ) released an update on its wholly owned Paredones Amarillos golf project in Baja California Sur, Mexico. The update included information on the status of the Change of Forest Land Use permit application, technical programs in progress, and a general overview of the development of the Project.

allied nevada gold update on hycroft

$16.49 -0.76

11:44am EST

Allied Nevada Gold (ANV) announced an update on its ongoing metallurgical programs on oxide and sulfide mineralization at its wholly owned Hycroft mine, located near Winnemucca, Nevada. The gold explorer stated that the goal of the sulfide metallurgical program is to collect information for the anticipated feasibility study, which is expected to be completed in the second half of 2011.

San Gold drill results at 007 discovery

C$3.88

9:01am EST

San Gold (SGR.TSXV) reported additional high-grade gold intersections at its 007 discovery, located approximately 2 kilometers north-east of the company's operating Rice Lake Mill gold mining operation. San Gold announced that "Infill drilling is confirming the high-grade nature of San Gold Corp's 007 Zone at all depths within currently known limits." Results from the infill drill program continue to yield high grade with Hole# CD-10-091 intersecting 1.55 ounces per ton over 31.5 feet - following the previously reported spectacular intersection of 3.9 ounces per ton gold over 10.2 feet.

San Gold continues to advance the development of the 007 discovery, which is "fully accessible by road and is accessible from the Hinge Mine decline."

End of Day Update

4:08pm EST

Gold stocks plunged alongside the gold price, with the Market Vectors Gold Miners ETF (GDX) falling 3.3% amid broad-based liquidation in fianancial markets. With today's decline the GDX finished at its lowest closing level since May 24.

GDX: $48.54, -1.63, -3.25%

GDXJ: $26.01, -0.80, -2.98%

XAU: 167.39, -5.67, -3.28%

HUI: 443.89, -15.17, -3.30%

S&P 500: 1,064.88, -31.60, -2.88%

romarco to expand haile resource

C$1.75 -0.04

3:41pm EST

Diane Garrett, CEO of Canadian-based gold explorer Romarco Minerals (R.TSXV), stated in a Reuters telephone interview that the company expects to significantly increase the estimated size of the gold resource at its flagship Haile project in South Carolina this year. Ms. Garrett also noted that the company plans to move its shares from the TSX Venture Exchange to the Toronto Stock Exchange by October of this year.

gammon completes investment in corex

$5.37 -0.36

2:20pm EST

Gammon Gold (GRS) announced the completion of its non-brokered private placement with Corex Gold (CGE.TSXV) announced on July 8. Gammon now owns 12% of the issued and outstanding shares of Corex, and 14% on a fully diluted basis.

gold wheaton settles $50m payment

C$2.25 -0.03

10:39am EST

Canadian-based Gold Wheaton Gold Corp. (GLW.TSX) announced that in accordance with the terms of the amended and restated promissory note dated December 5, 2008, it has satisfied its obligation to pay the $50 deferred payment to FNX Mining Company through the issuance of 20.5 million common shares of GLW.TSX.

ventana update on colombian properties

C$6.98

9:14am EST

Ventana Gold (VEN.TSX) announced that the transfer of title for the La Bodega and La Baja minerals rights in Colombia has been completed, and the company is completing the balance of documents required for the transaction to close.

End of Day Update

4:31pm EST

Gold stocks finished modestly lower alongside the gold price for the second consecutive day, as the Market Vectors Gold Miners ETF (GDX) retreated 0.2% after falling as much as 1.5% this morning. Gold stocks pared their losses alongside the broader market on news that Goldman Sachs (GS) reached a settlement with the SEC, and that British Petroleum (BP) halted the oil leak in the Gulf of Mexico. The S&P 500, after dropping as much as 1.3% this morning, rebounded to close in positive territory for the seventh time in the last eight trading sessions.

GDX: $50.17, -0.09, -0.18%

GDXJ: $26.81, +0.10, +0.37%

XAU: 173.06, -0.73, -0.42%

HUI: 459.06, -1.52, -0.33%

S&P 500: 1,096.48, +1.31, +0.12%

gammon reports q2 production

$5.64 +0.33

1:56pm EST

Gammon Gold (GRS) reported secon quarter production at its Ocampo mine in Mexico of 24,963 gold ounces and 1.1 million silver ounces. Cash costs were $427 per gold equivalent ounce.

thompson creek to acquire terrane metals

11:34am EST

Thompson Creek Metals Company (TC) announced that it has entered into an agreement to acquire Terrane Metals (TRX.TSX), a Canadian-based mineral development and exploration company. Under the terms of the transaction, Thompson Creek will pay C$0.90 in cash and 0.052 Thompson Creek common shares per Terrance share, and the total value of the consideration is approximately C$650 million.

Goldcorp (GG), the second Canadian-based gold miner, which owns 58% of Terrance's outstanding voting shares, has agreed to support the acquisition. Thompson Creek will concurrently enter into an agreement with Royal Gold (RGLD), which will purchase 25% of the gold produced by Terrane's Mt. Milligan copper-gold project in British Columbia once the project goes into production.

update resource - greystar's angostura

C$4.23 -0.04

10:53am EST

Greystar Resources announced an updated resource calculation for its Angostura gold and silver deposit in the Caifornia mining district in Columbia. The measured and indicated resource came in at 8.9 million gold ounces and 59.6 million silver ounces, with an additional inferred resource of 903,000 ounces of gold and 4.7 million ounces of silver.

Premier gold completes C$18m financing

C$4.81 +0.08

10:14am EST

Premier Gold Mines (PG.TSX) announced the completion of its previously announced private placement of flow-through common shares of Premier. The Canadian-based gold explorer issued three million flow-through shares at a price of C$6.00 for aggregate gross proceeds of C$18 million. The company intends to use the proceeds for exploration and development of its Canadian mineral projects.

Pre-feasibility study on silver project

C$6.27 -0.03

9:47am EST

MAG Silver (MAG.TSX) announced the commencement of a prefeasibility study on the Juanicipio Property, a 56% - 44% joint venture between MAG and Fresnillo plc.

Osisko's drill results on Amphi property

C$11.49

9:09am EST

Osisko Mining (OSK.TSX) announced initial results from its 2009-2010 definition drill program on the Western Porphyry Zone, located on the company's 100%-owned Amphi property immediately adjacent to the Canadian Malartic property. Highlights from the announcement included an intercept of 137.8 meters averaging 0.93 gold per ton (g/t) and a second one of 197.2 meters averaging 0.82 g/t gold.

End of Day Update

4:46pm EST

Gold stocks finished fractionally lower alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) fell 0.3% after rising as much as 1.3% this morning. While the gold price has remained within 5% of its all-time high during its recent correction, the GDX remains over 11% from its record high of $56.87 per share. The broader market finished mixed, with the Dow Jones Industrial Average (DJIA) rising slightly, while the S&P 500 was unable to extend its recent win streak to seven.

GDX: $50.26, -0.13, -0.26%

GDXJ: $26.71, +0.02, +0.07%

XAU: 173.79, +0.24, +0.14%

HUI: 460.58, -0.17, -0.04%

S&P 500: 1,095.17, -0.17, -0.02%

osisko to acquire remaining shares of brett resources

2:44pm EST

Osisko Mining (OSK.TSX) and Brett Resources (BBR.TSXV) announced that they have begun the necessary steps to allow Osisko to acquire all of the remaining common equity shares of Brett that it does not currently hold. Osisko currently owns approximately 77.2% of Brett's shares, which were acquired under its offer to purchase the company, announced on April 13, 2010.

kirkland lake updates resource estimates

C$1.73 +0.01

12:05pm EST

Kirkland Lake Gold (KGI.TSX) reported its fiscal year-end (April 30, 2010) gold reserve and resource estimates for its operations in Kirkland Lake, Ontario on the historic Main Break and the recently discovered South Mine Complex. The Canadian-based gold explorer also announced its exploration plans for 2011, which include a budget of C$7.1 million - C$4.7 million for drilling and C$1.0 million for exploration related development.

romarco provides corporate update

C$1.73 +0.01

10:34am EST

Romarco Minerals (R.TSXV) provided a corporate update following its Annual General Meeting, at which shareholders approved several matters - including a grant of options to directors, officers, and employees.

novagold's q2 report

$6.45 -0.07

9:52am EST

NovaGold Resources (NG) released its second quarter financial and operating results, as well as an update on its gold projects. The Canadian-based gold explorer reported a net loss of C$15.8 million, or C$0.07 per share, in the quarter - versus a C$4.8 million, or C$0.03 per share, loss in the second quarter of 2009.

Gold investor throws in towel?

$50.39

9:17am EST

Susquehanna Financial Group commented this morning on a large trade emanating in the gold sector yesterday, specifically an options trade on the Market Vectors Gold Miners ETF (GDX):

"An investor sold 16,000 January 60 (.28d) calls at $1.93. At first glance, this looks like simply an overwrite of a long stock position where the investor is happy to sell out of their long stock position at $60, or collect the premium if GDX never gets there. However, looking back, in late April, 16k of these calls traded $3.05. So this investor might be throwing in the towel on a trade they put on 10 weeks ago with stock around the same spot."

End of Day Update

4:32pm EST

Gold stocks finished with modest gains after earlier rallying considerably, as the Market Vectors Gold Miners ETF (GDX) closed higher by 0.5% after rising as much as 2.7% this morning. Gold stocks lagged the gold price, which rallied 0.9%, and the broader equity market - as the S&P 500 posted its sixth consecutive day of gains.

GDX: $50.39, +0.24, +0.48%

GDXJ: $26.69, +0.29, +1.10%

XAU: 174.03, +0.30, +0.17%

HUI: 460.75, +1.03, +0.22%

S&P 500: 1,095.34, +16.59, +1.54%

San Gold bought deal, led by Dundee

C$4.05 -0.04

3:58pm EST

San Gold (SGR.TSXV) announced a C$130 million bought deal financing whereby a syndicate of underwriters have agreed to purchase 32.5 million common equity shares at a price of C$4.00. The transaction includes an over-allotment option in which the underwriters can purchase up to an additional C$19.5 million of common shares.

The Canadian-based gold miner stated that the proceeds of the offering will be used primarily for further exploration and development on its Rice Lake Project in Manitoba, Canada, as well as for the purchase of equipment and for general and administrative expenses and working capital. The offering is scheduled to close on August 4, 2010..

gold stocks rebound alongside the metal

$51.21 +1.06

12:59pm EST

Gold stocks rallied alongside the price of gold, as the Market Vectors Gold Miners ETF (GDX) advanced more than 2.0%. With today's rise the GDX extended its year-to-date gain to 9.8% - versus a 1.8% decline for the S&P 500.

colossus begins drilling for extensions

C$6.87 +0.20

11:35am EST

Colossus Minerals (CSI.TSX) announced the start of drilling for the extensions of precious metals mineralization on the recently expanded land package that is located southwest of Mining Permit 850.425/1990 on its Serra Pelada Gold-Platinum-Palladium Project. Serra Pelada, the company's flagship asset, is owned through a joint venture with COOMIGASP, a registered Brazilian cooperative company.

The Canadian-based gold explorer noted that the first drill-holes of the 5,000 meter program will target the down-plunge projection of high grade gold-platinum-palladium mineralization in the Central Mineral Mineralized Zone. Later drilling will test for extensions of the newly-discovered gold-PGE mineralized zones onto the Joint Venture's recently expanded ground position - in addition to near surface targets that may result from the current soil geochemical and geological mapping programs in the area.

Nevada gold mine delivers as expected

$19.10 +0.56

10:21am EST

Allied Nevada Gold (ANV) announced preliminary second quarter operating results. The company reported gold sales of 29,600 ounces and silver sales of 64,000 ounces and reiterated guidance at its flagship Hycroft mine. Shares of ANV have risen 22.9% this year and 129% over the past 52 weeks.

fortuna results, bmo initiates coverage

C$2.04

9:13am EST

Fortuna Silver Mines (FVI.TSX) announced its second production results. At the company's Caylloma mine in Peru, silver production rose 5% versus Q2 2009 to 470,310 ounces while production of copper, zinc, and lead declined. The company announced it will give an update in the coming days on its San Jose project, which is expected to commence production in the third quarter of 2011.

BMO Capital Markets initiated coverage on Fortuna yesterday with an "Outperform" rating and a 12-month target price of C$3.20 per share.

alamos on pace to meet forecast

C$15.31

8:46am EST

Alamos Gold (AGI.TSX) reported second quarter gold production of 38,400 ounces from its Mulatos Mine in Mexico at a cash cost in-line with the comapny's 2010 forecast of $338 per ounce. The company also said it is on track to meet its full year guidance range of 160,000 to 175,000 ounces.

End of Day Update

4:35pm EST

Gold stocks posted modest declines alongside the gold price Monday, as the Market Vectors Gold Miners ETF (GDX) fell 0.7%. The broader market eked out a small gain, as the S&P 500 posted its fifth straight advance - its longest winning streak since April.

GDX: $50.15, -0.33, -0.65%

GDXJ: $26.40, -0.42, -1.57%

XAU: 173.73, -1.36, -0.78%

HUI: 459.72, -2.87, -0.62%

S&P 500: 1,078.75, +0.79, +0.07%

stifel starts coverage on several gold stocks

2:19pm EST

Stifel Nicholas initiated coverage on several gold stocks, as follows:

Allied Gold (ALG.TO) - "Hold" rating

Newmont Mining (NEM) - "Buy" rating and 12-month price target of $84.00

Barrick Gold (ABX) - "Hold" rating

Yamana Gold (AUY) - "Hold" rating

IAMGOLD (IAG) - "Buy" rating and 12-month price target of $24.00

great basin progresses at burnstone

$1.80 +0.00

12:49pm EST

Great Basin Gold (GBG) provided an update on the delivery of the capital projects at its Burnstone Mine development project in South Africa. The Canadian-based gold explorer stated that Eskom, the state energy provider, has made final arrangements to tie the project to the national electricity grid on August 8, 2010.

allied nevada update at hycroft

$18.49 -0.74

12:22pm EST

Allied Nevada (ANV) reported drill results from three newly drilled holes at its wholly owned Hycrot mine located near Winnemucca, Nevada. Highlights from the results included the intersection of 1.58 g/t gold equivalent over 456 meters.

silver standard results from brucejack

$16.60 -0.18

11:12am EST

Canadian-based silver miner Silver Standard Resources (SSRI) reported results of diamond drilling at its wholly-owned Burcejack Project in British Columbia, Canada. Highlights from the results demonstrated the consistency of the bonanza grade gold and silver intersections, including one intercept of 0.54 g/t gold and 3.7 g/t silver over a 375.5 meter interval.

canaccord lowers targets on commodity names

10:31am EST

Canaccord Genuity raised its gold price forecasts by 10% in 2011 and 2012 to $1,200 per ounce and $1,100, respectively. The firm also lowered its copper price forecast to $3.12 per pound from $3.33 in 2010, but maintained its $3.25 and $3.00 targets for 2011 and 2012, respectively.

As a result, its target price on several commodity stocks changed. The firm reduced its target on Freeport-McMoRan Copper & Gold (FCX) from $103 to $82 per share but maintained its "Buy" rating. It also lowered its target on shares of First Quantum Minerals (FM.TSX) and Labrador Iron Mines (LIM.TSX) to C$75.00 and C$10.00 per share, respectively, but maintained its "Buy" rating on each company.

east asia minerals expands miwah main zone

C$6.14 +0.19

10:09am EST

East Asia Minerals (EAS.TSXV) reported additional results from drill hole EMD033 which have considerably expanded the gold-rich Miwah Main Zone in Aceh Province, Northern SUmatra, Indonesia, and further confirm the potential to connect with the Moon River area. Highlights of the results included the intersection of 2.33 g/t gold over 89 meters followed by 1.87 g/t gold over 71 meters.

canaco's "highly significant" drill results

C$1.08 +0.15

9:43am EST

Shares of Canaco Resources (CAN.TSXV) surged higher after the Canadian-based gold explorer reported results from 18 drill holes at the Magambazi target, located within its 100%-owned Handeni Gold Project in Northeast Tanzania. The highlight of the results was a "spectacular" intercept in hole MGZD066 of 37 meters at 12.45 grams per tonne gold.

Gold/silver explorer raises equity

C$2.87

8:56am EST

Sabina Gold & SIlver (SBB.TSX) announced a C$22.4 million equity raise, consisting of 8.3 million common shares at C$2.70 per share - a discount of 5.9% to Friday's closing price.

End of Day Update

4:58pm EST

After falling for seven of the past eight days, gold stocks posted considerable gains. The Market Vectors Gold Miners ETF (GDX) climbed over 2% to make gold stocks the best performing sector in the equity markets on Friday. The S&P 500 posted its best week since July 2009, as the broader market recovered from a deeply oversold condition.

GDX: $50.48, +1.10, +2.23%

GDXJ: $26.82, +0.85, +3.27%

XAU: 175.09, +4.21, +2.46%

HUI: 462.56, +10.01, +2.21%

S&P 500: 1,077.96, +7.71, +0.72%

goldcorp completes private placement in evolving gold

3:17pm EST

Goldcorp (GG) announced the completion of its acquisition of 19.0 million common shares of Evolving Gold (EVG.TSXV), a Canadian-based gold explorer, by way of a private placement at a price of C$0.82 per share for aggregate gross proceeds to Evolving Gold of C$15.6 million.

gold stocks lead gainers

$50.52 +1.14

11:29am EST

Gold stocks were the best performing sector in the equity markets in mid-day trading, as the Market Vectors Gold Miners ETF (GDX) climbed over 2% on the back of the stronger gold price. After falling for seven of the past eight trading sessions, the GDX rebounded to turn positive for the week by 1.9%.

first majestic posts record production

C$4.00 +0.08

10:02am EST

First Majestic Silver (FR.TSX) reported second quarter production of 1,651,411 equivalent ounces of silver, a 72% increase over the second quarter of 2009. In addition, the total ore processed during the quarter at the company's three operating silver mines amounted to a new record of 404,349 tonnes milled, a 20% rise over the previous quarter.

goldman downgrades randgold, anglogold

9:42am EST

Goldman Sachs downgraded Randgold Resources (GOLD) and AngloGold Ashanti (AU) to sell from neutral, saying both gold miners seem to be pricing in the large majority of the benefit from both rising gold prices and successful project execution.

changes to goldcorp's senior mgmt

$40.61

8:49am EST

Goldcorp (GG) announced several additions to its senior management team. David Deisley has been appointed from Vice President and General Counsel to Executive Vice President, Corporate Affairs and General Counsel. Timo Jauristo has been appointed from Vice President Corporate Development, to Executive Vice President Corporate Development.

End of Day Update

4:38pm EST

Gold stocks failed to participate in the broader market rally today, with the major gold sector ETFs and indices losing nearly three times as much on a percentage basis than did the gold price. Major movers included Kirkland Lake Gold (KGI.TSX) which plunged 9.5% to C$7.77 after reporting a fourth quarter loss; Rainy River Resources (RR.TSXV) down 4.3% to C$5.96; and Barrick Gold (ABX) down 3.0% to $42.48.

GDX: $49.40, -0.59, -1.19%

GDXJ: $25.96, -0.25, -0.95%

XAU: 170.88, -2.21, -1.28%

HUI: 452.56, -5.78, -1.26%

S&P 500: 1,070.25, +9.98, +0.94%

semafo adds wona sw to study

C$7.24 -0.09

3:20pm EST

SEMAFO (SMF.TSX) announced that its Wona Southwest Zone will become part of the underground feasibility study currently underway at the Mana Mine in Burkina Faso. New exploration results at Wona Southwest show consistent and continuous mineralization over a strike-length of at least 800 meters. Inclusion of the new exploration results combined with previous results from the Wona SW Zone have the potential to add significant reserves to the underground operation.

Harmony sale nets AUS$40 million

$10.50 -0.14

1:50pm EST

Harmony Gold Mining (HMY) announced that it has reached agreement to sell its Mount Magnet gold project in western Australia to Ramelius Resources Limited for AUS $40 million in cash. Mount Magnet had been placed on care and maintenance status in 2008. The deal includes an advanced exploration portfolio and a processing plant.

gold stocks slide in u.s. and canada

$48.96 -1.03

12:02pm EST

Gold stocks fell for the seventh time in eight trading sessions, as the Market Vectors Gold Miners ETF (GDX) retreated over 2% alongside the lower gold price. The S&P/TSX Global Gold Index, a measure of the largest gold stocks traded in Canada, sunk 2.7% in mid-day trading.

gammon invests in corex gold

$5.22 -0.18

11:25am EST

Gammon Gold (GRS) announced a strategic investment in Corex Gold (CGE.TSXV), a Canadian-based junior gold explorer, whereby Gammon will purchase 4.7 million units of Corex pursuant to a non-brokered private placement. Each unit connsists of one common share and one half of one share purchase warrant exercisable at C$0.90 for a period of 24 months from the closing date of the transaction.

As a result of the transaction, Gammon will gold approximately 12% of the issued and outstanding (14% on a fully diluted basis) shares of Corex, which is focused on advancing its Santana Gold Project in Sonora State, Mexico.

kirkland lake reports financial results

C$8.07 -0.52

10:38am EST

Kirkland Lake Gold (KGI.TSX) reported financial and operating results for its fiscal year ended April 30, 2010. For the fourth quarter the company posted a net loss of C$0.03 per share, versus a net profit of C$0.02 per share in the fourth quarter of fiscal 2009. Gold production rose 11% to 48,447 ounces in 2010, and Kirkland said it expects to produce 90,000 to 100,000 ounces in the upcoming fiscal year.

sunridge begins exploring at besakoa

C$0.43 +0.00

9:54am EST

Canadian-based gold explorer Sunridge Gold (SGC.TSXV) announced the launch of an exploration program at its Besakoa gold-copper-zinc volcanogenic-massive-sulphide (VMS) project in south-central Madagascar, Africa. The current work program at the property is expected to last two to three months, and will concentrate on several high priority geophysical anomalies that coincide with the VMS-type surface gossan showings.

The company went on to note that the Besakoa property is in a similar geological environment as its Asmara Project in Eritrea, where Sunridge has made susbtantial progress discovering large VMS deposits over the past five years.

minefinders update at la bolsa

$8.72 +0.00

9:40am EST

Gold and silver miner Minefinders (MFN) reported results from an independently prepared pre-feasibility study for its La Bolsa gold and silver project in Sonora, Mexico. The study demonstrated that the minable reserve, using a gold price of $825 and a silver price of $14, contains 316,135 ounces of gold and 4.5 million ounces of silver.

End of Day Update

5:08pm EST

The gold price and broader equity market teamed to pull gold stocks higher with the major gold sector ETFs and indices all posting gains of +2%. Anticipation is building ahead of earnings announcements from the sector in the next few weeks with many miners expected to report record production and profits.

GDX: $49.99, +1.08, +2.21%

GDXJ: $26.21, +0.54, +2.10%

XAU: 173.09, +4.72, +2.80%

HUI: 458.34, +11.56, +2.59%

S&P 500: 1,060.27, +32.21, +3.13%

east asia minerals expands miwah main zone

C$5.66 +0.23

11:42am EST

East Asia Minerals (EAS.TSXV) announced that drilling has "greatly expanded the gold-rich" Miwah Main Zone in Aceh Province, Northern Sumatra, Indonesia, and has further confirmed the potential to connect with the Moon River area. Highlights of the results included the intersection of 1.68 grams per tonne (g/t) of gold over 230.5 meters, including 2.33 g/t of gold over 89 meters followed by 1.87 g/t of gold over 71 meters. The Canadian-based gold explorer went on to say that the remaining contiguous assay interval is expected soon.

endeavor silver posts record production

$3.21 +0.12

11:17am EST

Canadian-based Endeavor Silver (EXK) announced record quarterly silver production of 826,439 ounces and gold production of 4,461 ounces in the second quarter of 2010, up 41% and 61%, respectively, from the second quarter of 2009. The silver miner also reported that it is "well ahead" of its 3.1 million ounce silver production forecast for 2010, despite the fact that its 2010 capital expansion programs have yet to be completed.

new gold sinks on mexican court ruling

$5.12 -0.68

10:36am EST

Shares of New Gold (NGD) plunged over 10% after the Fifth Auxiliary District Court in Mexico City denied the company's appeal against a September 2009 ruling by the Federal Court of Fiscal and Administrative Justice that ordered the Mexican government's environmental regulatory agency to cancel the company's Environmental Impact Statement (EIS) at its Cerro San Pedro Mine in San Luis Potosi, Mexico in November 2009.

The Canadian-based gold miner announced that it has not yet been provided the full decision, including the written reasons for the denial, and as such is not "presently aware of the implications" the decision could have on the mine, which is fully operational. It went on to say that it expects to receive the full decision in the coming weeks, and after it has had time to review the full decision, it will file an appeal with a Collegiate Appeals Court in Mexico City, and may also file an application with the Mexican Supreme Court requesting it to hear the case.

aem completes comaplex acquisition

$56.29 -0.41

9:51am EST

Agnico-Eagle Mines (AEM) announced the completion of its acquisition of Meliadine Holdings Inc. (formerly Comaplex Resources). Sean Boyd, Vice-Chairman and CEO of Agnico-Eagle, stated that "With the acquisition of the Meliadine deposit now complete, our exploration team looks forward to beginning an exploration program this month to expand the large gold resource on the property."

detour gold reports drill results

C$22.15

9:14am EST

Detour Gold (DGC.TSX) reported assay results for its 2010 drilling program at its Detour Lake gold project in northern Ontario, Canada. Highlights from the results included the intersection of 3.19 grams per tonne (uncut) or 2.88 g/t (cut) over 57.0 meters. The Canadian-based gold explorer intends to issue an updated mineral resources and reserves statement for the year-end, which will include the entire 2010 drilling program.

End of Day Update

4:46pm EST

Gold stocks succumbed to the selling pressure that drubbed the gold price, yielding 1.3% among the major sector ETFs and indices. Among the major movers in the sector were Taseko Mines (TGB) which fell 13.3% after a Canadian review panel concluded that the company's Prosperity Gold-Copper project would have an adverse environmental effect; Alamos Gold (AGI.TSX), down 5.8% to C$14.71; and Iamgold (IAG) down 4.1% to $15.97.

GDX: $48.91, -0.67, -1.35%

GDXJ: $25.67, -0.54, -2.06%

XAU: 168.37, -1.39, -0.82%

HUI: 446.78, -6.05, -1.34%

S&P 500: 1,028.06, +5.48, +0.54%

exeter drill results from caspiche

$6.01 -0.03

3:44pm EST

Exeter Resource (XRA) reported drill results from its Caspiche gold-copper project in Chile. Highlights from the results included the intersection of 0.64 grams per tonne (g/t) of gold over 148 meters, and 1.03 g/t of gold and 0.34% copper over 220 meters.

royal gold ups interest on abx's project

$44.72 -0.82

2:30pm EST

Royal Gold (RGLD) announced that it has acquired the rights to an additional 1.0% net smelter return sliding-scale gold royalty for $68 million on the Pascua-Lama project, a gold-silver deposit on the border of Argentina and Chile that is owned by Barrick Gold (ABX). Pascua-Lama is in the early stages of construction with initial commissioning scheduled for late 2012 and first production expected in the first quarter of 2013.

new cfo at greystar resources

C$4.51 -0.02

2:23pm EST

Greystar Resources (GSL.TSX) announced the appointment of David Newbold as CFO effective August of this year. Mr. Newbold is a UK chartered accountant with over 36 years of international experience in mining and finance. The Canadian-based gold explorer also announced that Geoff Chater has stepped down as Vice-President Corporate Development to return to his consulting business.

Premier Gold-Goldcorp JV strikes again

C$4.55 -0.15

12:49pm EST

Premier Gold Mines (PG.TSX) reported drill results from its Red Lake property, highlighted by an intercept of 124.3 g/t gold (3.63 ounces/ton) across 1.5 meters (4.9 feet). The results come in the vicinity of the company's recently discovered PG70 Zone of the Rahill-Bonanza project of which Premier holds a 49% interest through a joint venture with an affiliate of Goldcorp Inc. (GG).

"Every drill-hole testing this new structural zone has returned significant gold mineralization that represents a very robust target for hosting high-grade gold, particularly where it intersects cross structures." said Tim Twomey, Exploration Manager of Premier Gold. Premier is adding a second drill to the property targeting fault structures associated with the main gold zones at the adjoining Cochenour Mine complex.

SEMAFO reports record production

C$7.39 -0.13

12:05pm EST

SEMAFO (SMF.TSX) announced record second quarter 2010 production of 68,200 ounces of gold, an increase of 6% over the prior year period. Production from the company's flagship Mana Mine was 67% of the total. The average realized gold price was $1,208 per ounce for the period, $97 higher than the average realized first quarter price. Second quarter results will be announced August 4.

rubicon hits high-grade at f2 core zone

$3.37 +0.07

12:04pm EST

Rubicon Minerals (RBY) reported an update on the latest diamond drill results from the F2 Gold System, located on its 100%-owned Phoenix property in the Red Lake Gold District of Onatrio, Canada. Highlights of the results included several intersections in the Northern area that appear to represent a new high-grade zone within the larger system.

crocodile gold's production on track

C$1.09 +0.10

10:59am EST

Crocodile Gold (CRK.TSX) announced that the company is on track to meet its production targets. The company, which has in the past struggled to meet its projections, produced 8,700 gold ounces in June. Crocodile sees third quarter gold production of over 30,000 ounces - ramping up to 40,000 ounces in the fourth quarter.

fortuna announces board changes

C$1.90 +0.01

10:01am EST

Fortuna Silver Mines (FVI.TSX) announced the appointment of Robert R. Gilmore to the Board of Directors. Mr. Gilmore has more than 30 years of experience working with resource companies, and its presently the Chairman of the Board of Eldorado Gold (EGO) and a Director of Layne Christensen Company (LAYN).

The Canadian-based silver miner also announced that it has accepted the resignation of Richard Clark as a Director. Mr. Clark is the current President and CEO of Red Back Mining (RBI.TSX), and is leaving the Board of Fortuna to "concentrate his efforts on the development of Red Back."

Sunridge - success continues at Asmara

C$4.18

9:28am EST

Sunridge Gold (SGC.TSXV) reported results from re-assays of drill core from four holes at its Adi Rassi copper-gold project, located within the Asmara Project in Eritrea. Highlights included 52 meters of 0.97 gold and 0.62% copper. Adi Rassi has the potential to host a large ore body, containing significant copper and gold mineralization.

Relatively unknown Sunridge Gold, which is exploring with success in Eritrea with multi-billion dollar mining conglomerate Antofagasta, commented that "The Antofagasta/Sunridge joint-venture has now completed a geological mapping and sampling program of Adi Rassi and the results show that alteration associated with copper mineralization can be seen at surface in a zone that measures about 80m wide along a strike length of approximately 500m."

Aurizon forms JV for Maraban Block

$4.73

9:07am EST

Aurizon Mines (AZK) announced it has formed a joint venture with Niogold Mining (NOX.TSXV) to advance exploration on the Marban Block property in the Abitibi region of Quebec. The Marban Block includes the Gold Hawk, First Canadian, Norlartic and Marban properties and consists of 42 mining claims and three mining concessions covering 976 hectares in the heart of the Malartic gold mining camp.

Under terms of the joint venture agreement, Aurizon can earn up to a 65% interest in the Marban Block in exchange for exploration expenditures, payments to Niogold based on the number of total gold ounces in the Measured and Indicated resource categories, and delivery of a feasibility study.

anatolia delivers ore at Çöpler

C$5.30 +0.01

11:52am EST

Anatolia Minerals (ANO.TSX) delivered the first run-of-mine ore to the leach pad at the company's Çöpler gold mine in Turkey. The Colorado-based gold explorer has stockpiled approximately 150,000 tonnes of ore in addition to holding another 100,000 tonnes of broken ore in the pit that is ready to be mined.

Anatolia is on track to achieve its first gold pour during the fourth quarter of this year.

aurizon reports updated gold resource

C$5.00 0.00

9:48am EST

Aurizon Mines (ARZ.TSX, AZK: AMEX) announced that an updated gold resource estimate has been completed for its Hosco deposit at the company's Joanna property. The Fall 2009 and Winter 2010 infill drill programs have led to a substantial rise in gold resources at Hosco.

At a cut-off grade of 0.5 grams of gold per tonne, measured and indicated gold resources increased 446,000 ounces - a 35% gain versus the estimate in the Pre-Feasibility Study.

End of Day Update

5:14pm EST

Gold stocks finished modestly lower, as the Market Vectors Gold Miners ETF (GDX) fell 0.2%, after earlier rising as much as 1.7%. For the week gold stocks plunged alongside the gold price, with the GDX posting a loss of 8.0% over the past five days.

GDX: $49.58, -0.04, -0.08%

GDXJ: $26.21, +0.33, +1.28%

XAU: 169.76, -0.12, -0.07%

HUI: 452.83, -0.69, -0.15%

S&P 500: 1,022.58, -4.79, -0.47%

workers mull strike at peruvian mines

$36.99 -0.10

3:07pm EST

A union leader for workers at two mines controlled by Peru's largest precious metals miner, Buenaventura (BVN), announced that the union is considering going on strike for higher wages. The mines that would be affected are Orcopampa, a gold mine in the southern Arequipa region that produced 8.5 million grams of gold in 2009, and Uchucchacua, a silver mine that produced 286,039 kilograms in the prior year. As of now the gold miner has not responded publicly to these comments.

Gold stocks rebound

$50.17 +0.55

10:36am EST

Gold stocks are rising 1%, as measured by the Market Vectors Gold Miners ETF (GDX), recouping a portion of yesterday's severe losses. Despite yesterday's 4.5% drop, the GDX is holding onto an 8.6% rise thus far in 2010 - a solid gain in the midst of the deleveraging that is pressuring stock and commodity prices.

northgate gets key permit for mine

$2.95

9:01am EST

Northgate Minerals (NXG) announced that it has received notice from the Ontario Ministry of Northern Development, Mines and Forestry of acceptance of the Closure Plan for its Young-Davidson Mine in Matachewan, Canada. Acceptance will allow Northgate to begin construction and development of the mine, which is expected to produce an average of 180,000 ounces of gold per year at a cash cost of $350 per ounce over a 15-year mine life, starting in 2012.

mining stocks rally on supertax reduction

8:48am EST

Many of the world's largest mining stocks posted gains in overseas trading after Australia agreed to lower its mining "super tax" to 30% from 40% and increase the level at which the tax takes effect. Shares of BHP Billiton (BHP), the world's largest mining company, rallied as much as 2.4% in London trading, while Xstrata and Rio Tinto (RTP) advanced 4.2% and 0.6%, respectively.

End of Day Update

5:16pm EST

Gold stocks sank along with the gold price as the Market Vectors Gold Miners ETF (GDX) gave up 4.5% one day after posting a quarterly return of 17%. Gold stocks received no help from the broader equity market as the S&P 500 Index fell 1.9% at one point during the session. The major market indices were able to cut most of their losses at the close, but gold stocks - weighed down by the gold price breaking below $1,200 - managed only a slight rebound.

GDX: $49.62, -2.34, -4.50%

GDXJ: $25.88, -1.38, -5.06%

XAU: 169.88, -7.75, -4.36%

HUI: 453.52, -21.71, -4.57%

S&P 500: 1,027.37, -3.34, -0.32%

aura: "exciting exploration potential"

C$4.03 +0.03

3:48pm EST

Aura Minerals (ORA.TSX) was mentioned positively in an interview by The Globe and Mail with Chris Beer, a precious metals fund manager at RBC Asset Management. Beer highlighted Aura as one of his three picks in the gold stocks sector, and stated that the Canadian-based gold miner has "exciting exploration potential" at its Aranzazu project and trades attractively at less than five times cash flow.

randgold director resigns

$90.85 -3.90

2:53pm EST

Randgold Resources (GOLD) announced the resignation of Jon Walden, a Non-Executive Director since November 2008, effective immediately. The African-focused gold miner made no mention of a replacement at this time.

gg to implement mine recommendations

$41.67 -2.18

12:44pm EST

Goldcorp (GG) announced that it will consider implementing several recommendations made by Vancouver-based On Common Ground Consultants regarding complaints of human rights violations at its Marlin mine in Guatemala. The Canadian-based gold producer stated that it has begun a "multi-phase process of developing and implementing business management practices that will ensure 'broader due diligence for human rights' consistent with the Ruggie framework adopted by the United Nations Human Rights Council."

gdx eyes worst day since february 4

$49.29 -2.67

11:52am EST

Gold stocks and silver stocks came under considerable selling pressure as the price of gold and silver each fell over 2% in mid-day trading. With a decline of more than 5%, the Market Vectors Gold Miners ETF (GDX) is on track for its worst day since February 4 of this year.

kgc completes acquisiton of underworld

$16.74 -0.35

10:14am EST

Kinross Gold (KGC) announced the completion of its acquisition of Underworld Resources (UW.TSXV) pursuant to the plan of arrangement described in the Underworld management information circular dated June 2, 2010. Under the plan of arrangement, each Underworld share will be exchanged for 0.141 of a Kinross common share plus C$0.01 in cash, subject to adjustment with respect to fractional shares.

mines management's earnings release

$1.77 +0.01

9:31am EST

Mines Management (MGN) released its first quarter earnings report and an update on its activity during the quarter, which included awarding a contract to Mine Quarry Engineering Services to perform work for the Preliminary Economic Assessment for the company's Montanore project.

End of Day Update

5:39pm EST

Gold stocks traded mixed with the major sector ETFs and indices closing flat on the day. The Market Vectors Gold Miners ETF (GDX) reached $52.80 in the first hour of trading before easing back to $52.40 where it stayed for the better part of the day. But the broader market sell-off in the last hour of the session dragged the sector along with it.

GDX: $51.96, -0.02, -0.04%

GDXJ: $27.26, -0.64, -2.29%

XAU: 177.63, -0.27, -0.15%

HUI: 475.22, +0.54, -+0.11%

S&P 500: 1,030.71, -10.53, -1.01%

gold stocks rally alongside gold price

$52.35 +0.37

1:22pm EST

Gold stocks posted moderate gains in mid-day trading, as the Market Vectors Gold Miners ETF (GDX) rebounded from yesterday's steep decline alongside the broader market.

Rio exercises ivanhoe warrants

$44.51 -0.91

11:51am EST

Rio Tinto (RTP) announced it is exercising warrants to purchase 46 million shares of Ivanhoe Mines (IVN) which will increase Rio's stake in Ivanhoe to nearly 30%. Rio will pay Ivanhoe $393 million for the shares, the proceeds of which will be used in the development of the Oyu Tolgoi project in Mongolia, a copper-gold property owned by Rio and Ivanhoe through a joint venture agreement. Rio holds additional warrants and a $350 million convertible loan note from Ivanhoe which if exercised and converted represent a 44% ownership interest in Ivanhoe.

detour gold awards pcm contract to amec

C$24.02 +0.07

10:15am EST

Canadian-based gold explorer Detour Gold (DGC.TSX) announced that it has awarded the procurement, construction and management (PCM) contract for its Detour Lake gold project to AMEC Americas Limited. The project is expected to produce 649,000 ounces of gold annually.

iamgold opens essakane gold mine

$17.62

8:42am EST

IAMGOLD (IAG) announced the start-up of its Essakane gold mine in Burkina Faso, six weeks ahead of the previous production schedule and six months ahead of the original target date of year-end 2010. Essakane is expected to produce more than 500,000 ounces of gold from start-up to the end of 2011.

End of Day Update

4:47pm EST

Gold stocks were unable to fend off the selling pressure that afflicted world markets as investors fled risk assets. The sector has been more in the orbit of the stock market than the gold price the past two days. On a percentage basis, the Market Vectors Gold Miners ETF (GDX) was down 2.7% today with a flat gold price, yet only lost 0.9% yesterday when stocks were flat and gold plummeted 1.3%. Such indiscriminate selling of gold stocks when the gold price holds firm may present investors with attractive value propositions in the sector.

GDX: $51.97, -1.43, -2.68%

GDXJ: $27.90, -1.29, -4.42%

XAU: 177.90, -5.21, -2.85%

HUI: 474.69, -12.74, -2.61%

S&P 500: 1,041.24, -33.33, -3.10%

endeavor silver acquires new properties

$3.49 -0.12

1:48pm EST

Endeavor Silver (EXK) announced that it has expanded its property holdings near its operating Bolanitos silver mine in the historic silver district of Guanajuato, Guanajuato State, Mexico. The Canadian-based silver miner purchased the Belen II and Ampliacion de Belen properties, which are located 2.5 kilometers east of the company's recent Lucero silver-gold vein discovery and midway between its Bolanitos and Cebada silver-gold mines at Guanajuato.

allied nevada drill results from hycroft

$20.84 -0.65

1:18pm EST

Allied Nevada (ANV) reported drill results from three additional holes in the Vortex Zone at its wholly owned Hycroft mine, located near Winnemucca, Nevada. Highlights from the results included the intersection of 1.9 grams per tonne of gold equivalent over 165 meters.

lake shore gold hits high-grade

C$3.13 +0.01

12:52pm EST

Lake Shore Gold (LSG.TSX) announced that the new access ramp connecting its Timmins Mine to its Thunder Creek Deposit has reached Thunder Creek and intersected high-grade mineralization. The Canadian-based gold explorer also reported high-grade intersections from the initial five holes of underground drilling to test the Thunder Creek Rusk Zone.

gold stocks continue to outperform

$52.66 -0.74

12:36pm EST

The Market Vectors Gold Miners ETF (GDX) has moved noticeably off is morning low, as gold stocks continued to outperform the broader market and as the gold price turned positive.

CIBC raises Semafo Target

C$8.36 -0.07

11:44am EST

CIBC World Markets raised its target price on SEMAFO (SMF.TSX) to C$10. The analyst cited results of a prefeasibility study at the company's Wona project in West Africa which increased reserves by 85% to 850,000 ounces, and an expanded CAPEX which will increase average annual production to 76,500 ounces.

colossus implements enterprise solution

C$7.39 -0.15

10:07am EST

Colossus Minerals (CSI.TSX) announced a new agreement with Minicom whereby Colossus has licensed the Minicom Ellipse solution for Enterprise Asset Management and Enterprise Resource Planning to maximize operational efficiency during the exploratory phase of its Serra Pelada mining project. The Canadian-based gold explorer has also licensed Mincom LinkOne, a graphical content-delivery solution providing maintenance workers with timely and accurate parts information to help lower equipment downtime and improve maintenance efficiency.

Steve Poad, Colossus’ CFO, stated that “To support the development and growth of the Serra Pelada mining project in Brazil, a robust and auditable enterprise solution - with a strong maintenance -planning module developed for the mining industry - was required. Colossus believes that Mincom Ellipse is the solution.”

gfi's production at upper end of range

$13.53 -0.25

9:54am EST

South African-based Gold Fields (GFI) announced that attributable Group production for the fiscal fourth quarter of 2010 is expected to be approximately 895,000 ounces of gold, which is at the upper end of the forecast the gold miner provided on May 7, 2010. Total cash cost and notional cash expenditures for the quarter are also expected to be within the previously announced range.

gammon gold upgraded on valuation

C$6.07

9:09am EST

TD Newcrest upgraded Gammon Gold (GAM.TO, GRS: NYSE) to "Hold" from "Reduce" based on valuation, and kept its price target at C$6.50 per share.

End of Day Update

5:12pm EST

Gold stocks finished lower alongside the price of gold, as the Market Vectors Gold Miners ETF (GDX) closed down by nearly 1%. The GDX climbed to as high as $54.83 this morning - its highest level since December 2009 - but subsequently turned lower alongside the yellow metal amid liquidation in the precious metals sector.

GDX: $53.40, -0.48, -0.89%

GDXJ: $29.19, -0.43, -1.45%

XAU: 183.11, -2.01, -1.09%

HUI: 487.42, -5.51, -1.12%

S&P 500: 1,074.57, -2.19, -0.20%

detour gold to raise C$252 million

C24.48 +0.43

3:46pm EST

Detour Gold (DGC.TSX) announced a C$252 million bought deal financing in which a syndicate of underwriters have agreed to purchase 10.5 million common equity shares at $24 per share. The offering includes a green-shoe provision whereby the underwriters have a 30-day option to increase the size of the offering by up to an additional 1,575,000 common shares for gross proceeds of up to C$37.8 million.

The Canadian-based gold explorer stated that it plans to use the net proceeds of the offering to advance its Detour Lake gold project and for general corporate purposes. The offering is expected to close on or about July 19, 2010.

semafo increases reserves 125% at mana

C$8.63 -0.10

1:10pm EST

Canadian-based SEMAFO (SMF.TSX) announced a 125% rise in mineral reserves to 1.7 million ounces of gold at its Mana Mine in Burkina Faso, Africa. A pre-feasibility study of the Wona underground deposit combined with revised open pit reserves led to the increase, which consists of an additional 961,000 ounces at Mana.

gold stocks move lower alongside gold

$53.33 -0.55

12:02pm EST

Gold stocks reversed lower alongside the gold price in mid-day trading. The Market Vectors Gold Miners ETF (GDX) hit an intra-day high of $54.83 this morning - its highest level since December 2009 - but gave up its gain as the gold price tumbled $17 to $1,238 per ounce.

fronteer gold provides update

$6.30 +0.06

11:34am EST

Fronteer Gold (FRG) announced a mid-year update on the advancement of its key gold projects - Northumberland, Sandman and Long Canyon in Nevada, and Halilaga and TV Tower in Turkey, among others. Approximately 26,000 meters have been drilled thus far this year, with 70 holes pending release.

Gold miner revises production forecast

$5.93 +0.01

9:43am EST

Gammon Gold (GRS), which has declined in recent weeks on a shutdown at its El Cubo mine due to a labor disruption, announced this morning a 2010 gold-equivalent production forecast of 190,000 ounces - compared to previous guidance of 285,000 ounces. The company's share price is down 45% thus far in 2010.

Positive Metallurgy work announced

C$3.46

9:28am EST

AuEx Ventures (XAU.TSX) reported metallurgical work on its 49%-owned Long Canyon gold project located in Nevada. Recoveries of 85% to 88% were announced for the medium to high-grade samples which comprise the bulk of the deposit, in-line with previous results. The project is majority-owned (51%) by Fronteer Gold (FRG).

End of Day Update

5:59pm EST

Gold stocks made strong gains in the session, riding the gold price wave higher and getting some mild assistance from a stock market which reversed earlier losses to close modestly higher. The Market Vectors Gold Miners ETF (GDX), rose 3.3% to close at $53.91 after hitting a high of $54.31 in earlier trading.

GDX: $53.88, +1.70, 3.26%

GDXJ: $29.62, +1.02, +3.57%

XAU: 185.12, +6.45, +3.61%

HUI: 492.92, +16.62, +3.49%

S&P 500: 1,076.76, +3.07, +0.29%

Apollo, Linear Gold set to merge

$0.31 +0.00

1:42pm EST

Apollo Gold (AGT) announced that shareholders approved the merger of the company with Linear Gold Corp. (LRR.TSX) and have renamed the combined companies Brigus Gold Corp. Shareholders also approved a stock consolidation where each four shares of AGT will be converted into one share of Brigus. Linear shareholders will receive 1.37 shares of Brigus for each Linear share.

Mine explosion kills three in SA

$10.51 +0.25

1:02pm EST

Harmony Gold (HMY) reported that three workers were killed and two more injured in an underground explosion at the company's Phakisa mine in South Africa. The workers were part of a mine rescue team investigating a suspected fire 2,000 meters underground. Harmony has shut the mine and is conducting an investigation into the accident. This is the second fatal accident in less than a week at the Phakisa mine.

Production Starts at Kensington Mine

$15.98

9:05am EST

Coeur d'Alene Mines (CDE) announced that production has begun at it Kensington Gold Mine in Alaska. 2010 production is expected to reach 50,000 ounces of gold and will average 125,000 ounces annually over the mine's expected 12.5-year life. CDE recently announced a deal under which China will purchase half the mine's production.

End of Day Update

4:47pm EST

Gold stocks could not sustain an earlier rally and slid into negative territory during the last 30 minutes of trading. The sector fought the broader market sell-off for most of the session but could not hold onto gains after the major market indices fell further and closed the day on their lows. The Market Vectors Junior Gold Miners ETF (GDXJ) - which has 21% of its value weighting in silver producers - finished unchanged, however, on a stronger silver price that gained nearly 1.0% on the day.

GDX: $52.18, -0.27, -0.51%

GDXJ: $28.60, +0.00, +0.00%

XAU: 178.67, -1.54, -0.85%

HUI: 476.31, -2.80, -0.59%

S&P 500: 1,073.69, -18.35, -1.68%

gold stocks rally, broader market falls

$53.03 +0.58

12:11pm EST

Gold stocks were the only sector of the equity market in positive territory in mid-day trading, as the Market Vectors Gold Miners ETF (GDX) rallied over 1.0% while the S&P 500 dropped 1.1% to 1,080.50. Gold stocks opened near unchanged levels but quickly accelerated higher as the price of gold climbed toward the $1,250 per ounce level.

GG's mine open pending investigation

$44.95 +0.22

11:56am EST

Goldcorp (GG) responded to an announcement by the government of Guatemala concerning a request by the Inter-American Commission on Human Rights (IACHR) to have the government suspend operations at Goldcorp's Marlin mine in San Miguel Ixtahuacan, Guatemala. A spokesman for the government stated that it would initiate a process to suspend operations at the mine to comply with the IACHR's request, although its own studies had not been able to verify complaints by community groups near the mine about its operations.

Colossus tests new Serra Pelada zones

C$7.45 +0.18

10:09am EST

Colossus Minerals (CSI.TSX) announced drill results at its Serra Pelada Gold-Platinum-Palladium Project in Para State, Brazil, which included intercepts of 83.43 g/t gold over 6.80 meters, 19.41 g/t platinum, and 24.39 g/t palladium.

In addition, drilling was conducted on two newly discovered zones of mineralization. SPGT-001 returned an intersection of 28.40 g/t gold, 4.16 g/t platinum, and 6.18 g/t palladium across 10.4 meters including 67.89 g/t gold, 7.64 g/t platinum, and 13.96 g/t palladium, over 4.25 meters. SPGT-002 intersected 34.93 g/t gold, 0.96 g/t platinum, and 3.05 g/t palladium over 6.15 meters, including 118.14 g/t gold, 2.93 g/t platinum, and 8.63 g/t palladium at 1.75 meters.

credit suisse upgrades three gold stocks

9:54am EST

Credit Suisse upgraded shares of Barrick Gold (ABX), Agnico-Eagle Mines (AEM), and Eldorado Gold (EGO) to "Outperform" with price targets of $54, $76, and $22, respectively.

End of Day Update

4:59pm EST

Gold stocks charted their own path, resisting the twin headwinds of a drifting gold price and stumbling stocks. The major sector indices and ETFs all posted gains on the day with the world's second largest gold producer, Goldcorp (GG), leading the way. Goldcorp gained 1.75% to close at $44.71 per share.

GDX: $52.45, +0.31, +0.59%

GDXJ: $28.60, +0.12, +0.42%

XAU: 180.21, +0.46, +0.26%

HUI: 479.11, +2.25, +0.47%

S&P 500: 1,092.04, -3.27, -0.30%

victoria gold reports update on projects

C$0.73 +0.01

3:19pm EST

Victoria Gold (VIT.TSXV) provided an update on its gold projects - including Santa Fe in Nevada, Eagle Gold in Yukon, Canada, and Cove Gold in Nevada. The Canadian-based gold company reported that exploration drilling is in full operation at Santa Fe and Eagle Gold, while design and permitting is advancing on schedule at Cove Gold. Victoria also stated that the majority of its 2010 exploration expenditures are scheduled for the second half of the year.

Paramount to buy X-cal for C$32 million

C$1.38 -0.05

2:17pm EST

Paramount Gold and Silver (PZG) has reached agreement to acquire X-Cal Resources (XCL.TSX) in a stock transaction valued at C$31.8 million. Paramount will exchange one share of PZG stock for every eight shares of X-Cal, which implies a purchase price of C$0.18 per X-Cal share, a 73% premium to their June 21 TSX closing price. The main asset of X-Cal is the former Sleeper gold mine in Nevada, a historic open pit mine which has an indicated resource totaling 750,000 ounces of gold and 5 million ounces of silver, plus an additional 380,000 ounces of gold and 4.2 million ounces of silver in the inferred category, according to a National Instrument 43-101 resource estimation completed by X-Cal in November of 2009.

Royal Gold prices stock offering

$48.74 -2.54

11:44am EST

Denver-based Royal Gold (RGLD) set a price of $48.50 per share on its 5.2 million-share common stock offering which is expected to close June 28. Royal Gold intends to use the proceeds for general corporate purposes, debt repayment, and to fund acquisitions of additional royalty interests. The offering is being lead by HSBC Securities Inc. as the global coordinator and as the joint book-runner with Goldman, Sachs & Co. and Scotia Capital Inc.

Coeur d'alene inks deal with China

$15.89 -0.08

11:28am EST

Coeur d'Alene Mines (CDE) reported that it has entered into an agreement with state-owned China National Gold Group Corporation, China's largest gold producer, for the purchase and processing of gold concentrates produced at CDE's Kensington gold mine in Alaska. The Kensington mine, which is scheduled to begin production shortly, is expected to produce 50,000 ounces of gold this year and average approximately 125,000 ounces of annual gold production. The agreement with China National Gold relates to approximately half of the concentrates to be produced by the mine.

spanish mountain gold updates project

C$0.50 +0.01

10:55am EST

Spanish Mountain Gold (SPA.TSXV) provided an update on its Spanish Mountain Gold Project in Likely, British Columbia, Canada. The Canadian-based gold explorer stated that confirmatory metallurgical test work is ongoing, while drilling has commenced within the Main zone of gold mineralization.

The company expects to report final assay results from drilling in July, and release the results of a Preliminary Economic Assessment in the fourth quarter of this year.

End of Day Update

4:59pm EST

Gold stocks were unable to hold their earlier gains - despite a stronger gold price - and succumbed late in the session to the sell-off in the broader market. The market dipped into negative territory after weaker than expected existing home sales were reported, and sank further on technical trading as the S&P 500 broke below its 200-day moving average. Biggest movers among gold stocks were Gammon Gold (GRS) down 4.7% to $5.89, and Freeport McMoRan (FCX) down 4.2% to $65.19.

GDX: $52.14, -0.38, -0.72%

GDXJ: $28.48, -0.27, -0.94%

XAU: 179.75, -1.85, -1.02%

HUI: 476.86, -2.24, -0.47%

S&P 500: 1,095.31, -17.89, -1.61%

coverage initiated on several gold stocks

12:48pm EST

Dahlman Rose initiated coverage of several gold stocks as follows, and noted that "We continue to believe that investors in the natural resource space are looking to benefit from undervalued names or seeking leverage to the underlying commodities."

"Buy" rating: Guyana Goldfields (GUY.TSX), Exeter Resource (XRA), International Tower Hill Mines (ITH.TSX), Taseko Mines (TKO.TSO), and Vista Gold (VGZ)

"Hold" rating: Detour Gold (DGC.TSX), Osisko Mining (OSK.TSX), Extorre Gold Mines (XG.TSX)

"Sell" rating: Centamin Egypt (CEE.TSX)

gold stocks rebound alongside gold

$52.93 +0.41

12:11pm EST

Gold stocks are rallying alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) has risen 0.8% to $52.91 per share in mid-day trading. Following yesterday's 2.9% sell-off in the GDX - the largest in over a month - the gold stocks ETF has recovered approximately one-third of the prior day's decline, and is now higher by 6.2% in June and 14.5% year-to-date.

royal gold files secondary offering

$52.49 -0.86

11:28am EST

Royal Gold (RGLD) announced it plans to offer 6.5 million shares of common equity. The offering includes a green-shoe provision, whereby the company has granted the underwriters a 30-day option to purchase up to 975,000 additional common shares to cover over-allotments, if any.

Royal Gold stated that it intends to use the net proceeds of this offering for general corporate purposes, including to repay debt and to fund acquisitions of additional royalty interests.

goldcorp's peñasquito ahead of schedule

$44.61 +0.26

10:19am EST

Goldcorp (GG), the world's second largest gold miner by market capitalization, announced that it has completed construction of the second sulphide processing line ahead of schedule at its Peñasquito mine in Zacatecas, Mexico. The Canadian-based gold producer also reaffirmed its forecast of 180,000 ounces of gold in 2010 at Peñasquito.

Premier gold extends high-grade zones

C$5.00

9:25am EST

Premier Gold Mines (PG.TSX) announced drill results at its joint venture Hardrock Project in Northwestern Ontario, Canada that included high-grade intercepts of 11.69 g/t gold over 6.7 meters from step-out holes in the SP Zone and 8.14 g/t gold across 9.0 meters from the NN Zone. The results extend the SP Zone down-plunge and expand the near-surface mineralization of the NN Zone.

Premier's drill program at Hardrock in the past year has returned 1.2 million indicated ounces of gold and 1.0 million inferred ounces using a 0.6 gram cut-off with no capping. "Drilling at Hardrock is delivering strong results in multiple zones and, with continued success, has the potential to materially add to our current resource," said Tim Twomey, Premier's Exploration Manager.

The Hardrock Project is operated under a joint venture with Goldstone Resources Inc. (GRC.TSX). Premier holds a 70% interest in the project.

End of Day Update

4:33pm EST

Gold stocks followed the path of the gold price Monday, opening modestly stronger but declining consistently throughout the day. The Market Vectors Gold Miners ETF (GDX) underwent its largest drop since May 20, but remains higher by 5.3% in June and 13.7% year-to-date.

GDX: $52.52, -1.54, -2.85%

GDXJ: $28.75, -1.60, -5.27%

XAU: 181.60, -4.02, -2.17%

HUI: 479.10, -14.62, -2.96%

S&P 500: 1,113.20, -4.31, -0.39%

hudbay minerals appoints new ceo

C$12.53 +0.81

3:22pm EST

Macquarie Research reiterated its "Outperform" rating and C$19.00 price target on shares of HudBay Minerals (HBM.TSX) after the Canadian-based mining company announced the appointment of Mr. David Garofalo as President, CEO, and Director, effective July 12, 2010. Mr. Garofalo was most recently Senior VP Finance and CFO at Agnico-Eagle Mines (AEM), one of the largest gold mining companies in the world.

great basin gold corporate update

$1.84 -0.01

1:41pm EST

Great Basin Gold (GBG) reported additional exploration results from its Hollister property in Nevada, as well as the closing of a corporate acquisition, a disposition, and the settlement of a dispute. The Canadian-based gold explorer stated that it has made significant progress in 2010 with the gological and structural modeling of the Hollister epithermal vein systems, which will allow the company to more accurately predict the extensions and geometry of the systems.

greystar results from los laches

C$4.96 +0.01

10:09am EST

Greystar Resources (GSL.TSX) announced additional assay results from the targeted drill program to investigate high grade mineralization at the Los Laches area of its Angostura gold-silver deposit. Highlights of the results included the intersection of 11.30 g/t of gold and 255.5 g/t of silver over 13.6 meters.

guyana goldfields extends gold zones

C$7.22 + 0.00

9:43am EST

Guyana Goldfields (GUY.TSX) reported drill results at Sulphur Rose, a new discovery at its Aranka group of properties in Guyana, South America. Highlights from the results included the intersection of 3.55 grams per ton of gold over 37.5 meters and 2.27 g/t of gold over 21 meters.

fronteer hits high-grade at sandman

$6.23

8:38am EST

Fronteer GOld (FRG) announced drill results from its Sandman gold project in Nevada, which consisted of additional intersections of near-surface, high-grade oxide gold that demonstrate the deposit's "strong open-pit development potential." Highlights from the results included intercepts of 80.58 grams per tonne (g/t) of gold and 1,137.55 g/t of silver over 2.93 meters.

End of Day Update

5:16pm EST

Gold stocks soared for the second straight day - along with a record-setting gold price - above the fray of a choppy broader market with the major sector ETFs and indices posting gains of 2% or higher. The Market Vectors Gold Miners ETF (GDX) gained 6.4% for the week and the Junior Gold Miners ETF (GDXJ) rose 8.2%. Among the biggest movers were Coeur d'Alene Mines (CDE) up 7.0% to $16.80, and Northgate Minerals (NXG) up 6.5% to $3.13.

GDX: $54.10, +1.14, +2.15%

GDXJ: $30.34, +1.10, +3.76%

XAU: 185.62, +3.24, +1.78%

HUI: 493.72, +10.91, 2.26%

S&P 500: 1,117.51, +1.47, +0.13%

gammon completes option agreement

$6.61 -0.17

12:56pm EST

Gammon Gold announced that it has executed a binding letter of intent that provides the company with the option to acquire a 43,229 hectare block of mineral concessions called the "Los Jarros" Properties in Mexico from Valdez Gold (VAZ.TSXV). Under the terms of the letter, Gammon will have the option to acquire a 100% interest in the properties, through a series of successive payments over the next 48 months.

cibc downgrades gammon gold

$6.73 -0.05

10:11am EST

CIBC downgraded shares of Gammon Gold from "Sector Performer" to "Sector Underperformer" after the company announced that it was shutting down operations at its El Cubo gold mine in Mexico due to "illegal labor disruptions" and the "untenable financial demands made by union workers."

board changes at gabriel resources

C$5.45 +0.07

9:48am EST

Gabriel Resources (GBU.TSX) announced changes to its Board of Directors, including the appointment of a new Non-Executive Chairman, Mr. Keith Hulley - who recently stepped down as Interim CEO. The Canadian-based gold explorer also added two additional directors to the Board to "further compliment the expertise already represented."

semafo discovers new gold zones

C$8.47

8:52am EST

Canadian-based gold miner SEMAFO (SMF.TSX) announced the discovery of several new gold mineralized zones at its Mana property in Burkina Faso, Africa, confirming the "effectiveness of the company's systematic exploration methodology." Recent drilling results included intercepts of up to 4.12 grams per tonne (g/t) of gold over 30 meters, including 9.12 g/t over 10 meters.

End of Day Update

5:20pm EST

Gold stocks extended their gains for the third consecutive session with the Market Vectors Gold Miners ETF (GDX) climbing 2.5% after gold set new closing highs in the spot market and the front month COMEX gold futures contract. Although the gold price tide lifted most gold stocks, one notable exception was Gammon Gold (GRS) which plunged nearly 10% on the company's announcement that it suspended operations at its El Cubo gold mine in Mexico due to labor disruptions.

GDX: $52.96, +1.30, +2.52%

GDXJ: $29.24, +0.64, +2.24%

XAU: 182.38, +3.67, +2.05%

HUI: 482.82, +12.77, 2.72%

S&P 500: 1,116.04, +1.43, +0.13%

eldorado provides exploration update

$18.13 +0.85

3:15pm EST

Eldorado Gold (EGO) announced an update on its 2010 exploration programs, as well as partial results of drilling programs completed through the end of May.

Highlights included further definition of a new zone of mineralization adjacent to the southeastern boundary of its Kisladag minesite in Turkey, outside of the current pit design; infill and stepout drilling of the recently discovered 323 zone at its Tanjianshan project in China; and systematic stepout drilling defining the Kokarpinar vein over a strike length of 600 meters at its Efemcukuru development project.

gdx hits one-month high

$53.07 +1.41

1:43pm EST

Gold stocks continued their outperformance of the broader market, as the Market Vectors Gold Miners ETF (GDX) rallied to a one-month high. At its current level the GDX remains 6.9% below its all-time high, but many gold investors believe that with gold remaining above $1,000 per ounce for over nine months now, the GDX is set to reach a new record high.

Ventana drill results at La Bodega

C$10.15 +0.05

12:11pm EST

Ventana Gold Corp (VEN.TSX) reported drill results from its La Bodega project in Columbia that included intercepts of 6.25 g/t gold over 50 meters. Fifteen of the nineteen holes drilled on the project's La Mascota zone were infill holes indicating mineralization at depth while the four step-out holes showed the presence of porphyry style mineralization typified by increasing base metals values. One step-out hole returned 4.9% copper along with 5.49 g/t gold and 222.9 g/t silver over 5.0 meters.

agnico-eagle upgraded to "buy"

$63.82 +1.69

11:17am EST

Cormark Securities upgraded shares of Agnico-Eagle Mines (AEM) to "Buy" from "Market Perform" with an $84.00 target price - a 35.2% premium to yesterday's closing price of $62.13 per share.

allied nevada reports drill results

$19.92 +0.04

10:39am EST

Allied Nevada Gold (ANV) announced assay results of the recently completed three core hole program at its Hasbrouck Mountain project, located five miles south of Tonopah, Nevada. Highlights from the results included intersections of 1.57 grams per tonne (g/t) of gold and 36.71 g/t of silver (2.22 g/t of gold-equivalent) over 120 meters.

The gold explorer went on to say that it plans to drill 100,000 meters at Hycroft this year, utilizing six rigs managed by a dedicated site exploration team.

seabridge begins drill program

$33.26 +0.45

9:52am EST

Seabridge Gold (SA) announced that drilling has begun at its 100% owned Courageous Lake gold project in Canada's Northwest Territories. The company stated that the primary objective of the 2010 drill program is to upgrade a susbtantial portion of the existing inferred resource to the measured and indicated resourse categories.

gammon gold shuts down el cubo

$7.52

8:43am EST

Gammon Gold (GRS) announced that it has suspneded operations indefinitely at its El Cubo gold mine in Guanajuato State, Mexico due to "illegal labor disruptions" and the "untenable financial demands made by union workers." The Canadian-based gold miner also reported that it has terminated 397 union workers as of yesterday and is in the process of filing criminal charges against seven union executives.

El Cubo will be placed on care and maintenance until management decides its next course of action.

End of Day Update

4:40pm EST

Gold stocks were the leading performers in equities today despite a lower gold price. The Market Vectors Gold Miners ETF (GDX) gained 1.0% to $51.66 while the major market indices closed flat to mixed. Gold stocks are not only being lifted by a gold price which is up nearly 12% year-to-date, but by improving fundamentals which include more stable input costs, asset consolidation, capital access, and favorable exploration results.

GDX: $51.66, +0.49, +0.96%

GDXJ: $28.60, +0.12, +0.42%

XAU: 178.71, +1.76, +0.99%

HUI: 470.05, +4.62, 0.99%

S&P 500: 1,114.61, -0.62, -0.06%

Gold stocks atop the market

2:25pm EST

Gold stocks outpaced the broader market in midday trading despite a lower gold price. The Market Vectors Gold Miners ETF (GDX) was up 1.4% to $51.88, while the PHLX Gold/Silver Index (XAU) and AMEX Gold Bugs Index (HUI) were ahead by similar percentages. Although gold stocks generally take their cues on trading action from the gold price or the broader equity indices, today they are going their own way, defying the pressure on the gold price and leaving other equity sectors behind.

international tower hill's update

C$6.70 +0.20

1:02pm EST

International Tower Hill Mines (THM) announced Wednesday the results of the June 210 in-situ mineral resource estimate for its Livengood gold project located near Fairbanks, Alaska. The estimate contains drill results received through May 25, 2010. Using a 0.7 g/t gold cut-off, the indicated resource is 6.9 million ounces of gold, an increase of nearly 19% from the January 2010 estimated resource.

premier added to global gold index

C$4.90 -0.02

10:48am EST

Premier Gold Mines (PG.TSX) announced that it will be added to the S&P/TSX Global Gold Index effective June 21, 2010. Ewan Downie, Premier’s President & CEO, commented that “Inclusion in the S&P/TSX Global Gold Index and the S&P/TSX Global Mining Index is recognition of Premier’s sustained growth profile and a testament to the hard work of the Company’s entire management team, which has resulted in strong long-term share performance and significant exploration successes.”

Spanish Mountain acquires cedar creek

C$0.45 +0.00

10:16am EST

Spanish Mountain Gold (SPA.TSXV) announced that it has acquired a 100% interest in the Cedar Creek Property from Cedar Mountain Exploration (CED.TSXV). The property occupies approximately 14 square kilometers and is contiguous to the western boundary of Spanish Mountain's flagship Spanish Mountain Gold Project near Likely, British Columbia, Canada.

Under the terms of the transaction, Spanish Mountain may acquire a 100% undivided interest in Cedar Creek by making a cash payment to Cedar Mountain of C$500,000. The 100% undivided interest in the property is subject to an underlying net smelter return royalty of 2.5% to a third party. The royalty may be purchased by the company through payment to the holder consideration of C$500,000 per 1% net smelter return.

Silvercorp raised to "Sector Performer"

C$7.09 +0.12

10:04am EST

CIBC World Markets raised its rating on Silvercorp Metals (SVM) from "Sector Underperformer" to "Sector Performer" after the company announced that it received an environmental permit for its GC-SMT project in Guangdong Province, China. The project will now proceed to obtain a mining permit which will enable mine construction to begin. CIBC maintained its C$9.00 target price for Silvercorp, a 29% premium over the shares' June 15 closing price of C$6.97.

Anatolia target raised 30% on land buy

C$5.54 -0.03

9:46am EST

Wellington West Capital Markets raised its target price on Anatolia Minerals (ANO.TSX) from C$5.00 to C$6.50 after the gold explorer and mine developer secured title to private lands near its Çöpler Project. This positive development for the company will enable Anatolia to further exploration, including significant targets beneath the acquired land. Wellington West maintained its "Buy" rating on the company. Anatolia shares soared 10.8% to C$5.57 in trading yesterday after the company announced the completion of the land acquisition agreement.

endeavor silver drill results

$3.49

8:54am EST

Endeavour Silver (EXK) announced that exploration drilling south of the Bolanitos mine, part of the company's Guanajuato Mines project in Guanajuato State, Mexico, has now connected the Lucero Extension and Lucero South mineralized zones, thereby extending the high grade, silver-gold mineralization in the Lucero vein a full 500 meters south of the Lucero mine workings.

Highlights from recent drilling included a thick vein intercept grading 169 grams per tonne (g/t) of silver and 2.14 g/t of gold over 9.88 meters true width, and a high grade gold intercept assaying 11.87 g/t of gold and 94 g/t of silver over 3.79 meters true width.

End of Day Update

4:58pm EST

Gold stocks participated in the broader market rally as the major sector indices and ETFs posted gains of 2.5% or higher. The Market Vectors Gold Miners ETF had its best session in a week and is up 2.6% for the month of June. Among the biggest movers on the day were Anatolia Minerals (ANO.TSX) up 10.1% to C$5.57; Nevsun Resources (NSU) up 7.8% to $3.75; and Couer d'Alene Mines (CDE) up 4.5% to $15.10.

GDX: $51.17, +1.27, +2.55%

GDXJ: $28.48, +0.98, +3.56%

XAU: 176.95, +4.30, +2.49%

HUI: 465.43, +12.12, +2.67%

S&P 500: 1,115.23, +25.60, +2.35%

premier closes saddle gold acquisition

C$4.94 +0.06

3:27pm EST

Premier Gold Mines (PG.TSX) announced that it has completed its previously announced acquisition of Saddle Gold, which owns, among other things, the mineral rights in respect of a majority portion of the Saddle Gold Deposit and a 1.5% production royalty on the Emigrant Springs Deposit. The two deposits are located in Elko County, Nevada.

Under the terms of the acquisition, Premier purchased all of the outstanding securities of Saddle Gold for $24 million - consisting of $3.1 million in cash and 5,442,357 shares of common stock, at a price of C$4.00 per share. Premier will also assume $12 million in Saddle Gold debt, for a total consideration of $36 million.

With the acquisition Premier will become the only gold company in the world with core land packages and existing gold deposits within Nevada’s “Carlin Trend” and Red Lake’s “Mine Trend,” two of the world’s most prolific and high grade gold mining districts.

east asia minerals extends miwah project

C$6.49 +0.17

2:39pm EST

East Asia Minerals (EAS.TSXV) announced drill results confirming the extension of gold mineralization further to the west at its Miwah Gold Project in Aceh Province, Northern Sumatra, Indonesia. Highlights from the results included intersections of 2.19 grams per tonne (g/t) of gold over 43 meters and 1.62 g/t of gold over 37.6 meters.

european goldfields gets credit approval

C$6.00 +0.07

11:44am EST

European Goldfields (EGU.TSX) announced that it has received formal letters of commitment to underwrite a $135 million financing package to partially fund development costs of its Certej gold-silver Project in Romania.

The structure of the financing package consists of an 8 year US$120 million secured, limited recourse debt facility and a US$15 million secured equipment lease facility.

anatolia acquires land for Çöpler

C$5.07 +0.01

9:56am EST

Anatolia Minerals (ANO.TSX) announced that it has received titles or swap agreements to all private land within the Life-of-Mine footprint for the Phase I Oxide Project at its flagship Çöpler Gold Mine in Eastern Turkey. The Englewood, Colorado-based gold explorer has legally binding swap agreements with 33 households in the Çöpler village for homes in a new village to be constructed north of the mine site, which is expected to begin this month.

Common lands owned by the Çöpler Village legal entity will be traded on an in-kind basis for land and public facilities in the new village. Anatolia’s President and CEO, Edward Dowling, commented that “The transfer of this title concludes an extensive effort between the Company and the Çöpler residents to acquire the lands required for the Çöpler Mine while providing for the continued well being of the Çöpler village and its residents.”

Kirkland drill results at south mine

C$8.57

8:49am EST

Kirkland Lake Gold (KGI.TSX) announced drill results from its Macassa property in Ontario, Canada, that extended the South Mine Complex 340 feet east of the previous limit. Intercepts from the drill program included 6.24 ounces of gold per ton uncut over a core length of 12.5 feet. The company also announced plans to increase exploration drilling from eight shifts per week to 14 staring in July.

aurizon target raised after results

C$5.00 +0.07

5:16pm EST

Scotia Capital raised its target price on Aurizon Mines (ARZ.TSX) from C$6.00 to C$6.50 - a 30% premium to today's closing price of C$5.00 per share - and reiterated its "Sector Outperform" rating after the company reported drill results from 68 holes at the Principal surface infill program at its Casa Berardi mine.

In its report the firm stated that "We would be a buyer at these levels and ahead of catalysts, including a Principal resource update in Q3 and pre-feasibility in Q4."

End of Day Update

4:34pm EST

Gold stocks followed the gold price lower early in the session, but then followed the broader stock market even lower when gold began to recover in afternoon trading. Some investors seem to be sitting on gold stocks especially in view of Friday's activity when gold stocks rose only modestly despite a strong upside move in the gold price and a mild tailwind from the broader equity market.

GDX: $49.93, -0.86, -1.69%

GDXJ: $27.50, -0.55, -1.96%

XAU: 172.65, -2.66, -1.52%

HUI: 453.34, -8.86, -1.92%

S&P 500: 1,089.63, -1.97, -0.18%

gold stocks fall, but several exceptions

$50.24 -0.55

1:09pm EST

Most gold stocks were lower in mid-day trading, as the Market Vectors Gold Miners ETF (GDX) fell 1.1% to $50.24 per share as the sector declined alongside the price of gold. While most large-cap gold stocks retreated, several small- and mid-cap names showed impressive relative strength.

paas secures morococha surface rights

$25.15 -0.16

11:21am EST

Pan American Silver (PAAS) announced that its majority-held subsidiary, Compania Minera Argentum S.A. has reached an agreement with Minera Chinalco Peru which "clearly defines each party's long term surface rights and therefore provides certainty" to the land situation for Pan American's Morococha mine in Peru.

aurizon hits high grade at casa berardi

C$4.97 +0.19

10:17am EST

Aurizon Mines (AZK) reported results from its surface infill drill program in the Principal Area at its Casa Berardi Mine in northwestern Quebec, Canada. The drilling program consisted of 12,803 meters and covered an area of 825 meters along strike, 250 meters in width, and 50 to 200 meters below surface. Highlights of the results included intercepts of 4.6 grams per tonne (g/t) of gold over 68.0 meters (true width) and 6.2 g/t of gold over 43.0 meters (true width).

The results of the program will be incorporated into a new resource estimate, which is expected to be released in the third quarter of this year. Aurizon will perform additional underground drilling during the remainder of 2010 in order to verify the down dip extension of the zone. Shares of Aurizon rose on the news, climbing 4.0% to $4.97.

claude updates drill program

C$1.12 +0.01

10:04am EST

Claude Resources (CGR) announced exploration results from the ongoing underground drill program at its 100% owned and operated Seabee gold mine. Highlights from the results included intercepts of 46.06 grams per tonne (g/t) of gold (uncut) over 4.30 meters true width and 43.17 g/t of gold (uncut) over 0.70 meters true width.

The Canadian-based gold miner also released an update, noting that ore development began at Santoy 8 earlier this month and commercial production is expected to begin later this year. At Seabee, the company will be conducting its planned maintenance program from June 14 to June 24, while production will continue from underground operations. Notwithstanding the maintenance, Claude reiterated its 2010 production forecast of 46,000 to 50,000 ounces of gold.

northgate files to offer C$250m in securities

8:43am EST

Northgate Minerals (NXG) announced that it filed a preliminary short form base shelf prospectus to renew the necessary filings for the company to be able to offer securities of up to C$250 million over the next 25 months. Northgate did not announce plans to issue any specific securities at this time, however.

End of Day Update

4:32pm EST

Gold stocks resisted the selling pressure that brought other stocks down early in the session, but didn't gain much more as the broader market reversed its losses to post modest gains. Despite the tailwind from the late market rally, gold stocks as a sector underperformed the gold price which rose nearly 0.9% on the day.

GDX: $50.79, +0.13, +0.26%

GDXJ: $27.90, +0.36, +1.30%

XAU: 175.310, +0.31, +0.18%

HUI: 462.16, +2.27, +0.49%

S&P 500: 1,091.60, +4.76, +0.44%

nevsun shares soar on heavy volume

$3.40 +0.38

3:08pm EST

Shares of Canadian-based gold explorer Nevsun Resources (NSU) surged as much as 22.2% today on over five times normal volume, prompting the company to issue a press release stating that it "wishes to advise that it is not aware of any material undisclosed development that would cause the significant upward movement of the Company's share price." Nevsun also stated that its flagship Bish Project in Eritrea, Africa is on pace for plant commissioning in late 2010.

This type of stock price action is often fueled by rumors of a takeover, although no sources have verified such speculation in this case. Shares of NSU remained higher by over 12% in afternoon trading.

senior management changes at barrick

$43.32 +0.40

12:53pm EST

Barrick Gold (ABX) reported that Patrick Garver, EVP and General Counsel, has decided to retire from the company early, effective July 31, 2010. Vince Borg, EVP Corporate Communications, will also be leaving the company effective July 31, but will continue to provide strategic communications counsel. Mr. Borg will be working with Peter Munk, Barrick's Founder and Chairman, in other business and philanthropic endeavors.

gold miners continue to de-hedge

11:36am EST

A report indicated that gold producers continued to cut back on hedging against possible declines in the price of gold. According to an industry report by Societe Generale and GFMS Ltd. Gold miners unwound 780,000 ounces worth of forward sales in the first quarter reducing the global gold hedge book to 6.75 million ounces.

Among the major de-hedgers were Kinross Gold (KGC) and AngloGold Ashanti (AU) which covered 320,000 and 140,000 ounces, respectively. Barrick Gold (ABX), the world's largest gold producer, removed 3 million ounces in hedges during the fourth quarter of 2009, completely eliminating its hedges. The report forecasts that a total of 3 million ounces of gold will be de-hedge in 2010.

centerra considering C$3b in acquisitions

C$12.60 -0.05

10:45am EST

Centerra Gold (CG.TSX), the owner of the Kumtor mine in Kyrgyzstan, announced that it may spend up to C$3 billion ($2.9 billion) purchasing assets in the next year to raise production. Kumtor produced more than 525,000 ounces of gold last year, according to Centerra’s website. The company, which also operates a mine in Mongolia, plans to keep expanding production in Asia.

“There’s a level of competition for assets in North America, South America and Australia,” Centerra CEO Stephen Lang stated in a recent telephone interview. “While it might work, our chances of success are better in Asia.” Lang also noted that Centerra is optimistic on the gold price considering the current state of the global economy.

san gold price target raised

C$4.55 +0.07

9:52am EST

Raymond James raised its price target on shares of San Gold (SGR.TSXV) from C$4.75 to C$5.20 - a 16.1% premium to yesterday's closing price of C$4.48 per share. The firm also reiterated its "Outperform" rating after the Canadian-based gold miner announced drill results demonstrating that surface exploration drilling has significantly expanded the vertical dimensions of its 007 zone in both the up and down directions.

Coverage initiated on 3 silver stocks

9:17am EST

Jefferies & Company initiated coverage of three silver stocks.

Coeur d'Alene Mines was initiated with a "Buy" and price target of $20.00, based on Jefferies' silver price forecast and Coeur d'Alene's restructuring to focus on high-margin properties. Coeur d'Alene shares closed at $14.27.

Jefferies has an initial rating of "Buy" for Hecla Mining (HL) and a target price of $7.00, noting its low cost structure, high silver grades and by-product credits, in addition to an improving financial position. Hecla finished trading on Thursday at $5.27 per share.

Pan American Silver (PAAS) was initiated with a "Hold" rating and a price target of $28.00. Although the company has posted the best growth record among its peers in the last ten years, Jefferies said the next phase of growth is less certain. The company has significant upside potential with its Navidad project, but faces local opposition on political and regulatory issues. Pan American closed at $25.28 per share.

End of Day Update

4:45pm EST

Gold stocks resisted the selling pressure on the gold price and participated in the broader market rally. The sector was buoyed by increases in target prices for several issues by J.P. Morgan which advised clients without gold in their portfolios to "open a starter position" despite the metal trading near its record high.

GDX: $50.66, +0.46, +0.92%

GDXJ: $27.69, +0.38, +1.39%

XAU: 175.00, +2.57, +1.49%

HUI: 459.89, +3.89, +0.85%

S&P 500: 1,086.84, +31.15, +2.95%

Volta extends mineralization at kiaka

C$1.21 +0.02

1:37pm EST

Volta Resources (VTR.TSX) reported drill results from its Kiaka Project that extend gold mineralization at the property located in Burkina Faso. Results showed 1.12 g/t gold over 82.0 meters, including 1.54 g/t gold at 42.1 meters. The latest phase of the drill program will be used to define a NI 43-101 compliant resource at the Central Area at Kiaka.

Perseus finalizes central ashanti permits

C$1.84 +0.00

12:16pm EST

Perseus Mining (PRU.TSX) reported that it has received all necessary approvals to commence construction and production at the company's Central Ashanti Gold Project in Ghana. The Australia-based company has already raised $140 million in equity and project financing to develop the property and expects a first gold pour in the third quarter 2011.

san gold extends high grade 007 zone

C$4.40 -0.06

10:48am EST

Canadian-based gold miner San Gold (SGR.TSXV) announced that surface exploration drilling has substantially expanded the vertical dimensions of the company's 007 zone in both the up and down directions. In doing so, it has established a continuous, high grade deposit from surface extending to a depth of 450 meters (1,500 ft) to date.

The 007 zone is in close proximity to San Gold's flagship Rice Lake Mine, which is located 230 road-kilometres Northeast of Winnipeg, Manitoba, Canada. Highlights from the upper extension of the deposit included drill hole# CD-10-066, which yielded 95 grams per tonne (g/t) (2.8 oz/ton) of gold over 2.1 meters (6.9 ft) at only 61 meters (200 ft) below surface.

price targets raised on several gold stocks

9:33am EST

J.P. Morgan raised its price targets on several gold and silver stocks - including Agnico-Eagle Mines (AEM), Barrick Gold (ABX), Goldcorp (GG), Kinross Gold (KGC), Newmont Mining (NEM), Pan American Silver (PAAS), and Silver Wheaton (SLW).

In a research note to clients the firm wrote that "It's difficult to buy gold after its strength and close to record highs. However, we feel it's more difficult not to have a gold position in these highly uncertain times. Even at these levels we'd encourage investors who haven't yet entered the gold sector to open a starter position."

End of Day Update

5:13pm EST

Gold stocks opened mixed but slid into negative territory by mid-morning as a lower gold price and a falling stock market combined to push the sector down one day after gold hit a new high in the COMEX front-month futures. Big movers included Vista Gold (VGZ) down 6.9% to $1.75, and Kirkland Lake Gold (KGI.TSX) down 4.9% to C$8.63. On the plus side, Hochschild Mining (HOC.LSE) gained 5.3% to 308.20p on slightly higher than average volume.

GDX: $50.20, -0.52, -1.03%

GDXJ: $27.31, -0.51, -1.83%

XAU: 172.43, -2.13, -1.22%

HUI: 456.00, -6.11, -1.32%

S&P 500: 1,055.69, -6.31, -0.59%

romarco drill results from haile

C$1.85 +0.03

2:56pm EST

Romarco Minerals (R.TSXV) reported additional assay results at its Haile Gold Mine in South Carolina. Highlights of the results included the intersection of 88.4 meters of 5.1 grams per ton of gold. Romarco also announced that it has added a sixth core rig to the current drilling group at Haile.

seabridge gold update at ksm project

$32.04 -0.41

12:17pm EST

Seabridge Gold (SA) announced that the environmental permitting process for its 100% owned KSM Project in northern British Columbia, Canada is proceeding on schedule. The Canadian-based gold company stated that the Canadian Environmental Assessment Agency (CEAA) has released its Proposed Scope of the Environmental Assessment document and invited the public to submit comments over a 30 day period.

Rudi Fonk, President and CEO of Seabridge, commented that "the release of this document by the CEAA allows us to continue on schedule with the preparation of our environmental assessment application document which we plan to submit to the federal and provincial governments in late 2010."

coverage started on south-african-based gold stocks

10:15am EST

Morgan Stanley initiated coverage of four South-African-based gold stocks as follows:

AngloGold Ashanti (AU) rated "Underweight"

DRDGold (DROOY) rated "Overweight"

Gold Fields (GFI) rated "Equal Weight"

Harmony Gold (HMY) rated "Overweight"

allied nevada begins expansion at hycroft

$19.60

8:42am EST

Allied Nevada (ANV) reported that is has started the first phase of the previously announced oxide expansion at its wholly owned Hycroft Mine, located near Winnemucca, Nevada. The gold mining and exploration company also announced that it plans to release a mid-year resource update in the third quarter of this year.

End of Day Update

4:33pm EST

Gold stocks continued their outperformance of the broader market indices, with the Market Vectors Gold Miners ETF (GDX) finishing higher by 1.1% at $50.72 per share. While the S&P 500 also closed higher by 1.1%, the Nasdaq and Russell 2000 indices finished lower on Tuesday.

GDX: $50.72, +0.53, +1.06%

GDXJ: $27.82, +0.76, +2.81%

XAU: 174.56, +2.31, +1.34%

HUI: 462.11, +5.21, +1.14%

S&P 500: 1,062.00, +11.53, +1.10%

update on newcrest - lihir merger

1:21pm EST

Newcrest Mining released an update on its proposed merger with Lihir Gold (LIHR), which would create the world's fourth largest gold producer.

Newcrest, the largest gold miner in Australia, announced that it has completed the due diligence process, and as of now Lihir is prohibited from discussions with third parties about a competing proposal. The company also reported that it will need to extend the timetable for the closing of the transaction until September of this year.

newmont sub. invests in eurasian minerals

$57.08 +1.92

10:47am EST

Newmont Mining (NEM) reported that its wholly owned subsidiary, Newmont Mining Corporation of Canada Limited, acquired 2 million common shares of gold explorer Eurasian Minerals (EMX.TSXV) by way of private placement at a price of C$2.20 per share for aggregate gross proceeds to Eurasian of C$4.4 million.

cibc's top gold stocks picks

9:51am EST

With gold trading near its all-time high, analysts at CIBC World Markets highlighted three gold stocks in a morning piece as their top picks among the larger gold producers: IAMGOLD (IAG), Eldorado Gold (EGO), and Red Back Mining (RBI.TSX).

silver standard update at pirquitas mine

$17.35

8:44am EST

Canadian-based Silver Standard Resources (SSRI) reported on the ramp-up progress at its wholly-owned Pirquitas Mine in Argentina, which is on schedule to produce seven million ounces of silver - as previously forecasted by the company.

The silver mining company also provided an updated on exploration activities at its Snowfield and Brucejack projects in British Columbia, Canada, its Berenguela project in Peru, its San Agustin project in Mexico, and its Challacollo project in Chile.

End of Day Update

4:55pm EST

Gold stocks were once again the top performing sector in the equity markets, as the Market Vectors Gold Miners ETF (GDX) closed higher by 2.8% at $50.19 per share - versus a 1.3% slide in the S&P 500. Gold stocks opened lower but quickly surged higher along with the price of gold, which finished at a new record high on a closing basis.

GDX: $50.19, +1.38, +2.82%

GDXJ: $27.06, +0.70, +2.66%

XAU: 172.25, +3.19, +1.89%

HUI: 456.90, +12.44, +2.80%

S&P 500: 1,050.47, -14.41, -1.35%

Sprott's Oliver: Colossus, "spectacular" and "cheap"

3:17pm EST

Colossus Minerals (CSI.TSX) received a strong endorsement from Charles Oliver, an Investment Strategist with Sprott Asset Management, in a recent interview. Oliver manages the Sprott Gold and Precious Minerals Fund, which returned 114% in 2009 and was awarded the 2010 Lipper Fund Award for Best Fund Over One Year in the precious metals category.

Mr. Oliver noted that Colossus was one of the first two companies he added to the Fund when he started at Sprott, and described the company’s flagship Serra Pelada project in Brazil as “one of, if not the highest grade precious metals on the planet” with “spectacular grades; you just won’t see anything like it.”

Oliver went on to say that the developments at Colossus are a “spectacular story” and that the company’s stock is “very cheap.” Because the company has yet to publish a resource estimate, Oliver noted that there are not any proper models on which to value the stock, but he believes that “if you sort of take the information that’s out there, and apply some general rules of thumb, you will find that this is a very cheap and profitable operation. I believe it won’t be long before we see analysts putting those numbers out there.”.

gold stocks reverse to the upside

$50.48 +1.67

12:42pm EST

Gold stocks have reversed to the upside alongside the gold price, as the Market Vectors Gold Miners ETF (GDX) has rallied from $48.40 to as high as $50.78 in mid-day trading. With today's gain the GDX has turned positive for the month of June, and extended its year-to-date gain to 9.9%.

east asia minerals advances miwah project

C$6.96 -0.17

12:08pm EST

East Asia Minerals (EAS.TSXV) reported drill results which illustrate that gold mineralization has been extended further to the north at its Miwah Gold Project in Aceh Province, Northern Sumatra, Indonesia, confirming the open northern potential.

Drill hole EMD029 encountered 1.07 grams per ton (g/t) gold over 103.5 meters, including 2.01 g/t gold over 44 meters, extending the Miwah Main Zone north from EMD024 where 3.96 g/t gold over 111 meters, including 15.74 g/t gold over 22 meters was drilled.

Premier acquires ground in prolific gold belt

10:40am EST

Premier Gold Mines (PG.TSX) announced that it has entered into a definitive acquisition agreement and plan of merger with, among others, Saddle Gold Inc. whereby Premier will indirectly acquire all of the outstanding securities of Saddle Gold. Saddle Gold owns, among other things, the mineral rights in respect of a majority portion of the Saddle/NW Tess Gold Deposit and a 1.5% production royalty on the Emigrant Springs Deposit, both located in the Rain sub-district, and within the Carlin Trend, in Elko County, Nevada.

Under the terms of the acquisition, Premier will purchase all of the outstanding securities of Saddle Gold for total consideration of $36 million - which includes $12 million in Saddle Gold debt. In consideration for the purchase, Premier will pay an aggregate of $3.1 million in cash and issue 5,442,357 common shares to shareholders of Saddle Gold.

Upon closing of the transaction, Premier will become the only gold company in the world with core land packages and existing gold deposits within Nevada’s “Carlin Trend“ and Red Lake’s “Mine Trend,“ two of the world’s most prolific and high grade gold mining districts.

northgate, nevada exploration form jv

$2.88 -0.03

9:53am EST

Northgate Minerals (NXG) announced that it has reached agreement on a joint venture with Nevada Exploration (NGE.TSXV) to conduct exploration operations at Nevada Exploration's Awakening Gold Project in Humboldt County, Nevada. Under terms of the agreement, Northgate can earn up to a 65% interest in the property in exchange for exploration expenditures and payments totaling $2.2 million to Nevada Exploration. The Awakening property is adjacent to the historically mined Sleeper gold mine which produced 1.7 million ounces of gold and 2.3 million ounces of silver.

Fronteer hits high-grade at Sandman

$5.86 +0.03

9:34am EST

Fronteer Gold (FRG) reported drill results from its Sandman Project in Nevada that showed intercepts of 15.0 g/t gold and 22.2 g/t silver over 3.6 meters, including 43.9 g/t gold and 51.5 g/t silver over 1.13 meters. The gold exploration company recently received approval for a new exploration plan of operations for the Sandman property. The project is being overseen by Newmont Mining (NEM) which has an agreement with Fronteer to advance exploration of the property in exchange for an earn-in interest in the project that could result in up to 60% ownership by Newmont.

End of Day Update

5:37pm EST

Gold stocks could not sustain the mid-day rally that sent the sector into positive territory for a time, and finished the day with the sector ETFs and indices posting losses in excess of 2%. Gold stocks were caught up in the broad-based liquidation of most risk assets, despite the surge in the gold price.

GDX: $48.81, -1.02, -2.04%

GDXJ: $26.36, -0.66, -2.44%

XAU: 169.06, -4.15, -2.40%

HUI: 444.46, -9.89, -2.18%

S&P 500: 1,064.88, -37.95, -3.44%

gold stocks rebound alongside gold

$49.56 -0.27

1:09pm EST

Gold stocks rebounded alongside the gold price this afternoon, with the Market Vectors Gold Miners ETF (GDX) recovering from a 2.4% decline to briefly turn positive. While gold stocks initially tumbled with the broader market, the sector moved higher despite the S&P 500 remaining lower by over 2%.

gammon announces strike at el cubo mine

$7.32 -0.17

9:41am EST

Gammon Gold (GRS) announced an "illegal labor disruption" launched by unionized mine workers is ongoing at its El Cubo mine in Guanajuato State, Mexico. The Canadian-based gold miner stated that the workers took this action due to a dispute over profit sharing substitution arrangements, and that management is "actively managing the situation and reviewing all avenues of potential legal recourse."

alamos gold provides exploration update

C$14.96

8:38am EST

Canadian-based Alamos Gold (AGI.TSX) reported exploration results from ongoing drilling programs at its Mexican and Turkish properties. Highlights from the results included the intersection of 14.71 grams per tonne (g/t) of gold across 9.9 meters at Alamos' San Carlos project in Mexico, and 5.02 g/t of gold across 14.8 meters at its Agi Dagi project in Turkey.

End of Day Update

5:07pm EST

Gold stocks traced the action in the gold price, hitting session lows around midday with the Market Vectors Gold Miners ETF (GDX) down as much as 3% at one point before recovering to finish down 1.5% on the day. Silver issues fared worse, however, bringing the PHLX Gold/Silver Index (XAU) and the Market Vectors Junior Gold Miners ETF (GDXJ) down 2% on the day.

GDX: $49.83, -0.84, -1.66%

GDXJ: $27.02, -0.55, -1.99%

XAU: 173.21, -3.82, -2.16%

HUI: 454.35, -7.99, -1.73%

S&P 500: 1,102.83, +4.45, +0.41%

silver wheaton upgraded to "buy"

$18.78 -0.32

3:02pm EST

GMP upgraded shares of Silver Wheaton to "Buy" from "Hold" with a $21.50 target price.

gdx eyes worst decline in two weeks

$42.40 -1.27

1:16pm EST

Gold stocks are on track for their largest decline in two weeks, as the Market Vectors Gold Miners ETF (GDX) has fallen $1.27, or 2.5%, to $49.40 per share in mid-day trading. Gold stocks have moved alongside the broader market each day this week, a trend that has not occurred much over the past month.

allied nevada completes public offering

C$20.14 +0.09

10:57am EST

Allied Nevada Gold (ANV.TSX) completed its previously announced cross-border public offering of common stock, which consisted of 13.5 million shares at C$21.00 per share for aggregate proceeds of C$283.5 million.

The company stated that it plans to use the net proceeds of the offering to satisfy its initial capital needs for the first three years of the accelerated mine plan at its Hycroft Mine, to fund exploration programs and to complete a feasibility study related to the sulfide mineralization at the Hycroft property.

claude results from amisk gold project

$1.05 -0.02

10:03am EST

Claude Resources (CGR) reported the latest set of drill results from its exploration program at the Amisk Gold Project in northeastern Saskatchewan, Canada. Eleven holes in total were completed and assayed from the 2010 winter drill program, and highlights from the results included the intersection of 1.29 grams per tonne (g/t) of gold and 8.0 g/t of silver over 161.86 meters.

Brian Skanderbeg, Claude’s Vice President Exploration, commented that “These 11 holes from the winter drill program have successfully confirmed near-surface, potentially bulk-mineable gold and silver mineralization.” The Canadian-based gold miner also announced that a summer exploration program, inclusive of resampling of historic core and further diamond drilling, is scheduled to begin this month.

gabriel resources upgraded

$4.26

9:25am EST

Macquarie Research upgraded shares of Gabriel Resources (GBU.TSX) from "Underperform" to "Neutral" and raised its target price from C$4.00 to C$4.75 to "reflect our outlook for continued strength in the gold price and to reflect the step forward in permitting" at the company's 80.46%-owned Rosia Montana project in Transylvania, Romania. Rosia Montana is the largest undeveloped gold deposit in Europe and one of the largest in the world.

End of Day Update

5:34pm EST

Gold stocks followed the broader equity market higher despite a slightly lower gold price. Resource stocks as a whole were among the market's top performers as a favorable report on pending home sales boosted cyclical issues.

GDX: $50.67, +$0.86, +1.73%

GDXJ: $27.57, +0.72, +2.68%

XAU: 177.03, +4.01, +2.32%

HUI: 462.34, +8.89, +1.96%

S&P 500: 1,098.38, +27.67, +2.58%

Fatal accident at IAMGOLD's Niobec Mine

$17.31 +0.08

3:32pm EST

IAMGOLD (IAG) reported an accident at its Niobec Mine, 25 kilometers northwest of Chicoutimi, Quebec, where one employee was killed. The Canadian-based gold miner has suspended mining operations at Niobec for the remainder of the day.

GDX, GDXJ extend gains in mid-day trading

1:17pm EST

Gold stocks have extended their gains in mid-day trading despite the lower gold price, as the Market Vectors Gold Miners ETF (GDX) and Market Vectors Junior Gold Miners ETF (GDXJ) have advanced 0.9% and 1.2%, respectively. For the second consecutive day gold stocks have diverged from the price of gold, a rare occurrence in the sector, and have instead followed the path of the broader market.

Silver Standard results from snowfield

$17.83 -0.06

12:43pm EST

Silver Standard Resources (SSRI) announced the results from an NI 43-101 compliant Preliminary Assessment on its wholly-owned Snowfield Project located in northern British Columbia, Canada. The project includes development of an open pit mine, a processing plant, infrastructure, waste rock storage and tailing impoundment areas to recover the mineralization identified to date.

Snowfield's mine life is estimated at approximately 23 years, with an annual average of 607,000 ounces of gold (contained in concentrate and dore), 57.8 million pounds of copper (contained in concentrate), 1.5 million ounces of silver (contained in concentrate and dore) and 4.5 million pounds of molybdenum (contained in concentrate) will be produced from the mill.

great basin gold update at burnstone

$1.69 +0.02

11:31am EST

Canadian-based Great Basin Gold (GBG) announced that it is making "good progress" in the delivery of its capital projects at its Burnstone Project in South Africa.

colossus begins exploration program

C$6.97 -0.16

10:29am EST

Colossus Minerals (CSI.TSX) announced the start of an exploration program on its newly acquired land package contiguous to and surrounding the Serra Pelada Project in Para State, Brazil. The new concessions comprise 774 hectares, and the first phase of the program consists of at least 5,000 meters of diamond drilling.

Colossus owns the property through a joint venture with COOMIGASP, a registered Brazilian cooperative company. Colossus’ Vice President Exploration, Dr. Vic Wall, stated that “We are excited by the apparent prospects of the new ground in the Serra Pelada Project and look forward to realizing the full potential of this remarkable mineralized system.”

Target lowered on augusta resource

C$2.05

8:59am EST

Wellington West lowered their price target on Augusta Resource (AZC.TSXV) from C$4.70 from C$5.10 after the company's Rosemont Environmental Impact Study was delayed, again, by one quarter. They did maintain their "Buy" rating on the company.

Goldcorp sells gold-silver property

$43.22

8:47am EST

Goldcorp (GG), the second largest gold producer in Canada, announced that it has reached an agreement to sell its San Dimas gold-silver mine in Mexico to Mala Noche Resources Corp. (MLA.TSXV) in a deal valued at $500 million. Under terms of the agreement, Mala Noche will pay Goldcorp $275 million in cash, $175 million in Mala Noche stock, and issue a $50 million five-year note paying 6%. In 2009, San Dimas produced 113,000 ounces of gold and 5.1 million ounces of silver.

Richmont Mines to raise $15 million

$5.02 +0.02

4:58pm EST

Canadian gold producer Richmont Mines (RIC) announced a $15 million equity financing, the proceeds of which will be used to fund development work - primarily its Francoeur Mine - to fund exploration at Cripple Creek and Wasamac, and for potential acquisitions.

End of Day Update

4:30pm EST

Gold stocks opened strong on a higher gold price, with the Market Vectors Gold Miners ETF (GDX) topping 3% in the first hour of trading, but a broader market sell-off weighed on the sector heading into the close. Smaller cap issues fared worse than large caps with the Market Vectors Junior Gold Miners ETF (GDXJ) falling over 1%, while the AMEX Gold Bugs Index (HUI) - whose component stocks feature unhedged exposure to the gold price - shed only 0.04%.

GDX: $49.81, -$0.05, -0.10%

GDXJ: $26.85, -$0.30, -1.10%

XAU: 173.02, -0.91, -0.52%

HUI: 453.45, -0.20, -0.04%

S&P 500: 1,070.71, -18.70, -1.72%

semafo expansion plan on schedule

C$7.40 +0.47

1:54pm EST

SEMAFO (SMF.TSX) released an update on Phase II of the plant expansion program at its Mana Mine in Burkina Faso, Africa. Benoit Desormeaux, Executive Vice-President and Chief Operating Officer of the Canadian-based gold miner, reported that the program is "tracking to budget with commissioning of Phase ll scheduled to commence in the last week of June." Shares of SMF.TSX soared nearly 7% in mid-day trading.

east asia minerals gets license approval

C$7.55 -0.55

11:49am EST

Canadian-based East Asia Minerals (EAS.TSXV) announced that it has received formal documents from the Indonesian government approving the IUP "Mining License," which confirm the tenure of its Aceh Province Tangse property under new mining laws. Michael Hawkins, President and CEO of the gold explorer, commented that with this approval the company now has "excellent long term security of tenure and fiscal stability throughout our Aceh portfolio where we are advancing our flagship Miwah property, and where drilling of our large size potential gold-copper porphyries will commence in Q3-2010."

Hearing on Pacific Rim Claim

$0.22 +0.01

10:37am EST

A hearing on the preliminary objection filed by the government of El Salvador to an arbitration petition by Pacific Rim Mining (PMU) under the Central America Free Trade Agreement (CAFTA) over the government's failure to issue permits to the Canada-based gold mine developer is set to conclude on June 1.

The petition by Canada-based Pacific Rim claims the Salvadoran government's failure to issue mining permits is in violation of international and Salvadoran law. The company filed the petition in April 2009. The government of El Salvador responded with its preliminary objection in January of this year. A decision on the preliminary objection is expected in September.

A company statement called the preliminary objection "completely without merit" and "an attempt to stall the arbitration proceedings."

gold fields announces new chairperson

$13.96 +0.21

10:05am EST

South-African based gold miner Gold Fields (GFI) announced that Alan Fields, who has been with the company in various capacities since 1969, will retire as chairperson and director effective November 2, 2010. Dr. Mamphela Ramphele, a "prominent businesswoman and political and social activist," according to Gold Fields, will replace Mr. Wright.

ITH reports drill results at Livengood

C$7.56

9:14am EST

International Tower Hill (ITH.TSX) reported encouraging drill results from its Livengood deposit, highlighted by an intercept of 50.29m of 9.14 g/t gold. The company noted that "The results continue to show expansion potential to the north of the Sunshine Zone."

LIHR updates gold resources at Bonikro

$33.44 -0.69

12:32pm EST

Lihir Gold (LIHR), which is being acquired by Newcrest Mining, announced that it has updated its reserves and resources at its Bonikro mine. Reserves were reported at 760,000 gold ounces versus 930,000 ounces in October 2006 - with the decline attributable to mining depletion. Total gold resources at Bonikro now sit at 1.2 million ounces.

Wellington ups target on gold explorer

C$0.83 +0.00

12:22pm EST

Wellington West raised their price target on Victoria Gold (VIT.TSXV) to C$1.40 from C$1.30 noting that "Santa Fe could yield over 5 million ounces of mineralization."

EIA re-instated at Greystar

C$5.43 +1.67

12:11pm EST

Colombia's Ministry of Environment, Housing and Territorial Development (MAVDT) has reversed their previous position and has reinstated Greystar's (GSL.TSX) Environmental Impact Assessment (EIA). Shares of Greystar are up 44.7% to C$5.43 per share on the news.

End of Day Update

4:35pm EST

Gold stocks traded down ahead of the three-day holiday weekend, ending a five-day winning streak in the Market Vectors Gold Miners ETF (GDX). Though pulled lower by the sell-off in the broader equity market, a modestly higher gold price enabled gold stocks to avoid the drubbing inflicted on the financial, energy, and materials sectors.

GDX: $49.86, -$0.32, -0.63%

GDXJ: $27.50, -$0.48, -1.74%

XAU: 173.93, -1.67, -0.95%

HUI: 453.66, -4.56, -1.00%

S&P 500: 1,089.41, -13.65, -1.24%

gammon gold invests in golden queen mining

11:29am EST

Gammon Gold (GRS) announced an agreement to acquire a 5.3% stake, worth approximately C$8 million, in Golden Queen Mining (GQM.TO) pursuant to a non-brokered private placement. Golden Queen is a gold exploration and development company whose principal asset is the 100% interest in the pre-development stage gold-silver Soledad Mountain property located in Kern County, Southern California.

Gammon stated that the investment is part of its "growth strategy of identifying and investing in quality companies and assets located throughout North America."

newmont mining target price raised

$54.42 -0.51

10:05am EST

National Bank Financial raised its target price on shares Newmont Mining (NEM) to $66.00 per share from $60.00 and maintained its "Sector Perform" rating after the world's second largest gold producer reaffirmed its 2010 production guidance of 5.3 to 5.5 million ounces of gold at a cash cost of $450 to $480 per ounce at its analyst day yesterday.

Lake Shore completes sale of Ontario JV

C$3.22

8:42am EST

Lake Shore Gold (LSG.TSX) closed the sale of its 50% interest in the Ti-pa-haa-kaa-ning joint venture to Northern Superior Resources (SUP.TSXV) in consideration for 25 million Northern Superior shares - nearly 20% of issued and outstanding - and warrants to purchase an additional 12.5 million shares. Northern Superior now owns a 100% interest in Ti-pa-haa-kaa-ning, a property in northwestern Ontario. The project is still in the exploration phase.

End of Day Update

5:02pm EST

Gold stocks tracked the broader equity market today, with the sector indices and ETFs all posting gains well above 2% despite a flat gold price. Among the big movers on the day were: Ivanhoe Mines (IVN) up 8.5% to $14.67; Freeport McMoRan (FCX) up 6.7% to $71.07; and Fronteer Gold (FRG) up 6.7% to $5.73.

GDX: $50.18, +$1.19, +2.42%

GDXJ: $27.63, +$0.97, +3.64%

XAU: 175.50, +4.86, +2.85%

HUI: 458.23, +11.71, +2.62%

S&P 500: 1,103.96, +35.11, +3.29%

gold stocks extend win streak to five

$49.96 +0.97

1:13pm EST

Gold stocks have continued to rally and are on pace for their fifth consecutive daily gain as the gold price has withstood a strong rebound in the euro after China refuted speculation that it is looking to reduce its holdings of European government debt. The Market Vectors Gold Miners ETF hit an intra-day high this morning of $50.41, a 2.9% gain, before retreating modestly but remaining higher by nearly 2.0% in mid-day trading.

Rubicon hits high-grade at phoenix gold

$3.48 +0.21

11:09am EST

Shares of Rubicon Minerals (RBY) surged over 6% after the company reported results from drill hole 305-05 at its 100%-owned Phoenix Gold Project, located in the prolific Red Lake Gold District of Ontario, Canada. Rubicon stated that this hole is significant because it represents the first test from the underground 305 metre level across the F2 Core Zone in the area of the intended cross-cut. Highlights from the results included the intersection of 1.24 ounces of gold over 22.5 feet.

Seabridge Gold starts drilling at ksm

$35.43 +1.02

10:12am EST

Seabridge Gold (SA) announced the start of drilling at its 100% owned KSM project, located near Stewart, British Colombia, Canada. The drill program is designed to convert more of the existing mineral resources to proven and probable reserves, and to conduct resource definition drilling at the Iron Cap zone where drilling by previous operators identified the potential for a fourth large deposit at KSM.

Silver Standard names new CEO

$17.79

8:51am EST

Silver Standard (SSRI) named John Smith as Chief Executive Officer of the company effective August 6. Smith spent the past 18 years with BHP Billiton (BHP), with his most recent post as Vice President, Resourcing and Development. He also served as CEO of the BHPBilliton Mitsubishi Alliance, which operates one of the world's largest coal operations in the Bowen Basin of Queensland.

End of Day Update

4:31pm EST

Gold stocks finished mixed with the sector ETFs and indices settling within a fraction of their previous closes. The Market Vectors Gold Miners ETF (GDX) ended with a $0.05 gain but earlier had advanced nearly 3% before the broader market sell-off hit in the last two hours of trading.

GDX: $48.99, +$0.05, +0.10%

GDXJ: $26.64, +$0.00, +0.00%

XAU: 170.74, -0.46, -0.27%

HUI: 446.55, -0.34, -0.08%

S&P 500: 1,067.95, -6.08, -0.57%

gold stocks rally for 4th straight day

$49.34 +0.40

2:56pm EST

Gold stocks moved higher for the fourth straight trading session, as the Market Vectors Gold Miners ETF (GDX) recovered over half of last week's 11.2% plunge.

Colossus names director at Serra Pelada

C$7.34 +0.49

2:31pm EST

Colossus Minerals (CSI.TSX) appointed Luiz Carlos Celaro as general director of the company's Brazilian subsidiary, Colossus Geologia e Participacoes Ltda., where he will oversee the construction of the mine, plant, and related infrastructure at the world-class Serra Pelada gold-PGMs project. Mr. Celaro previously developed several mines in Brazil for Vale S.A., served as construction and pre-operation manager for Goldcorp's Ampari Mine, and most recently oversaw construction of Luna Gold's Aurizona Gold Mine.

gfi to sell carbon credits worth $26mm

$13.59 +0.42

12:02pm EST

South-African-based Gold Fields (GFI) announced that it is set to become the world's first gold mining company to sell Certified Emissions Reductions (CERs) - the financial securities used to trade carbon emissions. The company stated that it will capture methane gas from its Beatrix gold mine in South Africa's Free State province and sell the carbon credits over a six-year time frame for estimated proceeds of R200 million ($25.8 million).

Aurizon Mines options rex south property

$5.08 +0.12

11:10am EST

Aurizon Mines (AZK) signed a letter of intent with Azimut Exploration (AZM.TSXV) regarding Azimut’s Rex South property - located in Nunavik, Quebec, Canada. According to Aurizon, Rex South hosts strong exploration potential and includes the presence of high-grade gold (up to 33 grams per tonne) and copper (up to 6.4% copper) obtained by grab samples.

Under the terms of the letter, Aurizon is entitled to earn an initial 50% interest in the property by incurring exploration expenses of $5 million over a five-year period, and an additional 15% interest upon delivery of a bankable feasibility study and making additional payments and expenditures. David Hall, CEO of Aurizon Mines, stated that this transaction will further provide the company with “active exposure to a large range of gold opportunities, at varying stages of evolution.”

price target raised on detour gold

C$22.87 +1.50

10:48am EST

Haywood Securities raised its target price on Detour Gold (DGC.TSX) to C$20.90 from C$16.50 and maintained its "Sector Outperform" rating following the release of the Canadian-based gold explorer's feasibility study on its Detour Lake Gold Project in north-eastern Ontario, Canada.

In its research report Haywood stated that "we remain bullish on the outlook for the Company and believe that management will deliver on reserve growth and is committed to development and further de-risking of the Detour Lake asset."

anatolia purchases tunceli licenses

C$4.26

9:23am EST

Anatolia Minerals (ANO.TSX) announced that it has come to a final agreement that settles the joint venture with Rio Tinto Mining and Exploration Limited on the Tunceli Licenses, which include the Cevizlidere project and other development targets in Turkey. Anatolia signed an agreement with Rio Tinto which provides that the Canadian-based gold explorer will hold all legal rights with respect to the Tunceli Licenses, and there are no residual or continuing obligations or liabilities for either company.

In exchange for the settlement, inclusive of the reimbursement of certain advances, Anatolia agreed to pay C$2 million to Rio Tinto in the form of 429,439 common shares of Anatolia. The shares were priced using the 10-day volume weighted average price as of May 11, 2010, and Rio Tinto is required to hold the shares for 12 months. Anatolia thereafter retains a 2-day right of first placement.

Luna Gold to raise C$20 million

C$0.66

8:44am EST

Luna Gold (LGC.TSXV) announced it will raise approximately C$20 million in a non-brokered private placement expected to close on June 8. The Canada-based exploration and development company will issue special warrants priced at C$0.56 which upon exercise or deemed exercise will entitle the holder to one common share of the company and a one-half of one common share purchase warrant with a strike price of C$0.80 expiring 12 months after exercise of the special warrants. Proceeds from the placement will be used for advancing exploration programs, completing a NI 43-101 compliant resource estimate at the Cachoeira property in Brazil, and providing working capital.

End of Day Update

4:40pm EST

Gold stocks followed the gold price higher after trading lower at the opening bell, and gained momentum as the broader equity market recovered from a 3% plunge in the early session. Among the biggest movers in the gold sector were: CGA Mining (CGA.TSX) up 11.7% to C$2.29; San Gold Corp. (SGR.TSX) up 7.8% to C$4.55; and DRDGold (DROOY) up 6.9% to $4.48.

GDX: $48.94, +$1.30, +2.73%

GDXJ: $26.64, +$0.47, +1.78%

XAU: 171.20, +5.14, +3.10%

HUI: 446.87, +12.70, +2.92%

S&P 500: 1,074.03, +0.38, +0.04%

gold stocks rise for 2nd straight day

$47.74 +0.10

1:18pm EST

Gold stocks are outperforming the broader market for the second consecutive day, with the Market Vectors Gold Miners ETF (GDX) rising alongside the gold price amid political and economic turmoil across Europe and Asia.

gabriel resources appoints new ceo

C$3.98 -0.06

11:29am EST

Gabriel Resources (GBU.TSX), a Canadian-based gold explorer in which hedge fund magnate John Paulson holds a significant stake, announced the appointment of Jonathan Henry as President and CEO effective June 7, 2010. Mr. Henry was most recently CEO and Managing Director of of Avocet Mining PLC, a UK based gold company with operations and advanced development and exploration projects in West Africa and South East Asia.

Gabriel Resources is currently developing its 80.46%-owned Rosia Montana gold project in Romania - the largest undeveloped gold deposit in Europe and one of the largest in the world.

Premier begins summer drill program

C$4.36 -0.03

10:41am EST

Premier Gold Mines (PG.TSX) reported that it has begun a summer drill program at its Rahill-Bonanza joint venture Project. The program will concentrate on delineating the recently identified PG70 Gold Zone, the West Granodiorite Deposit and will test the projected north-south fault structures that are host to the main gold zones at the adjoining Cochenour (Bruce Channel) Mine complex.

Premier Gold holds a 49% stake in Rahill-Bonanza through a joint venture with Goldcorp (GG), the second largest gold miner in Canada. The project is located in the heart of the Red Lake gold mining district, one of the most prolific gold-producing regions in the world.

target price raised on four gold stocks

10:06am EST

Deutsche Bank upgraded shares of Barrick Gold (ABX) from "Hold" to "Buy," and increased its price target on Barrick and three other large-cap gold stocks, stating that near-term gold prices favor value stocks:

Barrick Gold (ABX) from $45 to $53

Goldcorp (GG) from $34 to $40

Kinross Gold (KGC) from $19 to $20

Newmont Mining (NEM) from $72 to $74

director raises stake in spanish mountain

C$0.39

9:27am EST

Ian Watson, a Director of Spanish Mountain Gold (SPA.TSXV), announced that he has purchased 1,125,000 common shares of the company, representing approximately 0.92% of the issued and outstanding common equity. The shares were purchased at a price of C$0.41 per share, for a total consideration of C$461,250.

In total Mr. Watson now beneficially owns 11,893,640 common shares, representing approximately 9.75% of the issued and outstanding common equity of Spanish Mountain. Mr. Watson also beneficially holds a total of 10,403,640 warrants, which entitle him to purchase 10,403,640 common shares.

Ivanhoe australia buys barrick project

A$3.35

9:00am EST

Ivanhoe Australia (IVA.ASX) has agreed to terms to acquire the Osborne Copper Gold Operation from Barrick Gold (ABX). The agreement calls for a cash payment to Barrick of A$17.4 million, a 2% net smelter return royalty capped at A$15.0 million, and assumption of site environmental obligations of A$18.4 million.

End of Day Update

4:52pm EST

Gold stocks climbed alongside the price of gold, as the Market Vectors Gold Miners ETF (GDX) advanced $0.43, or 0.9%, to $47.64 per share. The GDX had been as high as $48.54 Monday morning, but gave up more than half of those gains this afternoon as the broader equity market retreated. Nonetheless, gold stocks were the only sector to finish in positive territory on the day.

GDX: $47.64, +$0.43, +0.91%

GDXJ: $26.17, +$0.48, +1.86%

XAU: 166.06, -0.05, -0.03%

HUI: 434.17, +2.32, +0.54%

S&P 500: 1,073.65, -14.04, -1.29%

Gold stocks build on friday's gains

$48.28 + 1.07

12:58pm EST

Gold stocks have followed-through on last Friday's upside reversal, with the Market Vectors Gold Miners ETF (GDX) climbing over 2% in mid-day trading on the back of the stronger gold price. Following last week's 11.2% sell-off - the GDX's worst since October 2008 - gold stocks are rallying alongside the broader market, but it is too early to tell if this morning's strength is the resumption of the longer-term uptrend in the sector, or merely a correction from the severely oversold condition gold stocks found themselves in last week.

Gold Fields Secures $450mm credit facility

$12.86 +0.27

10:32am EST

Gold Fields (GFI) announced that it has secured a $450 million revolving credit facility that matures on September 30, 2013 in order to refinance a $311 million one-year facility that expired earlier this month. The new facility is charged at 175 basis points above Libor, is currently undrawn, and will be used for general corporate purposes and working capital requirements.

south african platinum miner acquired

9:29am EST

Jinchuan Group Ltd. and China-Africa Development Fund announced the acquisition of Wesizwe Platinum, a South African platinum explorer, for $878 million to help pay for the company's Frischgewaagd-Ledig project in South Africa. The proposed transaction will contain equity and debt components, a financial guarantee and/or a shareholder loan commitment, and an off-take agreement that will guarantee all platinum group metals concentrate sales.

Canadian markets closed for holiday

9:04am EST

Canadian markets are closed Monday for Victoria Day, which commemorates the birthday of Queen Victoria. Stocks listed on the Canadian exchanges will resume trading on Tuesday.

End of Day Update

4:17pm EST

Gold stocks traded in a wide range Friday, with the Market Vectors Gold Miners ETF (GDX) falling as much as 2.5% to $45.88 this morning, before rallying back as much as 4.0% to $47.72 per share. On the week the GDX plunged 11.2% alongside a sell-off in the gold price, and remains higher by just 2.2% year-to-date.

GDX: $47.21, +$0.16, +0.35%

GDXJ: $25.70, +$0.70, +2.78%

XAU: 166.11, +1.29, +0.78%

HUI: 431.85, +1.36, +0.32%

S&P 500: 1,087.69, +16.10, +1.50%

Great Basin Gold secures credit facility

$1.67 +0.05

1:25pm EST

Great Basin Gold (GBG) announced that it has executed a $47 million credit facility, which has a maximum term of 4 years from date of draw down. Ferdi Dippenaar, the Canadian-based company's CEO, stated that the transaction provides the "last needed piece to our capital structure nd it will facilitate funding the final costs related to delivering the Burnstone gold mine starting up in the upcoming weeks."

Freeport's Congo mine to exceed targets

$66.19 +2.57

10:34am EST

Freeport-McMoRan Copper & Gold (FCX) announced that its Congo copper and cobalt mine in Africa has reached production capacity and will exceed targets for 2010. FCX has a 57.75% stake in the project, state-owned mining company Gecamines owns 17.5%, and Lundin Mining (LUN.TSX) holds the remaining 24.75%.

Pan American update from south america

$23.99 +0.06

10:13am EST

Speaking at a biannual meeting of gold mining companies in Lima, Peru, Michael Steinmann - Pan American Silver's (PAAS) Vice President for Geology and Exploration - stated that the company sees the output of its San Vicente mine in Bolivia rising by nearly 25% in 2010, following a 300% surge in 2009. Steinmann also noted that the Canadian-based silver and gold miner is investing $40 million in pre-feasibility and feasibility studies for its Navidad project in Argentina.

Canadian gold explorer to release feasibility study next week

9:38am EST

Detour Gold (DGC.TSX) announced the company will release the feasibility study on its 100-per-cent-owned Detour Lake gold project on Tuesday, May 25, 2010 at 8 a.m. ET.

End of Day Update

4:26pm EST

Gold stocks suffered steep declines as equity markets underwent one of their worst days of 2010. While the gold price considerably outperformed the broader market indices, gold stocks fared worse than the S&P 500.

With today's weakness in the sector, the Market Vectors Gold Miners ETF (GDX) is now lower by 11.5% on the week and 6.9% month-to-date. However, year-to-date the GDX remains higher by 1.8%, while the S&P 500 has now fallen 3.9% in 2010.

GDX: $47.05, -$2.40, -4.86%

GDXJ: $25.00, -$1.71, -6.40%

XAU: 164.82, -7.71, -4.47%

HUI: 430.43, -21.92, -4.85%

S&P 500: 1,071.59, -43.46, -3.90%

gold stocks, gdx tumble

$47.44 -2.01

1:15pm EST

Liquidation in the broader market dragged gold stocks lower, with the Market Vectors Gold Miners ETF (GDX) dropping as much as $2.69, or 5.4%, to $46.76 per share. At this level the GDX has given up the large majority of its year-to-date gains, and remains higher in 2010 by just $0.55, or 1.2%.

Detour Gold appoints key personnel for flagship project

C$20.32 -0.16

10:44am EST

Detour Gold (DGC.TSX) announced the appointment of "key personnel" to its mine development team at its flagship Detour Lake gold project in Canada. The company hired four professionals, each with over 18 years experience, for the following positions: Director - Construction and Engineering, Director - Procurement, Contracts and Logistics, Director - Environment and Sustainability, and Director - Human Resources and Aboriginal Affairs.

CIBC initates coverage of 7 gold stocks

10:01am EST

CIBC initiated coverage of seven gold companies with "key assets" found within the Canadian Shield. The firm noted that the key driver for news flow and share price movement for each remains tied to their exploration results. CIBC classified the three initiated with a "Sector Outperformer" as their "Top Picks" in the sector:

Detour Gold (DGC.TSX) - Sector Outperformer, C$36 price target

Osisko Mining (OSK.TSX) - Sector Outperformer, C$16 price target

Kirkland Lake Gold (KGI.TSX) - Sector Outperformer, C$16 price target

Lake Shore Gold (LSG.TSX) - Sector Performer, C$4.25 price target

San Gold (SGR.TSXV) - Sector Performer, C$6 price target

Rubicon Minerals (RMX.TSX) - Sector Underperformer, C$4 price target

Rainy River Resources (RR.TSXV) - Sector Underperformer, C$5.50 price target

Gold Fields drills out 1mm ounce resource at Hamlet

9:03am EST

South-African-based Gold Fields (GFI) announced a "substantial increase" in the Mineral Resource at its Hamlet project, an emerging gold deposit in the Argo-Athena camp at the company's St. Ives Gold Mine in Western Australia. Indicated and Inferred Mineral Resources at Hamlet were reported as 6.62 MT at 4.86 grams per tonne (g/t) of gold for a total of 1.03 million ounces. Hamlet is the second major discovery for Gold Fields in the Argo-Athena camp in the past two years.

End of Day Update

4:46pm EST

Gold stocks were hit by the downdraft in the gold price, the Market Vectors Gold Miners ETF (GDX) sliding over 6% at one point in the day. Junior miners fared even worse, with the Market Vectors Junior Gold Miners ETF (GDXJ) plummeting over 6% earlier in the session. Big movers on the day included Gammon Gold (GRS), down 9.6%; and DRDGold (DROOY), down 7.8%. Premier Gold Mines was among the few winners, up 1.1%.

GDX: $49.46, -$2.04, -3.96%

GDXJ: $26.71, -$1.42, -5.05%

XAU: 172.53, -6.22, -3.48%

HUI: 452.34, -20.65, -4.37%

S&P 500: 1,115.05, -5.75, -0.51%

gold stocks have worst day since June '09

$48.54 -2.95

12:49pm EST

With today's weakness in gold, gold stocks are getting pummeled. The Market Vectors Gold Miners ETF (GDX) fell as much as 6.6% to $48.10 - its largest single-day decline since June 22, 2009.

new resource at Fronteer's Long canyon

$5.17 -0.42

12:12pm EST

Canadian-based Fronteer Gold (FRG) announced that a new resource estiamte for its Long Canyon gold deposit in Nevada shows a "meaningful" increase in resource size and continues to illustrate the high-grade nature of the property. Based on a cut-off grade of 0.2 grams per tonne (g/t) of gold, the updated estimate consists of Measured and Indicated resources of 672,000 ounces at an average grade of 1.71 g/t of gold, and Inferred resources of 552,000 ounces at an average grade of 1.65 g/t of gold.

nem expects Conga mine to open by 2015

$54.70 -1.36

10:41am EST

Guy Lansdown, an Executive Vice President at Newmont Mining stated at an industry conference that the company expects to open its Conga gold mine in Peru in late 2014 or late 2015. In order to reach production, Lansdown said that Newmont and its partner, Peru gold miner Buenaventura, would need between $2.5 billion and $3.5 billion in investments.

Landstown went on to say that he remains bullish on the gold price and sees the price of gold between $900 and $1,300 per ounce over both the short- and medium-term.

Randgold sells 5 million Volta Shares

$87.26

8:39am EST

Randgold Resources (GOLD) sold 5 million common shares of Volta Resources at a price of C$1.59 per share last week, the company reported, with cash proceeds to be used for general corporate purposes. Randgold received 20 million Volta shares in consideration for the sale of the Kiaka project to Volta last November. Randgold still holds 15.99 million shares.

The stock sale represents 5.1% of Volta's shares outstanding. According to the London-based gold producer's statement, Randgold "has no on-going involvement with the Kiaka project or Volta and will continue to categorise the remaining Randgold investment in Volta as available-for-sale financial assets."

End of Day Update

5:36pm EST

Gold stocks ended the day to the downside, but well off their lows as a late-day rally in the gold price enabled the sector to cut its earlier loss in half. There were a few winners in individual names including Capstone Mining (CS.TSX) up 2.0%; Claude Resources (CRG) up 1.8%; and Gammon Gold (GRS) up 1.0%.

GDX: $51.49, -$0.38, -0.73%

GDXJ: $28.13, -$0.59, -2.05%

XAU: 178.75, -1.21, -0.67%

HUI: 473.00, -3.58, -0.75%

S&P 500: 1,120.80, -16.14, -1.42%

Aurizon Mines Forms JV on gold target

$5.01 -0.05

4:11pm EST

Aurizon Mines (AZK) announced it has entered into a joint venture option agreement with Typhoon Exploration (TYP.TSXV) on the Fayolle Project located ten kilometers south of Aurizon's Joanna Project in Quebec. The agreement covers 39 mining claims owned 100% by Typhoon covering 1,373 hectares on the Porcupine-Destor Break, one of the most productive gold-bearing structures of the Abitibi Belt.

Under the option agreement, Aurizon can earn up to a 65% interest in the project for consideration of $25 million in expenditures on the property and may also subscribe for $2 million in Typhoon shares and warrants.

Typhoon has explored the Fayolle project since 2003 and invested $10 million in advancing the project. Inferred mineral resources totaling 113,000 ounces of gold have been delineated to date down to 100 meters - at a grade of 1.6 grams of gold per tonne using a cut off grade of 0.5 grams per tonne. Higher grade intervals in the range of 10 to 40 grams per tonne over 3 to 30 meters have been encountered during previous drilling.

Fayolle is located in an ideal area for mining operations with developed roads, rail lines, and existing power all in close proximity to the property. In addition, its immediacy to Aurizon's Joanna project presents opportunities for creating cost synergies.

claude sells oil and natural gas assets

$1.14 +0.00

10:53am EST

Claude Resources (CGR) announced a purchase and sale agreement to sell certain oil and natural gas assets to a private Canadian corporation for $6.2 million. Claude, a Canadian-based gold producer, had announced on March 19, 2010 its intention to sell these assets as part of a corporate strategy to monetize its non-core assets.

The company noted that closing of the transaction is subject to regulatory and other approvals, and that the sale of certain assets are subject to rights of first refusal held by third parties.

US Gold expands mineralization at el gallo

$4.11 +0.06

9:45am EST

US Gold (UXG) announced drill results from 25 new core holes at its El Gallo Project in Sinaloa State, Mexico. The Canadian-based gold explorer reported that the three best results since April 26, 2010 consisted of: 12.0 ounces of silver per ton (opt) over 131.1 feet (ft) (410.2 grams of silver per tonne over 40.0 meters (m), 4.3 opt silver over 75.5 ft (149.0 gpt silver over 23.0 m) and 3.3 opt silver over 119.8 ft (114.6 gpt silver over 36.5 m).

Rainy River Names New CFO

C$6.18

8:38am EST

Rainy River Resources (RR.TSXV) appointed Nicholas J. Nikolakakis as Vice President and Chief Financial Officer of the company, succeeding James Grinell who will continue to serve as Controller. Most recently, Mr. Nikolakakis was Vice President, Corporate Finance at Barrick Gold (ABX).

End of Day Update

5:26pm EST

Gold stocks fell on the opening bell with the rest of the stock market, but failed to participate in the afternoon rally that brought the major indices back to even on the day. The primary gold sector ETFs and indices all posted losses greater than 2% on a day that saw the gold price fall back to the $1,220 level.

GDX: $51.89, -$1.26, -2.37%

GDXJ: $28.72, -$0.85, -2.87%

XAU: 179.96, -3.84, -2.09%

HUI: 476.58, -10.90, -2.24%

S&P 500: 1,136.94, +1.26, +0.11%

Allied Nevada sulphide test results

$19.57 -0.31

3:04pm EST

Allied Nevada Gold (ANV) reported that variability testing of additional samples of sulphide mineralization at its Hycroft mine in Nevada showed indicated recoveries averaging 79.7% for gold and 71.7% for silver. Testing will continue into the third quarter of 2010 to determine whether further work on the project is warranted.

yamana raises stake in aura minerals to 11%

11:16am EST

Yamana Gold (AUY) announced that it has received and now owns and controls an additional 13,859,533 common shares of Aura Minerals (ORA.TSX) at a value of C$3.90 - based on the closing price of Aura’s common shares on the Toronto Stock Exchange on April 29, 2010. Yamana, one of the largest Canadian-based gold miners, now holds a total of 23,344,261 common shares of Aura - equal to approximately 11% of Aura’s issued and outstanding common shares.

Yamana stated that it has “no current intention to acquire ownership or control over additional securities of Aura. It is the intention of Yamana to evaluate its investment in Aura on a continuing basis and such holdings may be decreased or increased in the future.”

In June 2009, Aura announced its plan to purchase three gold mines from Yamana - the San Andres gold mine in Honduras, and the Sao Francisco and Sao Vicente gold mines in Brazil. The transaction vaulted Aura closer to the mid-tier class of gold stocks and provided the Vancouver, Canada-based gold company with an avenue to significantly grow production, cash flow, and earnings.
.

SEMAFO raises C$104 million in bought deal

C$6.94 -0.38

9:54am EST

SEMAFO (SMF.TSX) announced a C$104.25 million bought deal financing under which the Canadian-based gold miner will issue 15 million common shares at a price of C$6.95, plus an over-allotment option whereby the underwriters can purchase up to an additional 2.25 million common shares at the same price. The company stated that it intends to use the net proceeds of the financing for the purchase of mining fleet for its Samira Hill Mine in Niger, Africa, for exploration and development activities at its Mana Mine in Burkina Faso, Africa, and for general corporate purposes.

colossus minerals secures land package

C$8.17

9:27am EST

Colossus Minerals (CSI.TSX) reported that the shareholders of its joint venture partner, COOMIGASP (Cooperativa de Mineração dos Garimpeiros de Serra Pelada), have approved the previously announced option agreement with Vale S.A. to purchase a 100% interest to mine precious metals in a 700 hectare land package contiguous to the existing 100 hectare Serra Pelada Project - located in Para State of Brazil and currently being developed by Colossus and COOMIGASP.

The following transactions also received shareholder approval: the agreements between Colossus, through its Brazilian subsidiary Colossus Brazil, and COOMIGASP covering the transfer of the option agreement with Vale into Serra Pelada Companhia de Desenvolvimento Mineral (SPC), the Colossus/COOMIGASP joint venture company, and the transfer to SPC of an approximate 74-hectare tenement currently owned 100% by COOMIGASP.

Ari Sussman, CEO of Colossus Minerals, stated that the Canadian-based company will announce “in the near future plans for an exploration program on the newly acquired ground.”

seabridge gold posts quarterly profit

$35.54

9:18am EST

Canadian-based Seabridge Gold (SA) reported first quarter 2010 financial and operating results, which included a net profit of $73,000 - versus a $997,000 loss in the first quarter of 2009. The company also announced that it has filed the full Preliminary Feasibility Study for its KSM project - located in British Columbia, Canada.

End of Day Update

4:45pm EST

Gold stocks finished mixed on the day with large-cap miners advancing as a sector and small- and mid-tier companies retreating. The predominantly large-cap Market Vectors Gold Miners ETF (GDX) gained nearly a full percentage point, while the smaller-cap Market Vectors Junior Gold Miners ETF (GDXJ) fell by a point. The Junior Gold Miners held up better than the broader stock indices, however, which gave up 1.5% to 2%.

GDX: $53.15, +$0.49, +0.93%

GDXJ: $29.57, -$0.31, -1.04%

XAU: 183.80, +1.04, +0.57%

HUI: 487.47, +3.50, +0.72%

S&P 500: 1,135.68, -21.75, -1.88%

Canaccord lowers Taseko to "Hold"

C$5.78 -0.31

2:49pm EST

Canacccord Genuity lowered its rating on Taseko Mines (TKO.TSX) from "Buy" to "Hold", but maintained its 12-month target of C$6.40 per share. Although Taseko missed on its first quarter earnings, Canaccord cited "share price appreciation and the limited potential return to our unchanged 12-month target" as the reasons for the downgrade.

CIBC: PAAS, Fortuna instead of Silvercorp

$8.19 -0.17

12:38pm EST

CIBC downgraded shares of Silvercorp Metals (SVM) from "Sector Performer" to "Sector Underperformer" based on share price appreciation. The firm stated "we believe that the stock is due for a pull back from current levels" and recommended switching to shares of Pan American Silver (PAAS) or Fortuna Silver Mines (FVI.TSX) for exposure to the silver price "at these levels."

Silver Wheaton cut to "Hold"

$20.58 +0.09

11:42am EST

GMP Securities downgraded shares of Silver Wheaton (SLW) to "Hold" from "Buy" due to recent share price appreciation relative to its peers. The firm did however raise its price target on SLW to $22.00 from $21.50 per share.

claude reaffirms production guidance

$1.22 +0.01

10:17am EST

Claude Resources (CGR) reported first quarter 2010 financial and operating results, which included gold production of 9,221 ounces at cash costs of $818 per ounce. Gold revenue came in at $10.2 million, with an average realized gold price of $1,103 per ounce.

Looking ahead, the Canadian-based gold miner reaffirmed its 2010 production forecast of 46,000 to 50,000 ounces of gold. Claude also noted that it will continue to focus on exploration activities at its Madsen Exploration Project and Amisk-Laurel Gold Deposit, as well as concentrating on improving operating margins at its Seabee Operation by moving Santoy 8 towards commercial production.

Aura Minerals Target Price Raised

C$4.51

9:25am EST

Wellington West reiterated its "Buy" rating on shares of Aura Minerals (ORA.TSX) and raised its target price from C$4.85 to C$5.25 - a 16.4% premium to yesterday's closing price of C$4.51 per share.

In its report the firm stated "We continue our positive view on Aura Minerals as the company has successfully made the transition from junior explorer to intermediate producer. In addition, Aura continues to make solid progress at other advanced development stage projects in the portfolio."

Franco-Nevada downgraded

C$31.85

9:12am EST

Wellington West downgraded shares of Franco-Nevada (FNV.TSX) from "Buy" to "Market Perform," with a 12-month price target of C$30.75 per share.

San Gold Hikes Output 19.9%

C$4.56

8:38am EST

San Gold Corp. (SGR.TSXV) posted first quarter 2010 gold sales of 11,984 ounces, a 19.9% increase over the fourth quarter of 2009. Continuing operational improvements enabled the company to achieve break-even earnings for the quarter, despite a two-week interruption of operations at lower Rice Lake due to mechanical repairs.

The Canada-based company also advanced its exploration program during the quarter, announcing the discovery of high-grade veins above the eastern extremity of its Rice Lake property. Company geologists now view the mine as a larger single mineralized system rather than a collection of discrete deposits.

End of Day Update

4:54pm EST

Gold stocks retreated, as the Market Vectors Gold Miners ETF (GDX) fell 1.4% to $52.66 per share. In spite of today's sell-off, the GDX remains higher by 9.1% on the week and 6.1% for the month of May. The AMEX Gold Bugs Index (HUI) declined 1.6% to 483.97 as large-cap gold stocks underperformed most small- and mid-cap shares.

GDX: $52.66, -$0.77, -1.44%

GDXJ: $29.88, -$0.72, -2.35%

XAU: 182.76, -3.30, -1.77%

HUI: 483.97, -7.79, -1.58%

S&P 500: 1,157.44, -14.23, -1.21%

colossus minerals' aid to brazil

C$8.09 -0.15

3:13pm EST

Colossus Minerals (CSI.TSX) announced it has reached an agreement with the Municipality of Curionopolis, Para State, Brazil, to provide funding for health, education, urban planning and infrastructure development. The agreement satisfies certain conditions set out in the Preliminary Environmental License for the company's Serra Pelada Project. A total of $8.9 million Reals (U.S. $5 million) will be paid in four installments over the next two years. The Canadian-based gold explorer stated that the socio-economic agreement is intended to "prepare the region for and to mitigate the impact of the development of the Serra Pelada project."

Silver Wheaton boosts production 68%

$20.99 +0.04

11:28am EST

Silver Wheaton (SLW) announced first quarter 2010 production of 5.5 million silver equivalent ounces, a 68% increase over the prior year period, while net earnings nearly tripled to $44.6 million. Although silver equivalent cash costs increased 1.8% to $4.04 per ounce, the margin expansion which drove the earnings improvement came from a 44% year-over-year surge in the average realized silver equivalent price to $17.20 per ounce.

Silver Wheaton affirmed full-year 2010 silver-equivalent production of 23.5 million ounces, a greater than 35% increase compared to 2009 levels.

Volta to issue C$30 million in warrants

C$1.57 -0.08

10:40am EST

Volta Resources (VTR.TSX) will issue C$30 million in special warrants on a bought-deal basis through an underwriting syndicate led by Cormark Securities. The offer price is C$1.55 for each warrant which can be exercised for one common share of Volta Resources for no additional consideration. The warrants can be exercised at any time, and any unexercised warrants will automatically be deemed exercised the earlier of the day that is four months following the closing of the offer, or the fifth business day after the company receives the necessary regulatory approvals to issue the common shares subject to the exercise of the warrants. Volta will use its reasonable best efforts to secure approvals within 45 days of the close of the offer which is expected to occur on June 2.

Proceeds from the offering will be used for further exploratory drilling and advancement to bankable feasibility study of the company's Kiaka project in Burkina Faso.

Aura Minerals posts 32% rise in output

C$4.42

9:11pm EST

Aura Minerals (ORA.TSX) reported first quarter 2010 gold production of 19,299 ounces, a 32% increase over the prior year period, on cash costs of $493 per ounce - 10% lower than costs for the first quarter of 2009. The increased production and improved margin enabled the company to post an adjusted net profit of $3.0 million. The results are based primarily on the operations of the company's San Andres Mine in Honduras.

Aura Minerals President and CEO Patrick Downey noted that the first quarter performance "demonstrates the capability of the San Andres operation to achieve the projected annualized production rate target of 100,000 ounces by end of 2010." Operational initiatives at San Andres and at the recently acquired Sao Francisco and Sao Vicente gold mines are expected to result in production improvements and cost reductions during 2010.

Aura Minerals reaffirmed full-year production guidance for 2010 of 185,000-195,000 ounces of gold.

End of Day Update

4:30pm EST

Gold stocks finished mixed on the day, with the Market Vectors Gold Miners ETF (GDX) sliding a quarter percent, but with the PHLX Gold Silver Index (XAU) showing more leverage to the gold price and gaining almost a full percent. Despite mixed news on quarterly earnings to date, the sector continues to advance on the strength of record gold prices, sustained production guidance, and merger and acquisition activity.

GDX: $53.46, -$0.14, -0.26%

GDXJ: $30.55, +$0.31, +1.03%

XAU: 186.06, +1.81, +0.98%

HUI: 491.74, +3.38, +0.69%

S&P 500: 1,171.67, +15.88, +1.37%

Fortuna Silver results from Caylloma

C$2.50 +0.03

1:34pm EST

Fortuna Silver Mines (FVI.TSX) released drill results from the upper portion of the Animas Vein at its Caylloma Mine in southern Peru. Highlights of the results included Hole ANIS016010, which encountered 2,222 grams per tonne (g/t) of silver, 9.64 g/t of gold, 1.17% lead, and 3.02% zinc over 9.2 meters.

The Canadian-based silver producer went on to say that the new results compare “extremely favorably” to the 156 g/t of silver average Proven and Probable Reserve grade for Caylloma, with 60% of the holes returning higher silver grades than those included in drill results from July 16, 2009.

Claude Hits at New Gold Target

C$1.27 +0.01

1:25pm EST

Claude Resources (CGR) reported drill results, which illustrate the bulk potential of the Amisk Gold Property - located 20 kilometers southwest of Flin Flon, Manitoba, Canada and host of the Amisk-Laurel Gold Deposit. Claude holds a 65% stake in the Amisk Gold Project through a joint venture with St. Eugene Mining Corporation.

Highlights of the results included the intersection of 1.03 grams per tonne (g/t) of gold over 86.70 meters. The Canadian-based gold producer went on to say that a summer exploration program, which will include re-sampling of historic core and further diamond drilling, is scheduled to begin in June.

GDX rises to new 2010 high

$53.88 +0.28

12:53pm EST

Gold stocks have continued to move higher, with the Market Vectors Gold Miners ETF (GDX) rising as much as $1.03, or 1.9%, to $54.63 at one point this morning. With today's rally in gold stocks, the GDX came within $1 of its 52-week high of $55.40, reached in early December 2009.

Jaguar Mining Posts Q1 Loss

$11.12 -0.04

12:28pm EST

Jaguar Mining (JAG) reported a first quarter 2010 adjusted net loss of $1.1 million, or $0.01 per share, primarily due to an unfavorable currency translation charge from a 29% increase in the value of the Brazilian real, and charges related to the idling of the company's Sabara operation. In the prior year period, Jaguar posted an adjusted net gain of $6.2 million ($0.09 per share.)

Production for the quarter fell to 31,223 ounces of gold, off 5% from the first quarter of 2009, while cash operating cost per ounce increased 46% to $597. The company maintained full-year 2010 production and cost guidance of 200,000-210,000 ounces of gold at $515-$527 per ounce, respectively.

SEMAFO reports record production

C$7.44 +0.31

11:08am EST

SEMAFO (SMF.TSX), reported first quarter 2010 record gold production 65,800 ounces, a 13% increase over the prior year period, and record net income of $13.8 million, or $0.06 per share. Profits were spurred higher by the increase in production but also by an expanding margin which saw the average realized gold price increase by 20% and cash costs that were lower by $5 to $455 per ounce.

Cash flow from operations increased 43% over Q1 2009 to $26.5 million while the company's cash balance remained the same at $61 million. Debt to equity fell to 10% from 13% at December 31, 2009. SEMAFO reaffirmed 2010 production guidance of 235,000 to 260,000 ounces of gold.

sunridge drilling update at asmara

C$0.42 +0.02

10:16am EST

Sunridge Gold (SGC.TSXV) announced that it has begun a new drilling program at the Adi Rassi copper-gold prospect within its Asmara Project in Eritrea, Africa. Adi Rassi is located within the exploration areas and is part of a joint-venture funding agreement with Antofagasta Minerals that was announced on October 2, 2009.

Sunridge stated that the program will consist of at least four holes totaling 1,200 meters of diamond drilling. The copper and gold mineralization at Adi Rassi is associated with quartz veins and breccia zones along a major shear zone that trends northeast and dips steeply to the west, according to the Canadian-based gold explorer. Alteration associated with copper mineralization can be seen at surface in a zone that measures about 80 meters wide along a strike length of approximately 500 meters.

Eldorado to Acquire Brazauro Resources

$18.17 +0.51

9:59am EST

Eldorado Gold (EGO) announced that it has reached an agreement to acquire the remaining shares of Brazauro Resources (BZO.TSXV) it does not already own in a stock deal valued at C$122.4 million. Under the agreement each share of Brazauro will be exchanged for 0.0675 Eldorado shares, a value of C$1.33 per Brazauro share which is a premium of 92% over its closing price on May 11. The transaction is scheduled to close July 15, 2010, pending customary regulatory and court approvals, and the approval of two-thirds of Brazauro shareholders.

Brazauro's principal asset is the Tocantinzinho project in Brazil, a late-stage exploration project with a measured and indicated resource of 1.9 million ounces of gold. Production for the property has been forecasted at 145,000 ounces of gold per year with an estimated mine life of 13 years.

Aurizon reaffirms production guidance

$5.78

9:00am EST

Aurizon Mines (AZK) released financial and operating results for the first quarter of 2010, which included gold production of 35,188 ounces at total cash costs of $538 per ounce. Revenue from the company's flagship Casa Berardi project in Canada totaled $39.8 million, while the average realized gold price was $1,010 per ounce - compared to $888 in the first quarter of 2009.

The Canadian-based gold miner also reaffirmed its 2010 production forecast of 145,000 to 155,000 ounces of gold, and stated that in 2011 through 2013 annual gold production of 160,000 to 170,000 ounces is expected at total cash costs of $425 per ounce.

End of Day Update

4:34pm EST

Gold stocks tracked the gold price, which reached a new all-time high in U.S. dollars, with three of the four major gold stocks sector indices and exchange traded funds (ETFs) posting gains in excess of 6%. Investors sought exposure to the streaking gold price through individual gold stocks, ETFs and other gold funds as the gold sector lead all others on the day. Among the biggest gainers were IAMGOLD (IAG), up 10.0% to $19.61; Golden Star Resources (GSS), up 9.6% to $4.58 per share; and Mines Management (MGN), up 12.5% to $2.80.

GDX: $53.60, +$3.46, +6.90%

GDXJ: $30.24, +$1.97, +6.97%

XAU: 184.25, +7.57, +4.28%

HUI: 488.36, +27.64, +6.00%

S&P 500: 1,155.79, -3.94, -0.34%

Gold stocks surge higher

$53.13 +2.99

12:42pm EST

Gold stocks and silver stocks have posted significant gains today, as the Market Vectors Gold Miners ETF (GDX) hit a new 2010 high and its highest level since December 2, 2009. Strength in gold stocks has been broad-based with many of the large-cap, mid-cap, and small-cap names rallying anywhere from 4 to 10%.

Perseus Mining Drill Results

C$1.79 +0.13

11:01am EST

Perseus Mining (PRU.TSX) reported drill results at its Central Ashanti Gold Project in Ghana that included a high-grade intercept of 9.2 g/t gold over a width of 10 meters. The returns are part of an exploration program on the South Botiksi Extension, below a pit that was mined prior to 2001. The drill program is aimed at completing what the company terms a "significant resource upgrade" for the property by Q3 2010.

GFI, BVN report major Peru discovery

10:18am EST

Gold Fields Limited (GFI) and Compañía de Minas Buenaventura (BVN) announced a major gold-copper-silver discovery in their joint venture Chucapaca project area in southern Peru. Called the Canahuire deposit, it has a Mineral Resource estimate of 5.6 million gold equivalent ounces, and Inferred Mineral Resource of approximately 83.7 Mt at 1.9 g/t gold, 0.09% copper and 8.2 g/t silver. A scoping study is on track for completion by June 2010 and, subject to a positive economic outcome, pre-feasibility will begin in July 2010, spokesmen for the joint venture said.

Pan American Q1 Earnings Up 189%

$25.90

8:47am EST

Pan American Silver (PAAS) reported that its first quarter 2010 silver production increased 13% to 5.5 million ounces, with gold production up 34% to 27,896 ounces. Cash costs decline 27% to $4.35 per ounce of payable silver, net of by-products, driving net income nearly three times higher than the prior year period earnings to $19.1 million, or $0.18 per share.

Earnings improvements were driven primarily by higher metals prices and a positive foreign exchange adjustment. Cash flow from operations increased 127% to $42.1 million, and the cash position totaled $215.4 million. During the quarter, the company declared and paid its first-ever cash dividend of$0.025 per share.

End of Day Update

4:41pm EST

Gold stocks participated in the broader equity market rally today, but were hindered to an extent by a lower gold price. The Market Vectors Gold Miners ETF (GDX) gained 2%, lagging the major stock indices which increased 3.9% to 4.4%. The Market Vectors Junior Gold Miners ETF (GDXJ) - which has a higher percentage of silver producing companies than the GDX - matched the broader market gain, buoyed by a higher silver price. Among the precious metals sector leaders were Coeur d'Alene Mines (CDE,) up 4.2% to $17.04; Premier Gold Mines (PG.TSX), up C$0.11 to C$4.12, or 2.7%; and Barrick Gold (ABX), up 2.6% to $43.91.

GDX: $50.14, +$1.01, +2.06%

GDXJ: $28.27, +$1.10, +4.05%

XAU: 176.68, +4.80, +2.79%

HUI: 460.72, +9.14, +2.02%

S&P 500: 1,159.73, +48.85, +4.40%

Allied nevada reaffirms gold forecast

$18.77 +0.69

3:15pm EST

Allied Nevada (ANV) announced first quarter 2010 financial and operating results, highlighted by production of 22,700 ounces of gold and 53,500 ounces of silver. Net income came in at $0.05 per share, versus a net loss of $0.13 per share in the first quarter of 2009. The company also reaffirmed its 2010 forecast of approximately 100,000 ounces of gold at a cost of sales of $400-$450 per ounce.

Coeur d'Alene cash flow, production rise

$17.15 +0.79

2:41pm EST

Coeur d'Alene Mines (CDE) released its first quarter financial and operating results, which included a 308% rise in quarterly operating cash flow. Silver production came in at 3.4 million ounces - consistent with first quarter 2009 levels. Gold production rose to 25,782 ounces from 3,791 ounces in the prior year period, primarily due to 22,577 ounces of production from the Canadian-based company's Palmarejo mine in Mexico - which began production in April of 2009.

Harmony Gold production down 10%

$9.45 +0.09

10:50am EST

Harmony Gold (HMY) reported a net loss from continuing operations of R295 for the quarter ended March 31, 2010, due to lower gold production which fell 10% to 333,276 ounces. The production decrease was due to a number of factors including the closing of several mine shafts that have been depleted of their payable reserves, a fire, stoppages ordered by the South African Department of Mineral Resources, and other operational breakdowns.

Premier Gold Discovery at East Bay

C$4.07 +0.06

10:28am EST

Premier Gold Mines (PG.TSX) reported that drilling at its East Bay Project in the Red Lake gold mining district of Ontario, Canada has discovered a "potentially significant" gold bearing system. The East Bay Project is located along the East Bay Trend to the north of, and on strike from, Rubicon Minerals Phoenix Gold Project, which has received considerable market attention for its F2 Zone discovery, according to Premier Gold. East Bay is one of two joint ventures Premier holds in the Red Lake gold mining district in partnership with Red Lake Gold Mines Limited, an affiliate of Goldcorp (GG).

Highlights from the discovery included the intersection of 51.04 grams per tonne (g/t) of gold across 0.7 meters within the QV Zone, as well as 7.25 g/t of gold across 2.8 meters within the Shear Zone. Premier went on to note that there are several kilometers of favorable strike length that remain untested and have the potential to contain additional gold mineralization.

NBF Initiates Lake Shore at "Outperform"

C$3.09

8:53am EST

National Bank of Canada Financial initiated coverage on Lake Shore Gold (LSG.TSX) with an "Outperform" rating and a 12-month target price of C$4.25. National Bank cited Lake Shore's large land position in the highly-productive Timmins-Porcupine mining district in Canada and exploration opportunities in Mexico. The 12-month target price represents a 37.5% premium to Lake Shore's current share price, which closed at C$3.09 on Friday.

End of Day Update

4:57pm EST

Gold stocks finished the day lower, but significantly outperformed the broader market on the week, as investments tied to the price of gold benefited on a relative basis from safe haven buying. The Market Vectors Gold Miners ETF (GDX) posted a weekly loss of 2.7%, compared to 6.4% drop in the S&P 500.

GDX: $49.13, -$0.81, -1.62%

GDXJ: $27.17, -$0.53, -1.91%

XAU: 171.88, -2.71, -1.55%

HUI: 451.58, -6.33, -1.38%

S&P 500: 1,110.88, -17.27, -1.53%

IAMGOLD posts 12% earnings increase

$17.63 -0.14

2:05pm EST

IAMGOLD (IAG) released its first quarter 2010 financial and operating results, which included net earnings of $0.16 per share - a 12% rise over first quarter 2009 EPS. Gold production for the Canadian-based miner came in at 206,000 ounces, at an average cash cost of $524 per ounce. Production at IAMGOLD's Rosebel mine in Suriname, Africa was 93,000 attributable ounces - a 12% increase from the first quarter of 2009 - at a cash costs of $456 per ounce.

Colossus advances at serra pelada

C$7.60 -0.19

12:12pm EST

Colossus Minerals (CSI.TSX) and its joint venture partner COOMIGASP announced that the companies' Serra Pelada Project in the Para State of Brazil has been granted a mining license. The license was executed by Marcio Zimmerman, Minister of Mines and Energy for Brazil.

Serra Pelada, Colossus' flagship project, is a high-grade gold-patinum-palladium deposit, which according to the company was host between 1980 and 1986 to the largest precious metals rush in Latin American history. Today's mining license announcement is a significant step forward for Colossus Minerals, as Serra Pelada moves toward production.

GFI Misses on earnings, production

$12.98 -0.16

10:14am EST

South African-based Gold Fields (GFI) reported quarterly earnings per share of $0.06, below the $0.10 Wall Street consensus estimate. Gold production came in at 793,000 ounces, 12% below the previous quarter. However, the gold miner did say that production would recover in the next quarter to between 875,000 and 900,000 ounces.

record quarter for eldorado gold

$15.88

8:56am EST

Canadian-based Eldorado Gold (EGO) released its first quarter 2010 financial and operating results, highlighted by record gold production that rose 168%, and earnings per share that rose 150%. The company also instituted a dividend for the first time in its history.

End of Day Update

5:04pm EST

On a day of historic proportions in the financial markets, gold stocks were the top performing equity sector by a wide margin. With the S&P 500 falling as much as 100 points in the span of a half hour, the Market Vectors Gold Miners ETF (GDX) gave up its earlier gains, but subsequently recovered to finish higher by 1.4% at $49.94 per share. The plethora of earnings reports and other headlines from the sector were severely overshadowed by this afternoon's stock market plunge. But perhaps lost within the craziness of the overall market was the fact that gold stocks were the only sector to finish in positive territory.

GDX: $49.94, +$0.70, +1.42%

GDXJ: $27.70, +$0.09, +0.33%

XAU: 174.59, +1.73, +1.00%

HUI: 457.90, +6.92, +1.54%

S&P 500: 1,128.15, -37.72, -3.24%

spanish mountain gold appoints new coo

C$0.35 +0.01

11:28am EST

Spanish Mountain Gold (SPA.TSXV) announced that Ron Halas has been appointed to the position of Chief Operating Officer, and will also serve as Project Manager for the Spanish Mountain gold project in central British Columbia, Canada. Mr. Halas has 22 years of experience including open pit and underground mining in both base and precious metals, and has worked with major mining companies - including Vale Inco, PT Freeport Indonesia, Placer Dome, Cominco Limited and Inco Limited.

Brian Groves, Spanish Mountain Gold’s President and CEO, stated that “We continue to add to the strength of the Company’s management with the addition of Ron to the team. We are very pleased that Ron has chosen to apply his experience and skill to the advancement of our key Spanish Mountain project. His diverse experience and operational abilities will be key drivers of the future growth of the Company.”

alamos reaffirms production forecast

C$15.06 +0.27

10:22am EST

Alamos Gold (AGI.TSX) reported first quarter 2010 revenue of $46.7 million on sales of 42,148 ounces of gold, a 31% increase over the first quarter of 2009. Ounces sold increased 5% while the average realized gold price rose by 25% to $1,107 per ounce. Gold production fell, however, from 48,000 ounces in the fourth quarter of 2009 to 41,600 ounces for Q1 2010. Net earnings totaled $14.0 million, or $0.12 per share, on the strength of increasing margins. Total cash costs per ounce were $316 for the period, well below the $338 guidance initially provided by the company.

Cash from operations totaled $23.5 million, a 38% increase from the prior year period, and the cash position at March 31, 2009, was $164.2 million. Alamos carries no debt and remains unhedged to the price of gold. Management reiterated production guidance for the full year of 160,000 to 175,000 ounces of gold.

Minefinders' gold production up 32.5%

$9.38 -0.22

10:09am EST

Canadian-based Minefinders (MFN) reported its 2010 first quarter financial and operating results, highlighted by a 32.5% rise in gold production to 18,778 ounces at its Dolores gold and silver mine in Mexico. The company also announced the resignation of Gregg Bush as Chief Operating Officer effective May 15, but did not announce a replacement on an interim or permanent basis. Scotia Capital research analyst Indi Gopinathan noted, however, that "While the COO departure may cause concern, we note that the operating team at Dolores remains intact and should be able to run the mine with support from Mr. Bush until his replacement is found."

Golden Star Revenues Rise 18%

$4.31 -0.04

9:32am EST

Golden Star Resources (GSS) released its first quarter 2010 financial and operating results, which included net income of $3.9 million - versus a net loss of $1.1 million in the first quarter of 2009. Gold revenues came in at $103.3 million - 18% above the prior year period - as the company's realized gold price averaged $1,111 versus $904 per ounce in the first quarter of 2009.

The U.S.-based gold mining company reported gold production of 92,938 ounces at a cash operating cost of $612 per ounce, and announced that it is on track to meet its 2010 production forecast of 400,000 ounces. Golden Star also increased its 2010 exploration budget to $18 million from $9 million in 2009.

Randgold Misses on Q1 Earnings

$81.40

8:30am EST

Randgold Resources (GOLD) reported first quarter 2010 attributable gold production of 112,663 troy ounces, a 2.1% increase over the prior year period. The London-based company posted a 69% rise in net profit of $18.8 million, or $0.21 per share, versus analysts estimates of $0.25 per share, primarily on the strength of a 37% increase in the average gold price for ounces sold. Earnings were negatively impacted by higher costs and reduced production at the Loulo and Morila mines. Cash costs per ounce rose 33.5% over Q1 2009 to $553.

End of Day Update

5:11pm EST

Gold stocks ended mixed on the day, with the large-cap sector indices finishing down and smaller producers making gains despite the broader market sell-off. The Market Vectors Junior Gold Miners ETF (GDXJ) eked out a $0.03 increase to $27.61 one day after Lihir Gold (LIHR) agreed to a sweetened offer from Newcrest Mining, and Kinross Gold (KGC) announced it had acquired a 9.4% stake in Red Back Mining (RBI.TSX) in a non-brokered private placement. These and other recent merger announcements have brought increased investor attention to small- and mid-cap gold stocks, which are likely to become takeover targets of larger producers.

GDX: $49.24, -$0.42, -0.85%

GDXJ: $27.61, +$0.03, +0.11%

XAU: 172.86, -1.53, -0.88%

HUI: 450.98, -3.33, -0.73%

S&P 500: 1,165.87, -7.73, -0.66%

Yamana Gold Raises Dividend 50%

$10.46 -0.11

12:39pm EST

Canadian-based Yamana Gold (AUY) announced a 50% increase in its dividend, to an annualized $0.06 per share from $0.04. Yamana stated that the increase will be in effect for the second quarter dividend, payable June 14, 2010, to holders of record as of the close of business on June 30, 2010.

Dundee Precious Metals earnings report

C$3.81 +0.06

11:43am EST

Dundee Precious Metals (DPM.TSX) announced first quarter 2010 financial and operating results, which included a net loss of $48.3 million that included $50.6 million in net impairment provisions related to the company's proposed metals processing facility in Bulgaria. The Canadian-based gold miner produced 17,702 ounces of gold at its Chelopech mine in Bulgaria and 4,244 ounces at its Deno Gold property.

Centamin Egypt Quarterly Production

C$2.08 +0.00

10:30am EST

Centamin Egypt (CEE.TSX) reported Q3 2010 production of 36,621 ounces of gold at an average cash cost of $403 per ounce. The Australia-based company reiterated production guidance for its first year of commercial operation of 200,000 ounces of gold. Centamin also increased its proven and probable reserves 10.9% to 7.1 million ounces. Significant holders of Centamin shares include Paulson & Company, which has a 10.78% stake in the company.

Lake Shore results from timmins west

C$3.09

9:07am EST

Canadian-based Lake Shore Gold (LSG.TSX) announced results from the initial nine holes of the 2010 drill program at its 100% owned Thorne Property, the company's third major target within its Timmins West Complex in Ontario, Canada. Highlights from the results consisted of multiple high-grade intercepts at the Gold River West Zone, including 5.52 grams per tonne (g/t) of gold over 5.40 meters, and 10.46 g/t over 9.00 meters. Furthermore, the new geological model for the Gold River East indicated the presence of a wide fold structure with the potential to contain significant resources at shallow depths and the potential for open pit and/or bulk underground mining.

Kinross Q1 2010 Results, Red Back Stake

$18.58

8:38am EST

Kinross Gold (KGC) reported first quarter production of 544,134 gold equivalent ounces, a 3% increase over the first quarter of 2009, and posted adjusted net earnings of $97.4 million, or $0.14 per share, versus the prior year period $70.7 million and $0.10 per share.

Kinross also announced it was taking a 9.4% stake in Red back Mining (RBI.TSX) through a private placement deal worth C$600 million. Kinross CEO and President Tye Burt said the investment in Red Back "enhances our leverage to the gold price and gives us a strategic stake in a fast-growing producer with great exploration potential, a first-class management team, and assets in one of the world's most prolific gold regions."

Revenue for the quarter increased 23% to $657.6 million, attributable primarily to a 19% increase in the average realized gold price to $1,065 per ounce sold. The Canada-based gold producer saw cost of sales per gold equivalent ounce rise to $461, a 10% increase over first quarter 2009.

Kinross reiterated its 2010 production guidance of approximately 2.2 million gold equivalent ounces.

End of Day Update

5:02pm EST

Gold stocks could not avoid the drubbing handed out to nearly all sectors of the equity market. Small-cap indices performed worse than the majors, and the same was true among gold stocks. The Market Vectors Gold Miners ETF (GDX) lost 0.4%, but the Junior Gold Miners ETF (GDXJ) plunged 3.1%. The poorer performance of the Junior ETF, which has a larger component of silver producers than the GDX, also had much to do with the plummeting silver price, which sank 4.8% versus a 0.7% decline in the gold price.

GDX: $49.66, -$0.22, -0.44%

GDXJ: $27.58, -$1.35, -4.67%

XAU: 174.39, -2.18, -1.23%

HUI: 454.31, -3.67, -0.80%

S&P 500: 1,173.60, -28.66, -2.38%

kirkland lake - "significant resource upside"

3:09pm EST

Scotia Capital initiated coverage of Kirkland Lake Gold (KGI.TSX) with a "Sector Perform" rating and a one-year target price of C$8.40 - a 9.7% premium to yesterday's closing price of C$7.66 per share. The firm noted that the Canadian-based gold explorer "has amassed a set of assets with great exploration potential. However, the key to showing that value can be unlocked from these assets is through consistent production ramp-up" and that "We believe there is potential for significant resource upside from the assets at Kirkland Lake."

agnico-eagle to purchase comaplex minerals

12:31pm EST

Agnico-Eagle Mines (AEM) and Comaplex Minerals (CMF.TSX) announced that they have entered into a definitive agreement in which AEM will acquire all of the shares of Comaplex it does not already own. Previously Agnico-Eagle held approximately 12.3% of the outstanding shares of Comaplex, on a fully-diluted basis. The transaction is subject to approval by Comaplex shareholders, and is expected to close in July 2010.

goldcorp sells escobal for $505 million

$42.08 -0.62

11:28am EST

Canadian-based Goldcorp (GG), the world's second largest gold mining company by market capitalization, announced that its subsidiaries have entered into a definitive agreement to sell the Escobal silver deposit in Guatemala to Tahoe Resources - a private company headed by former Goldcorp President and CEO Kevin McArthur. Under the terms of the agreement, Goldcorp will receive $505 million, consisting of Tahoe shares representing a 40% ownership position in Tahoe following Tahoe’s proposed initial public offering of common shares in Canada, and the balance in cash of at least $230 million, depending on the final results of the offering.

Lihir Gold accepts Newcrest Mining's higher offer

8:43am EST

Lihir Gold (LIHR) accepted a higher takeover offer from Newcrest Mining, in a cash and stock transaction valued at 9.5 billion Australian dollars ($8.8 billion). The offer price of A$4.03 is 6.4% above Newcrest's previous proposal announced on April 1. The merger agreement is subject to approval by Lihir shareholders at a vote expected to be conducted in late July 2010, and if approved will create the largest gold producer in Australia.

Yamana Reaffirms Production forecast

$10.79

8:25am EST

Yamana Gold (AUY) released its first quarter 2010 financial and operating results, which included production from continuing operations of 239,838 gold equivalent ounces (GEO) - a 6% increase over the first quarter of 2009. Cash costs from continuing operations were $161 per GEO, and the company stated that cash costs are expected to decline quarter-over-quarter throughout the year as production "ramps up." The Canadian-based gold miner also announced that production is on pace to meet the company's annual guidance of 1,030,000 to 1,145,000 GEO.

End of Day Update

5:08pm EST

Gold stocks fell as a sector despite the gold price extending its gains, while the broader market rallied sharply from Friday's sell-off. Hardest hit among the gold stocks were companies with operations in Australia, which instituted a 40% "super tax" on mining profits. But the contagion spread to other gold stocks on fears that more political jurisdictions may follow Australia's lead to raise additional revenues off the commodity bull market.

GDX: $49.88, -$0.63, -1.25%

GDXJ: $28.93, -$0.25, -0.85%

XAU: 176.57, -2.45, -1.37%

HUI: 457.99, -5.75, -1.24%

S&P 500: 1,202.26, 15.58, +1.31%

US Gold results from el gallo

$3.55 +0.14

1:34pm EST

US Gold (UXG) announced drill results from a significant new core hole at its El Gallo project, located in Sinaloa State, Mexico. The hole intersected 22.9 ounces of silver per ton over 34.1 feet (785.7 grams per tonne over 10.4 meters). Rob McEwen, Chairman and CEO, commented that "this is a fantastic hole and it opens up a completely new area for exploration."

IAMGOLD ahead of schedule at Essakane

$18.08 +0.21

12:55pm EST

IAMGOLD (IAG) announced that its Essakane project, located in Burkina Faso, is ahead of schedule, in addition to being on budget. Mill ore processing will begin in June with commercial production expected to occur in August. IAMGOLD has guided the market to 500,000 gold ounces per annum from Essakane. The company also commented on the upside exploration potential at the project. Shares of IAG rallied on the news, as the company's stock price rose $0.21 to $18.08 per share against a backdrop of generally lower gold stocks.

San Gold JV results from Davidson-Tisdale

11:42am EST

VG Gold (VG.TSX) and its joint venture partner San Gold (SGR.TSXV) released initial diamond drill results for their Davidson-Tisdale project in Timmins, Ontario, Canada for 2010. Drilling occurred on two separate zones of mineralization - the S Zone and the Main Zone. Highlights from the results included the intersection of 51.4 grams per ton of gold across 1.5 meters. VG Gold holds a 68.5% stake in the JV and San Gold has the remaining 31.5% stake.

Gold Miner Misses Across the Board

C$25.20 -1.48

10:08am EST

Red Back Mining (RBI.TSX) reported first quarter earnings of $0.14 per share, missing consensus estimates of $0.19 by a wide margin. Cash flow per share was light, at $0.22 versus an estimate of $0.27. Gold production came in 10% to 15% below guidance and cash costs missed by roughly $75 as the company's flagship Chirano mine underperformed across the board. Red Back did reiterate 2010 production guidance of 485,000 to 525,000 ounces and cost guidance of $390 to $420 per ounce.

Aura closes acquisition of brazilian mines

C$3.94

8:33am EST

Aura Minerals (ORA.TSX) announced that it has closed the acquisition and assumed operating control of the Sao Francisco and Sao Vicente gold mines in Mato Grosso State, Brazil. The Canadian-based gold miner announced its intention to purchase these gold mines from Yamana Gold (AUY) in June 2009. Together the mines produce approximately 140,000 ounces of gold on an annualized basis, and stated that 2010 attributable production is forecast to be between 95,000 and 105,000 ounces of gold.