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Austral Gold Limited

Austral Gold's shares soar on increased gold / silver exposure

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Austral Gold (ASX: AGD) shares were on a tear on Friday, with the stock closing at $0.19, which is a 35.7% gain on the day - on volume of 311,000 shares.

Austral Gold delivered record production at the company’s flagship Guanaco project in Chile during FY13. Gold production for the year was 39,847 ounces of gold, and 77,404 ounces of silver which equates to 41,446 gold equivalent ounces.

The company has recently also been focused on expanding its South American portfolio, and in July this year completed a C$5 million investment in Argentex Mining Corporation (CVE: ATX).

Argentex is developing the 23.6 million ounce silver-equivalent indicated resource at the Pinguino Silver-Gold Project in Santa Cruz, Argentina.

In a further boost to its portfolio, Austral recently subscribed for 11,560,000 new shares in Goldrock Mines Corp (CVE: GRM) at C$0.80 per share for a total consideration of C$9.3 million.

Goldrock holds 100% of the Lindero gold project located in northwest Argentina, Salta Province.

The project has proven and probable mineral reserves of 65.5Mt grading 0.72 g/t gold for 1.52 million ounces of contained gold and a NPV of US$215 million based on a Feasibility Study completed in May 2013 based on a gold price of $1,400/oz.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Austral Gold Limited

Price: $0.08

Market: ASX
Market Cap: $42.2 m
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