Gold Stock Blog

End of Day Update

4:11pm EST

GDX: $45.32, +$0.36, +0.08%

GDXJ: $25.78, +$0.39, +1.54%

XAU: 167.24, +1.41, +0.85%

HUI: 420.08, +4.43, +1.07%

S&P 500: 1,150.24, +4.63, +0.40%

Premier Gold initiated “Speculative Buy”

C$4.07 +0.01

2:09pm EST

Versant Partners initiated coverage of Premier Gold Mines with a “Speculative Buy” and a 12-month target price of C$5.15 - a 26.8% to yesterday’s closing price of C$4.06 per share.

Comaplex Minerals started at “Buy”

C$7.55 -0.09

2:03pm EST

Versant Partners initiated coverage of Comaplex Minerals (CMF.TSX) with a “Buy” rating and a 12-month price target of C$10.50 - a 37.4% premium to yesterday’s closing price of C$7.64 per share.

Gold stocks mixed, GDX nearly unchanged

$44.97 +0.01

12:24pm EST

Gold stocks were mixed in mid-day trading as the Market Vectors Gold Miners ETF (GDX) traded fractionally higher after recovering its early morning decline.

Coeur d'Alene update at San Bartolome

$16.42 +0.16

12:02pm EST

Silver producer Coeur d'Alene Mines (CDE) announced that its San Bartolome silver mine in Bolivia has begun mining operations in a higher grade material located in the Huacajchi deposit. San Bartolome is a surface silver mine near Potosi where commercial production began in June 2008.

Kinross to Acquire Underworld

$17.78 -0.29

10:33am EST

Kinross Gold (KGC) announced that it has entered into a letter agreement to acquire Underworld Resources (UW.TSXV) in a friendly takeover bid valued at $139.2 million or $2.62 per share. Under the terms of the letter, Underworld agreed to work exclusively with Kinross toward completing a definitive agreement for the acquisition, anticipated to occur by March 15.

GMP Raises Allied Nevada Target Price

C$15.10 +0.06

10:19am EST

GMP raised its price target on shares of Allied Nevada Gold (ANV.TSX) from C$18.75 to C$24.00 - a 59.6% premium to yesterday’s closing price of C$15.03 per share.

NovaGold Completes Soros Offering

$6.88 -0.01

9:55am EST

Novagold Resources (NG) announced it has completed a $75 million equity offering with Quantum Partners, a private investment fund managed by Soros Fund Management. The non-brokered offering was announced on Monday only days after the Canada-based company announced a $100 million equity offering with Paulson & Co.

Lake Shore Reports 4th Quarter Results

C$2.75 -0.14

9:37am EST

Lake Shore Gold (LSG.TSX) reported 2009 gold production of 7,700 ounces and posted a loss of -C$0.04 per share and negative cash flow of -C$0.03 per share. The company lowered 2010 production guidance to 65,000 ounces from a previous estimate of 100,000 ounces.

Gold Stocks Versus the S&P 500

$44.96

8:55am EST

The S&P 500 was higher yesterday for the eighth time in nine days. Over the course of the past week gold stocks have lagged the broader market averages, as the Market Vectors Gold Miners ETF (GDX) has declined 3% since March 3rd, while the S&P 500 has rallied 2.4% over the same time frame.

End of Day Update

4:18pm EST

GDX: $44.96, -$0.62, -1.36%

GDXJ: $25.39, -$0.11, -0.43%

XAU: 165.83, -2.39, -1.42%

HUI: 415.65, -5.98, -1.42%

S&P 500: 1,145.61, +5.16, +0.45%

Klondex Mines update at Fire Creek

C$1.29 +0.06

3:38pm EST

Canadian-based Klondex Mines (KDX.TSX) reported an update on the status of permitting for its underground pogram focused on bulk sampling and exploration drilling at its high-grade Fire Creek gold deposit in North central Nevada.

Gold between $1,000 & $1,200 in 2010?

$74.74 -0.93

1:33pm EST

Mark Bristow, CEO of Randgold Resources (GOLD), predicted at the annual Prospectors and Developers Association of Canada (PDAC) convention in Toronto that “This year is going to be a relatively flat year for gold with the price ranging between $1,000 to $1,200.” He went on to discuss the U.S. dollar, stating that “Lots of people are very bearish on the dollar, but compared to what? You will see on a relative basis the dollar being a lot stronger than some people think.”

GDX Falls for 3rd straight day

$44.86 -0.72

12:41pm EST

Gold stocks followed the gold price lower in mid-day trading, with the Market Vectors Gold Miners ETF (GDX) declining for the third consecutive day.

Premier Gold Mulls Hardrock Spinoff

C$4.64 +0.06

12:32pm EST

Premier Gold Mines (PG.TSX) may spin off its promising Hardrock project in order to boost the property’s value, according to CEO Ewan Downie. Premier Gold holds a 70% interest in Hardrock through a joint venture with Goldcorp (GG), one of the world’s largest gold producers. “By the end of the year, if Hardrock continues to provide the results it has, at that point we may look at making it its own vehicle,” said Downie.

Queenston Raises $10.7 Million

C$4.64 +0.21

12:06pm EST

Queenston Mining (QMI.TSX) announced that it has received $10.7 million in proceeds from share sales related to the exercise of warrants issued by the company in an equity/warrant financing in March 2009. Canada-based Queenston reported that it cash position is now $47 million.

Harmony Fatality Halts Production

$9.65 +0.05

11:43am EST

Harmony Gold Mining (HMY) suspended output at its Evander mine in South Africa after a miner was killed in a rockfall accident. A company spokesperson said the company has halted production at the site until an official investigation into the accident has been completed.

Victoria update from eagle gold project

C$1.02 -0.03

10:16am EST

Victoria Gold (VIT.TSXV) reported results from an NI 43-101 compliant pre-feasibility study at its Eagle Gold Project in the Yukon Territory.

Northgate Upgraded to “Neutral”

$2.93

9:15am EST

Macquarie Research upgraded shares of Canadian-based Northgate Minerals to “Neutral” from “Underperform” as fourth quarter earnings and cash flow per share beat the firm’s forecasts, while gold production and cash costs were in line with expectations. The firm issued a 12-month price target of C$3.60 per share - a 23% premium to yesterday’s closing price of $2.93 per share.

End of Day Update

4:09pm EST

GDX: $45.58, -$0.37, -0.81%

GDXJ: $25.50, -$0.24, -0.93%

XAU: 168.22, -0.99, -0.59%

HUI: 421.63, -2.57, -0.61%

S&P 500: 1,140.45, +1.95, +0.17%

Gold stocks back in the red

$45.53 -0.42

3:48pm EST

Gold stocks returned to negative territory this afternoon, with the Market Vectors Gold Miners ETF (GDX) falling $0.42, or 0.9%, to $45.53 per share as the price of gold turned slightly lower along with the broader commodity complex.

NovaGold Closes $100 Million Offering

$6.73 +0.43

3:20pm EST

NovaGold Resources (NG) reported that its $100 million equity offering to several investment funds managed by Paulson & Company has been completed, just one day after the Canada-based company announced a $75 million non-brokered equity offering to Quantum Partners, an investment fund run by Soros Fund Management. The Paulson and Soros funds filed 13-Fs last month which disclosed major equity stakes in a number of gold mining stocks and gold-related ETFs.

Apollo Gold to acquire Linear Gold

12:20pm EST

Apollo Gold (AGT) announced that it has agreed to acquire Linear Gold (LRR.TSX) for C$102 million in order to create an “emerging Canadian mid-tier gold producer.” Under the terms of the transaction, Linear shareholders will recieve 5.474 Apollo common equity shares per Linear common share, which represents a 20% premium to the 20-day volume weighted average Linear share price. Based on current shares issued and outstanding Apollo shareholders will own 52.2% of the combined company, while Linear shareholders will own the remaining 47.8%.

Gold stocks pare losses

$45.75 -0.22

11:51am EST

Gold stocks have recovered the majority of their earlier declines, as the Market Vectors Gold Miners ETF (GDX) was lower by $0.22, or 0.5%, to $45.75 per share in mid-day trading. The GDX had been down as much as $0.70, or 1.5%, at $45.25 this morning.

Rubicon Drill Results at Red Lake

$4.54 -0.04

9:55am EST

Rubicon Minerals (RBY) announced drill results from its Phoenix Gold Project in the Red Lake Gold District of Ontario. The company reported drill intercepts consisting of 0.27 ounces per tonne of gold over 41.5 feet including 3.73 ounces per tonne over 1.6 feet. Rubicon is a Canadian-based gold explorer in which Rob McEwen - President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp (GG) - owns 21.4% of the issued shares.

Northgate record gold production

$2.95 -0.07

9:32am EST

Northgate Minerals (NXG) reported financial and operating results for the fourth quarter and full year 2009. The Vancouver, Canada based gold producer announced record cash flow from operations of $187.2 million for the year, and record annual gold production of 362,398 ounces at a net cash cost of $477 per ounce.

Colossus Minerals update at Serra Pelada

C$5.32

9:07am EST

Canadian-based Colossus Minerals (CSI.TSX) announced that a Preliminary Environmental License has been issued for its flagship Serra Pelada Project in Brazil. Colossus holds a 75% interest in the Serra Pelada project, a gold-platinum-palladium deposit.

End of Day Update

4:26pm EST

GDX: $45.95, -$0.48, -1.03%

GDXJ: $25.74, -$0.10, -0.39%

XAU: 169.21, -1.60, -0.94%

HUI: 424.20, -4.59, -1.07%

S&P 500: 1,138.50, -0.20, -0.02%

Premier Discovers New Zones at Hardrock

C$4.00 -0.01

2:29pm EST

Premier Gold Mines (PG.TSX) announced that drilling has discovered two new gold zones at its Hardrock Project in Northwestern Ontario, Canada. Initial intersections included 9.3 grams per tonne of gold over 28.4 meters and 12.3 grams per tonne of gold across 4.0 meters.

ATAC Resources Stakes New Claims

C$1.55 +0.04

1:08pm EST

ATAC Resources (ATC.TSXV) reported that it has doubled the size of its claim holdings at its wholly-owned Rau Gold Project located in central Yukon Territory with the staking of 3,305 new claims. The company reports that crews will be mobilized to the property in April to commence further exploration.

Paramount Gold Drill Results

C$1.82 -0.04

12:48pm EST

Paramount Gold and Silver (PZG.TSX) reported progress on definition drilling at its San Miguel project in Mexico. The drill program is aimed at defining 2 million ounces of new gold resources at its 100%-owned property in Mexico’s San Francisco area.

Alamos Gold - Another Acquisition in 2010?

C$13.79 -0.24

12:39pm EST

John McCluskey, CEO of Alamos Gold (AGI.TSX), stated at the annual Prospectors and Developers Association of Canada (PDAC) convention that “We have at least another acquisition in us before the year is out...There are a number of countries we like in Latam (Latin America), certainly Chile and Brazil.” Alamos, a gold producer with operations in Mexico and Turkey, closed its acquisition of the Agi Dagi and Kirazli Gold Projects in Northwestern Turkey in January 2010.

SEMAFO discovery at Samira Hill

C$5.23 -0.12

12:12pm EST

SEMAFO (SMF.TSX) announced the discovery of two new gold zones at its Samira Hill Mine in Niger. Drill results included 37.1 g/t gold over 1.0 meters and 17.5 g/t gold at 1.0 meter. The Canada-based company initiated a two-year, $6 million exploration program on the property earlier this year.

GDX continues lower, falling 0.8%

$46.04 -0.39

11:58am EST

Gold stocks continued to fall this morning as the GDX dropped 0.8% to $46.04 per share. After a 5.8% rally last week, the GDX was unable to build on its gains as market participants used the lower price of gold as a cataylst to sell shares of gold stocks.

Gold stocks lower as gold price drops

$46.14 -0.29

10:31am EST

Gold stocks traded lower this morning, with the Market Vectors Gold Miners ETF (GDX) falling $0.29, or 0.6%, to $46.14 per share. Weakness in gold stocks came amid a decline in the price of gold, which dropped $8 to $1,124 per ounce. Canadian-based Barrick Gold (ABX) and Goldcorp (GG) - the two largest components of the GDX - suffered losses of 0.9% and 0.3%, respectively.

Detour Gold update from detour lake

C$17.75 +0.22

10:05am EST

Canadian-based Detour Gold (DGC.TSX) announced that it has signed a letter of intent with the Wahgoshig First Nation to “guide their relationship” through the development of the company’s 8.8 million ounce Detour Lake gold project in northeastern Ontario, Canada. The letter of intent outlines each parties' commitment to develop an Impact and Benefit Agreement, along with Wahgoshig First Nation's participation in the environmental assessment and permitting of the Detour Lake mine.

Novagold $75 Million Equity Offering

$6.41 +0.06

9:56am EST

Novagold Resources (NG) announced a non-brokered offering of $75 million in equity to Quantum Partners, a private investment fund managed by Soros Fund Management. Last week the Canada-based gold explorer announced a $100 million equity offering to several funds managed by Paulson & Company.

CIBC reports on silver standard

$18.49 +0.08

9:49am EST

CIBC issued a report on Silver Standard Resources (SSRI) in which it discussed the Canadian-based silver mining company’s recent earnings release. The report highlighted better than anticipated commissioning at Silver Standard’s Pirquitas mine in Argentina, but raised a concern about its ability to generate free cash flow. The firm also pointed to a recent equity raise and the sale of its Silvertip property as developments that have helped to “shore up” the company’s balance sheet. The firm maintained its 12-18 month price target of $24.00 - a 30% premium to the most recent closing price of $18.49 per share.

Kinross Gold Downgraded

$19.26 +0.16

9:38am EST

Shares of Canadian-based Kinross Gold (KGC) were downgraded by CIBC from “Sector Performer” to “Sector Underperformer”. The firm lowered its 12-18 month price target from $25.00 to $22.00 - still a 15% premium to the most recent closing price of $19.10 per share.

Eldorado Gold Updates Reserves

$13.34 +0.09

9:27am EST

Eldorado Gold (EGO) reported a 42% increase in Proven and Probable gold reserves at its Eastern Dragon Project in China to a total 747,000 ounces. The Canada-based gold miner has budgeted $2.4 million for further drilling in 2010 to continue exploring the main ore body and to test vein structures in the surrounding areas.

Barrick and Freeport on Goldman’s “VIP List”

3:21pm EST

Barrick Gold (ABX) and Freeport McMoRan Copper & Gold (FCX) were included in the latest edition of Goldman Sach’s “VIP List.” The ’Very Important Positions’ list represents the 50 stocks that most frequently appear among the top ten holdings of hedge funds that employ fundamental-based investment strategies. The latest edition is based on 13-F filings as of December 31, 2009 from 487 hedge funds. The list includes many other large-cap stocks included in the S&P 500, and in 2009 returned 40% - versus 27% for the S&P 500. Barrick Gold is the world’s largest gold mining company and largest component of the Market Vectors Gold Miners ETF (GDX), while Freeport McMoRan is the world’s largest publicly traded copper company and also a signifcant gold producer.

Kinross Gold C$705,000 Chile aid package

$19.10 +0.22

3:06pm EST

Canadian-based Kinross Gold (KGC) announced C$705,000 in humanitarian relief initiatives for victims of the recent earthquake in Chile. The gold mining company operates the La Coipa and Maricunga mines in Chile, and employs approximately 1,000 people in the country. Both gold mines are located approximately 1,000 kilometers north of the area most affected by the earthquake. Kinross noted that no employees working at the mines or in the company’s offices were injured during the earthquake. The mines experienced no damage and only limited disruption to production due to a brief power outage in the region.

Wall St. Journal Highlights Gold Stocks

C$20.79 -0.12

1:14pm EST

A story in this weekend’s Wall Street Journal discussed investing in gold stocks, and highlighted Red Back Mining (RBI.TSX) as an example of a gold mining company that successfully transitioned from a junior gold explorer to a gold producer with the ability to consistently generate cash flow. As a result, shares of Red Back have surged from C$2.00 in 2005 to over C$20.00 currently.

gold stocks outpace gold price

$46.43 +2.54

12:46pm EST

Gold stocks posted strong gains last week, as both the Market Vectors Gold Miners ETF (GDX) and the Philadelphia Gold and Silver Index (XAU) climbed 5.8% - exceeding the 1.3% gain in the gold price.

End of Day Update

4:34pm EST

GDX: $46.43, +$0.85, +1.86%

GDXJ: $25.84, +$0.47, +1.85%

XAU: 170.81, +2.78, +1.65%

HUI: 428.79, +7.37, +1.75%

S&P 500: 1,138.70, +15.73, +1.40%

Fronteer Drill Results at Sandman

$4.67 +0.21

3:29pm EST

Fronteer Development Group (FRG) reported that drilling by Newmont USA Limited - a wholly owned subsidiary of Newmont Mining (NEM) - intersected additional bonanza-grade, near-surface oxide gold at its Sandman project, one of three Nevada gold projects in Fronteer’s future production platform.

650mm Pound African Barrick Gold IPO?

$40.44 +0.64

12:52pm EST

Barrick Gold (ABX), the world’s largest gold mining company, is looking to raise as much as 650 million pounds ($978 million) through the initial public offering of its African unit. Last month the Canada-based gold producer announced its intention to sell at least 25% of the unit.

New Gold Up on record gold production

$4.67 +0.08

11:18am EST

Canadian-based New Gold (NGD) announced record quarterly gold production of 111,672 ounces - a 41% increase over the fourth quarter of 2008. The gold mining company generated an annual record of $79 million in cash flow from operations in 2009, and issued a gold production forecast of between 330,000 and 360,000 ounces in 2010. Shares of New Gold rallied $0.08, or 1.7%, to $4.67 in morning trading.

Premier Gold Upgraded at RBC

C$3.98 +0.03

10:06am EST

RBC upgraded shares of Premier Gold Mines (PG.TSX) to “Outperform” from “Sector Perform” and issued a 12-month price target of C$5.75 - a 46% premium to yesterday’s C$3.95 closing price.

Lihir Sells Ballarat to Castlemaine

$27.02 +0.63

9:55am EST

Lihir Gold (LIHR) announced it has agreed to terms to sell its Ballarat project in Victoria, Australia, to Castlemaine Goldfields for AUS$4.5 million and a 2.5% royalty interest capped at AUS$50 million. The sale is conditional upon Castlemaine receiving shareholder approval to raise AUS$20 million in new equity for the purchase and development expenditures.

Apollo Gold Hits High Grade

$0.41 +0.01

9:37am EST

Denver-based Apollo Gold (AGT) reported that its first drill assay results at its Pike River Project in the Timmins mining district in Ontario intercepted high grade gold mineralization which included a drill interval of 0.8 meters of 86.0 g/t gold within 4.2 meters of 19.4 g/t gold.

Yamana Gold Downgraded

$10.49 -0.12

9:25am EST

Shares of Canadian-based Yamana Gold (AUY) were downgraded by RBC from “Outperform” to “Sector Perform”. The firm changed its 12-month price target to $13.00 - still a 23% premium to yesterday’s $10.61 closing price.

silver wheaton rises after earnings

$15.29 +0.22

8:56am EST

Silver Wheaton (SLW) released its fourth quarter and full year 2009 earnings report. The Canadian-based silver streaming company - which comprises 2.8% of the GDX - reported fourth quarter 2009 earnings of $0.15 per share, compared to a net loss of $0.22 per share in the fourth quarter of 2008. Attributable silver equivalent production of 17.4 million ounces (16.2 million ounces of silver and 19,300 ounces of gold), increased 46% for the year. SLW also issued 2010 guidance of 23.5 million silver equivalent ounces produced. In premarket activity, shares of SLW were indicated higher by $0.22, or 1.5%, at $15.29.

gdx flat after jobs data

$45.54 -0.04

8:41am EST

Gold stocks were nearly unchanged following the February jobs data, as the Market Vectors Gold Miners ETF (GDX) traded lower by $0.04, or 0.09%, to $45.54 per share in premarket activity.

End of Day Update

4:11pm EST

GDX: $45.58, -$0.78, -1.69%

GDXJ: $25.37, -$0.26, -1.01%

XAU: 168.03, -2.25, -1.32%

HUI: 421.42, -6.94, -1.62%

S&P 500: 1,122.97, +4.18, +0.37%

Premier Gold Resource Estimate

C$3.99 -0.18

3:53pm EST

Premier Gold Mines (PG.TSX) announced an initial NI 43-101 resource estimate for its Hardrock deposit in Ontario, Canada.

GDX falls as gold stocks weaken

$45.38 -0.98

2:29pm EST

Coming off five straight days of gains, the Market Vectors Gold Mining ETF (GDX) fell over 2% in afternoon trading as gold stocks were pressured by a weaker gold price and a slight earnings miss from Yamana Gold (AUY).

New Discovery at Golden Star

$3.36 +0.01

12:33pm EST

Golden Star Resources (GSS) announced drill results from a new discovery at its Prestea concession in Ghana, West Africa.

Jaguar Initiated with “Outperform” rating

$10.29 -0.18

9:57am EST

National Bank Financial initiated coverage of Jaguar Mining (JAG) with a 12-month price target of $14.00 and an “Outperform” rating. The report noted that the U.S.-based gold mining company is expected to grow gold production 200% over the next four years, among other items.

Price Target Raised on Red Back Mining

C$21.66 -0.25

9:38am EST

Jennings raised its target price on shares of Red Back Mining (RBI.TSX) to C$27 from C$24 and labeled it the firm’s “Top Pick” - based on the Canadian-based company’s recent positive reserve report at its Tasiast Gold Mine in Mauritania.

Yamana Gold Earnings

$11.16 +0.02

8:47am EST

Yamana Gold (AUY) announced fourth quarter and full year 2009 financial and operating results. The Canadian-based gold mining company - and eighth largest component of the GDX at 4.38% - reported that gold production from continuing operations increased 19% on a gold-equivalent ounce basis, which included 835,265 ounces of gold and 10.5 million ounces of silver. Yamana also issued a production forecast of 1,030,000 - 1,145,000 gold-equivalent ounces in 2010 and 1,045,000 - 1,150,000 in 2011 as the company expects growth to “ramp up substantially.”

End of Day Update

4:23pm EST

GDX: $46.36, +$0.85, +1.88%

GDXJ: $25.63, +$0.45, +1.79%

XAU: 170.28, +2.32, +1.38%

HUI: 428.36, +6.37, +1.51%

S&P 500: 1,118.79, +0.48, +0.04%

Trelawney Up 98% After Halt

C$1.15 +0.57

2:58pm EST

Canada-based Trelawney Mining and Exploration (TRR.TSXV) shares were 98% higher on the day after resumption of trading following the company’s announcement of drill results from its Chester Project in northern Ontario. The stock was up C$0.57 to C$1.15 per share after the company reported results of 107.1 meters of 8.2 g/t gold including 313.6 g/t gold over 2.56 meters. According to the company statement, the drill result indicates “the Chester Project has the potential to host both high grade and high tonnage gold mineralization.”

Endeavor Silver Reserves Grow

$3.67 +0.21

2:16pm EST

Endeavor Silver Corp. (EXK) reported a 113% increase in silver Proven and Probable Reserves to 16.6 million ounces, and an 87% increase in gold Proven and Probable Reserves to 44,000 ounces in an updated NI 43-101 as of December 31, 2009.

Oro Gold Drill Results

C$0.57 +0.09

1:50pm EST

Oro Gold Resources (OGR.TSXV) announced drill results on its 100%-owned Trinidad property in the state of Sinaloa, Mexico, that intersected 11.9 g/t gold over 40.9 meters, including 27.7 g/t gold over 16.5 meters. According to the Canada-based gold mining company, the results “confirm a significant increase in size and geologic continuity of the gold zone.“

Metanor Drill Results at Barry

C$0.49 +0.01

11:40am EST

Canada-based Metanor Resources (MTO.TSXV) reported drill results from its Barry property in southwestern Ontario included returns of 2.71 g/t gold over 18.85 meters and 5.55 g/t over 12.0 meters. According to the company, the drilling campaign “confirms the potential to define new resources” at the Barry property.

CIBC Initiates Coverage of Fortuna Silver

C$2.44 +0.13

10:09am EST

CIBC initiated coverage of Fortuna Silver Mines (FVI.TSX) with a “Sector Outperformer” rating and a 12-18 month price target of C$3.75 per share - a 62.3% premium to yesterday’s closing price of C$2.31 for the Canadian-based silver mining company.

GDX hits six-week high

$46.20 +0.69

8:41am EST

Gold stocks looked to open higher as the Market Vectors Gold Mining ETF (GDX) advanced $0.69, or 1.5%, to $46.20 per share - its highest level in six weeks - in premarket activity on the back of a stronger gold price.

End of Day Update

4:18pm EST

GDX: $45.51, +$0.87, +1.95%

GDXJ: $25.18, +$0.49, +1.98%

XAU: 167.96, +3.85, +2.35%

HUI: 421.99, +10.59, +2.57%

S&P 500: 1,118.31, +2.60, +0.23%

Gold stocks Climb

$46.31 +1.67

2:16pm EST

Gold stocks have continued to rally, as the Market Vectors Gold Mining ETF (GDX) traded higher by 3.7% and is set to post its fourth straight gain. Gold stocks benefited from the the stronger gold price and positive news from many gold producers and emerging gold explorers.

Ventana Gold results at La Bodega

$C8.85 0.17

1:55pm EST

Canadian-based Ventana Gold (VEN.TSX) announced results from nine additional drill holes at its flagship La Bodega gold project in Colombia. The company highlighted hole 187, where drilling intercepted 37.0 meters of 5.6 grams per tonne (g/t) of gold, 65 g/t of silver, and 0.41% copper.

Sulliden Gold Drill Results at Shahuindo

$C0.72 0.00

11:44am EST

Sulliden Gold announced assay results from the current exploration program at its Shahuindo Gold Project in Peru. Highlights from the results occurred at hole RSH10-29, which assayed 0.94 grams per ton (g/t) of gold and 97.5 g/t of silver over 202.5 meters, including 2.01 g/t of gold and 258.1 g/t of silver over 75 meters. The Canadian-based gold explorer stated that the current exploration program is part of a Category 1 permit, while a Category 2 permit is expected to be obtained by May 2010 - upon which Sulliden plans to immediately begin an extensive drill program designed to continue expanding the current mineral resource.

Romarco Price Target Raised to C$2.50

$C2.04 -0.03

11:31am EST

After surging 24% yesterday on drill results that included the company’s “best hole ever” at its Haile Gold Mine in South Carolina, the price target on shares of Romarco Minerals (R.TSXV) was raised by two research firms. Macquarie Research increased its 12-month target price to C$2.50 from C$1.75, while Wellington West raised its target from C$2.50 to from C$1.85.

Premier Gold to Show Deposit in 3D

$C4.11 +0.12

10:37am EST

Premier Gold Mines (PG.TSX) announced that they will participate in the Datamine 3D Virtual Reality Lab at the Prospectors and Developers Association of Canada Convention on March 8. The Canadian-based gold explorer will showcase its initial NI 43-101 mineral resource estimate for Hardrock Project using the immersive, 3D technology. The deposit model will highlight the results of the company’s 2009 drill program.

Additional GoldAlert Coverage of Premier Gold Mines

East Asia Drill Results

$C4.17 +0.13

10:26am EST

East Asia Minerals (EAS.TSX) reported drill results at its Miwah Main Zone in Northern Sumatra, Indonesia, which included returns of 3.28 g/t gold over 61 meters within 116 meters grading 2.18 g/t gold. The drilling has extended the gold zone further to the north where it remains open..

Gold Fields Strike Averted

$11.76 +0.20

9:55am EST

Gold Fields (GFI) reported that it has been notified by the National Union of Mineworkers that it is withdrawing its notice to embark on strike action against the company’s South African operations. Gold Fields and the union have agreed on a process to negotiate issues related to work capacity testing.

Kinross Gold CEO Comments

$18.67 +0.14

9:41am EST

Kinross Gold (KGC) has set a target of 1 million ounces gold production per year in its next phase of development, according to CEO Tye Burt in remarks he made at the BMO Nesbitt Burns conference in Florida. Burt forecast higher input costs due to fuel prices in 2010 and said Kinross aims to divest itself of some of its high-cost assets. The Cerro Casale project is expected to attain 200,000 ounces gold production by 2015. The Canadian-based gold mining company two weeks ago announced the sale of half its interest in the project to Barrick Gold (ABX) - the world’s largest gold mining company - in a $475 million deal. Burt also remarked that the earthquake this past weekend in Chile did not damage company assets there.

Updated Resource at Rainy River

C$4.92

8:54am EST

Canadian-based Rainy River Resources (RR.TSXV) announced an updated resource estimate for its Rainy River property in northern Ontario, Canada. The precious metals exploration company reported underground indicated contained gold increased 147% to 2.37 million ounces, and that underground inferred contained gold rose 388% to 2.66 million ounces.

Romarco Up 24% on Drill Results

C$2.07 +0.40

5:18pm EST

Romarco Minerals (R.TSXV) shares were up C$0.40 to C$2.07 (+24%) on volume of 4.3 million shares after drilling what the company called “the best hole ever” at its Haile Gold Mine in South Carolina. Romarco reported drill hole RC-1724 intercepted 62.5 meters of 9.6 g/t gold and ended in mineralization. The company said the results “represent a significant extension of the Haile mineralization system” and further upside potential of the property.

End of Day Update

4:11pm EST

GDX: $44.64, +$0.75, +1.71%

GDXJ: $24.69, +$0.51, +2.11%

XAU: 164.11, +2.72, +1.69%

HUI: 411.40, +7.22, +1.79%

S&P 500: 1,115.71, +11.22, +1.22%

Aurizon Mines Update for Casa Berardi

C$4.32 +0.09

3:48pm EST

Aurizon Mines (ARZ.TSX) reported a renewal in mineral reserves and an updated resource estimate for its Casa Berardi gold mine, located in northwestern Quebec, Canada. The Canadian-based gold producer stated that as of December 31, 2009 Caca Berardi contained 912,000 ounces of gold in the measured and indicated resources category, and inferred resources of 958,000 ounces of gold.

Busy Day for Gold Stocks as GDX Rallies

$44.56 +0.67

1:39pm EST

Abundance of positive news from many gold stocks today, as the Market Vectors Gold Mining ETF (GDX) has climbed 1.5% in afternoon trading.

Rio Tinto ups stake in invahoe mines

C$17.11 +0.30

12:53pm EST

Canadian-based Ivanhoe Mines (IVN.TSX) announced a C$245 million public equity offering in which it will issue shares to Rio Tinto (RTP) - thereby increasing Rio's stake in Ivanhoe from 19.6% to 22.4%. Invahoe also stated that Rio could raise its stake to as high as 46.6% over the next 19 months.

Scotia Reiterates “Outperform” on RBI 2

C$20.85 +0.57

10:57am EST

Scotia Capital Equity Research reiterated its “Sector Outperform” rating on Red Back Mining (RBI.TSX) based on the Vancouver-based company’s projected free cash flow, escalating production, and reserve growth per share.

Andean Drill Results

C$2.45 +0.04

10:54am EST

Andean Resources (AND.TSX) reported drill results from its wholly-owned Cerro Negro project that extended mineralization at the southern Argentina property. Results included 6.9 meters of 17.1 g/t gold and 320 g/t silver from 138.6 meters, and 3.4 meters of 17.3 g/t gold and 126 g/t silver from 275.4 meters.

Kinross Appointed to Russian Council

$18.09 -0.03

10:51am EST

The Ministry of Economic Development of the Russian Federation announced the appointment of Kinross Gold to Russia’s Foreign Investment Advisory Council (FIAC) which is chaired by Russian Prime Minister Vladimir Putin. Kinross is the largest Canadian investor in the Russian Federation and operates the Kupol gold-silver mine in which it holds a 75% ownership stake. Implicitly, the appointment to FIAC reduces the political risk to Kinross’ investment in a country with significant state influence over both foreign and domestic businesses.

Red Back Boosts Reserves

C$20.76 +0.48

10:38am EST

Red Back Mining (RBI.TSX) reported a 64% increase in proven and probable reserves to 5.0 million ounces at its Tasiast Gold Mine in Mauritania, as of December 31, 2009. 92% of the increase is due to an expanding mineral resource with only 8% due to optimizing gold price from $700 to $800 per ounce.

Minefinders Guides Lower

$9.85 +0.04

10:29am EST

Minefinders (MFN) announced fourth quarter earnings per share of $0.07, the first profitable quarter in the company’s history. The company also provided 2010 guidance, forecasting production of 91,000 to 100,500 ounces of gold and 2.3 to 2.6 million ounces of silver - or gold-equivalent production of 130,000 to 135,000 ounces. Analyst consensus estimates were in the 170,000 ounce range on a gold-equivalent basis. Minefinders, which has had production hiccups at its Dolores Mine in Mexico, stated that production is trending up and costs are trending down.

San Gold NI43-101 Resource

C$3.64 +0.00

8:41am EST

Canadian-based San Gold (SGR.TSXV) released an initial comprehensive, NI43-101 compliant report for the Hinge and 007 zones. A summary of resources for the Hinge Mine includes 239,180 ounces of gold grading 0.39 ounces per tonne in the measured and indicated category, and 538,700 ounces of gold at 0.39 ounces per tonne in the inferred category. For the 007 Zone, measured and indicated resources consisted of 432,875 ounces of gold at 0.63 ounces per tonne, while inferred resources came in at 1,061,557 ounces of gold at 0.64 ounces per tonne.

Read GoldAlert's Recent Report on Gold Stocks

End of Day Update

4:06pm EST

GDX: $43.89, +$0.44, +1.01%

GDXJ: $24.18, +$0.34, +1.43%

XAU: 161.39, +1.39, +0.87%

HUI: 401.18, +3.42, +0.85%

S&P 500: 1,104.49, +1.55, +0.14%

Gold stocks hold gains

2:21pm EST

Gold stocks held onto the majority of their gains this afternoon, as the GDX traded higher by $0.35, or 0.8%, to $43.80 per share.

ATNA Attains Commercial Levels

C$0.62

1:52pm EST

Golden, Colorado-based Atna Resources (ATN.TSX) reported that operations at its Briggs Mine in California have reached commercial production levels of over 80 ounces gold per day. The company has estimated 2010 production at 36-40,000 ounces of gold with cash costs of $600-625 per ounce.

GDX to Close Up in February

11:57am EST

With today’s advance in gold stocks, the GDX is set to post a nearly 8% gain in February - its first monthly gain since November, after dropping 9.4% in December and 11.9% in January.

Gold Stocks Higher

10:19am EST

Gold stocks built on yesterday’s gains, as the Market Vectors Gold Mining ETF (GDX) rallied $0.28 to $43.73 per share on the back of the higher gold price.

Silver Wheaton Converts Debenture

$15.17

9:23am EST

Canada-based Silver Wheaton (SLW) announced that it has converted its debenture with Pan American Silver into an agreement to acquire 12.5% of the life of mine silver production from the Loma de La Plata zone of the Navidad project in Argentina.

Red Back 2009 Results

C$19.73

9:03am EST

Red Back Mining (RBI.TSX) reported a 39% increase in gold production to 342,000 ounces for 2009 on cash operating costs of $391 per ounce. The company posted net income of $109 million ($0.48 per share) and increased proven and probable reserves by 85% to 3.05 million ounces.