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The gold mine Barrick might regret selling
8:04p ET Tuesday, May 24, 2016
Dear Friend of GATA and Gold:
Resource company publicist Tommy Humphreys of CEO.CA today issued a report that may be most interesting for showing how insanely cheap the junior gold mining business remains despite the rise in the monetary metal's price since the start of the year.
The report is about K92 Mining, which last year acquired a high-grade gold property in Papua New Guinea from Barrick Gold for $2 million, a tiny fraction of the $141.5 million Barrick paid for the property in 2007 before spending another $140 million developing the property, only to start casting off assets and reducing debt as the gold price was pounded down.
Humphreys' report includes a 17-minute video interview with K92 Mining CEO Ian Stalker, a former executive with Anglogold Ashanti, who argues that Papua New Guinea, while at the edge of the developing world, actually has coherent and reliable mining law.
Humphreys writes that K92 Mining will list tomorrow on the Toronto Venture Exchange, a bit of a frontier itself, but that's where discoveries come from, usually after a prolonged period when nobody wants even proved-up resources that are lying around in plain sight. It's a fascinating story, though no doubt there are many similar stories these days. It's headlined "The Gold Mine Barrick Might Regret Selling" and it's posted at the CEO.CA Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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