GOLD STOCKS NEWS - Gold stocks advanced this afternoon, as the Market Vectors Gold Miners ETF (GDX) recovered from a 1.5% decline this morning to trade higher by $0.11, or 0.2%, to $46.06 per share. Resiliency in gold stocks came amid a recovery in COMEX gold futures - per the April contract - which after falling as low as $1,108 per ounce earlier traded lower by just $1 to $1,123 as of 12:33pm EST.

With today’s advance in gold stocks, the Market Vectors Gold Miners ETF (GDX) - which contains many of the world’s largest gold stocks - extended its monthly gain to 4.9%. Canadian-based Barrick Gold (ABX) and Goldcorp (GG) - the two largest holdings in the GDX - climbed 0.5% and 1.3%, respectively.

While several large-cap gold stocks propelled the GDX higher, several small- and mid-cap gold stocks reported positive news this morning. Colossus Minerals (CSI.TSX) announced that a Preliminary Environmental License was issued for its flagship Serra Pelada Project in Brazil. The Toronto, Canada based gold explorer holds a 75% interest in the Serra Pelada project - a high-grade gold-platinum-palladium deposit - through a joint venture with Cooperative de Minerao dos Garimpeiros de Serra Pelada (COOMIGASP). Shares of Colossus Minerals rose C$0.19, or 3.6%, to C$5.51 in early afternoon trading.

Ari Sussman, CEO of Colossus, commented that “The approval of our Preliminary Environmental License is a green light for Colossus and COOMIGASP to proceed and confirms that there are no major environmental issues affecting the Serra Pelada Project. Serra Pelada is a unique high-grade deposit with a rich history in Para State, Brazil and this approval is an important step in fulfilling the lifelong dream of all of the members of COOMIGASP to see the project reach commercial production.”

In other gold stocks news, a merger of two small-cap gold stocks was announced by Apollo Gold (AGT). The Denver, Colorado-based gold producer reported that it has agreed to purchase Halifax, Nova Scotia-based Linear Gold (LRR.TSX) for C$102 million in order to create an “emerging Canadian mid-tier gold producer.” Under the terms of the business combination, Linear shareholders will receive 5.474 Apollo common equity shares per Linear common share, which represents a 20% premium to the 20-day volume weighted average share price of Linear’s common equity. Based on the current number of shares issued and outstanding, Apollo shareholders will own 52.2% of the combined company, while Linear shareholders will own the remaining 47.8%.