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Serabi Gold jumped an impressive 50 percent last week. Other gainers on the TSX were RTG Mining, Aureus Mining, General Moly and Alexco Resource.
Last week brought Cambridge House International’s 2015 Vancouver Resource Investment Conference, and a slew of news was released by companies across the resource sector.
The top gainer was Serabi Gold (TSX:SBI,LSE:SRB) with an impressive gain of 50 percent. It was tailed by RTG Mining (TSX:RTG), Aureus Mining (TSX:AUE,LSE:AUE), General Moly (TSX:GMO,NYSEMKT:GMO) and Alexco Resource (TSX:AXR,NYSEMKT:AXU). Here’s a look at what moved those companies last week.
Serabi Gold (TSX:SBI)
Serabi Gold was last week’s top gainer on the TSX, rising 50 percent to close at $0.09. Serabi explores, develops and produces at gold projects in Brazil, with its primary focus being its 100-percent-owned Palito gold mine in the country’s Tapajos region.
Production began there in January 2014, and on January 20, the company released an operational update on Palito, as well as on its Sao Chico operation. Highlights include 2014 production of 18,452 ounces, and forecast 2015 production of 35,000 ounces. “With 18,452 ounces of gold produced in 2014, including over 10,000 ounces in the last four months, we expect 2015 to be a good year for Serabi,” CEO Mike Hodgson said.
RTG Mining
RTG Mining gained 25.4 percent to trade at $0.79 last week. It is focused on the development of the copper-gold-magnetite Mabilo project and on advancing exploration at the Bunawan project. Both are in the Philippines, and the company is working to bring them to production in the near term.
The company’s most recent news came on January 15, when it announced preliminary scoping metallurgical test work results for Mabilo. They indicate a concentrate grade of 33 percent copper and 20 grams per tonne (g/t) gold, with copper recovery of up to 96 percent.
Aureus Mining
Aureus Mining, which explores and develops gold deposits in Liberia and Cameroon, gained 20 percent last week to trade at $0.42. The company had no significant news to report, but may have benefited from the strong week gold had overall. It also may have been boosted by a reaffirmed “buy” rating from Numis Securities.
General Moly
General Moly, which explores, develops and mines at molybdenum properties in Nevada had exciting news last week. It announced that it has reached an agreement with POS-Minerals, which owns a 20-percent interest in the Mt. Hope project, to use restricted cash of up to $36 million in a reserve account for the benefit of the project. The companies will use this cash to meet the project’s financial requirements until such time as it is depleted or until the full financial obligations concerning mine construction are complete. The company’s stock rose 18.33 percent to trade at $0.71 on the news.
“This agreement, combined with the recently announced $8.5 million private placement financing that closed in December 2014, provides the company with a significantly improved project and corporate liquidity profile as we bridge to a project financing for Mt. Hope, while at the same time minimizing the dilution to our shareholders,” CEO Bruce D. Hansen said.
Alexco Resource
Alexco Resource gained 16.67 percent to trade at $0.77 percent last week. Operating in the Keno Hill Silver District in Canada’s Yukon Territory, the company owns the Bellekeno silver mine, one of the highest-grade silver mines in the world. Currently, operations at the mine are suspended to decrease costs, and other nearby opportunities are currently being explored.
On January 20, Alexco announced the intersection of 1,483 g/t silver over 6.2 meters at the Flame and Moth deposit, also in the Keno Hill Silver District.
Data for TSX Top 5 articles is retrieved each Friday and reported on Monday. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
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Alexco Intersects 1,483 g/t Silver Over 6.18 Meters at Flame and Moth