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Great Western Mining’s 2015 half-year earnings were likely behind the company’s share price boost.
The Alternative Investment Market (AIM) All-Share index (INDEXFTSE:AXX) had a tough time this week, floating around 750 points before taking a sharp drop on Friday; it fell 1.5 percent that day to close at 732.4 points.
Still, the index is up overall for the year, and there were a number of companies in the resource space that saw gains this week. Great Western Mining (LSE:GWMO) was the top gainer, increasing by 71.83 percent for the week to end at GBP0.57. The company, which is focused on gold, silver, copper and other mineral targets in Nevada, released its 2015 half-year report in late July, showing a pre-tax profit of 88,784 euros. What’s more, the company finished the first half of the year with net current assets of 1,214,212 euros. Aside from the report, the company has not released any other news recently.
Another resource company that posted gains this week is Sovereign Mines of Africa (LSE:SMA) — it rose 58.63 percent to close at GBP0.245. The gold exploration company is focused on concessions mainly in the Republic of Guinea, and its flagship Mandiana-Magana gold project covers an area of about 127 square kilometers. The project has a JORC-compliant inferred resource of 610,000 ounces of gold in very deep oxides averaging 1.2 g/t at a cut off of 0.3 g/t gold; that includes 420,000 ounces with an average grade of 2.3 g/t. Besides the release of its 2014 full-year results in June, the company has not put out any news recently.
On the downside, oil and gas exploration company Red Emperor Resources (LSE:RMP,ASX:RMP) dropped 68.62 percent this week, closing at GBP1.04. The dip in the company’s share price was likely due to disappointing drill results from its Hawkeye 1 well in the Philippines.
Securities Disclosure: I, Kristen Moran, hold no direct investment interest in any company mentioned in this article.
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