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From: B-Haile (eritrea.lave@comhem.se)
Date: Mon Feb 21 2011 - 15:58:08 EST
Gold Alert
BREAKING GOLD NEWS
Feb 21, 2011 03:54 PM EST
Gold Stocks, GDX Rebound, Sunridge Gold Rallies 11.0%
GOLD STOCKS NEWS - Gold stocks have rebounded in February with the Market Vectors Gold Miners ETF (GDX) surging 9.4% this month. The rally in gold stocks and the GDX has come amid a resurgence in gold bullion, which after falling to as low as $1,314 in late January has reclaimed the $1,400 level. Alongside the GDX, the S&P/TSX Global Gold Index, the leading gold stocks composite in Canada, has climbed 9.2% month-to-date.
While the GDX was closed for trading Monday in observance of Presidents Day, gold stocks in the news included Sunridge Gold (SGC.TSX.V). The Canadian-based gold company reported that as part of a recently announced prefeasibility study on the Asmara North deposits in Eritrea, Africa, it has begun an 8,500 meter drilling program at the Emba Derho copper-zinc-gold deposit.
The drilling program will be comprised of approximately 6,000m of diamond drilling which will define parts of the Emba Derho deposit in greater detail, examine extensions of the mineralization to the north, west and east and evaluate depth extensions to the mineralization. In addition, the emerging gold company stated that management feels that the drill program creates "strong potential" to add to the size of the Emba Derho deposit.
Sunridge Gold noted that "expansion drilling to the north, east and west will test coincident geophysical gravity and electromagnetic anomalies which could be lateral extensions of the main Emba Derho Deposit. The main part of the Emba Derho deposit has been drilled from surface to a depth of approximately 300 to 350 meters and the mineralization is open at depth. A number of the previously drilled holes contained significant copper grades showing that the higher grade copper zone continues to depth." The drill program will also collect geotechnical data and more metallurgical samples.
Along with the extension possibilities, Sunridge Gold announced that a 2,500m reverse-circulation drill program will target further definition and potential expansion of the shallow oxide gold-cap at Emba Derho. Any increase in the gold cap could present additional resources for an open pit operation.
Shares of SCG.TSXV have outperformed the GDX in February, rising 11.0%. Sunridge has also bested notable gold stocks including Barrick Gold (ABX), Gold Fields (GFI), and Randgold Resources (GOLD). ABX, GFI, and GOLD have advanced 8.2%, 8.9%, and 7.0%, respectively.
http://www.goldalert.com/2011/02/gold-stocks-gdx-rebound-sunridge-gold-rallies-11-0/
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