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Gold/Mining/Energy : Gold & Gold Stock Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Wade who wrote (1809)	6/17/2004 7:41:43 PM
From: Rocket Red	Respond to of 29622

Stocks explode on Cortez Hills speculation By: Tim Wood Posted: '16-JUN-04 20:31' GMT © Mineweb 1997-2004 mineweb.net NEW YORK (Mineweb.com) -- White Knight Resources [WKR.V] up 69.5% today; Victoria Resources [VIT.V] up 55.6%; Miranda Gold [MAD.V] up 24%; Placer Dome [PDG] up 5.8%; CMQ Resources up 5.6%. Those gains were made against the backdrop of an otherwise ordinary day for resource stocks as gold gave up nearly $5 per ounce. The spectacular speculative high jump was achieved as news first reported on Mineweb earlier this month found a broader audience. We reported on 4 June that a recent Geological Society of Nevada meeting revealed that Placer had drilled a hole in the area between the Cortez Hills and the Pediment deposits that had returned 1.5 ounces per ton over more than 400 feet. Placer never confirms or denies information it has not press released, but sources say that the only uncertainty with the earlier report is whether it was an infill drill hole or a step out hole at the original Cortez Hills discovery. The crossborder buzz about Cortez Hills is growing and Placer is arranging a mining analyst tour after Labour Day to satisfy some of the demand for news. Rumours say there are more drill holes returning better than an ounce over intercepts of up to 500 feet. It is said to remain open at substantial depth. What is still unclear is whether Placer has succeeded in linking the Pediment deposit with Cortez Hills. However, there are persistent rumours of successful drilling south of the Cortez Hills "envelope". That has given rise to speculation that the Cortez Joint Venture may be sitting on more than 20 million ounces, a good portion of which is shallow enough to be quite quickly mined. There are also reports of good progess at the Turquoise Ridge project. The rapid accumulation of resources at Cortez Hills has been likened to the early days at Barrick's Betze Post. There is some conviction that another Goldstrike complex is in the making. The discovery is important for Placer's valuation which has been discounted because a large proportion of its reserves are in South Africa and Papua New Guinea. Rebalancing its reserves would be important to attract deal tension. A detailed update on Cortez Hills is expected in the third quarter in presentations to the prestigious Denver Gold Forum gathering.