Tuesday, 14 February 2012

PanTerra Gold bucks market trend with 8.82% share increase on high volume trade

PanTerra Gold (ASX: PGI) shares have outperformed the broader Australian market today increasing 8.82% to $0.185 on the exchange of 7.2 million shares at 3.21pm (AEDT).

While the rest of the ASX found itself out in the cold with a 0.8%, or 33.9 point, drop, PanTerra found itself on the list of price per cent gainers, as well as volume leaders.

The company is nearing cash flows at its Las Lagunas gold project in the Dominican Republic following the start of commissioning of the plant in January.

Commissioning will take around 10 weeks to complete before gold and silver production can begin in April.

If a gold price of US$1500 per ounce is maintained through to the end of 2013, PanTerra expects to repay its $37.5 million project loan and generate more than $80 million of free cash during the same period. The project life will be around seven years.

Meanwhile, PanTerra is also advancing its Vittoria prospect in Ecuador with the start of 5,000 metre drilling campaign last week.

Vittoria is one of six potential open pit mining prospects within the 2200 hectare San Gerardo concession.

Geochemical soil sampling at Vittoria identified elevated levels of copper, molybdenum and gold.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/25299/panterra-gold-bucks-market-trend-with-882-share-increase-on-high-volume-trade--25299.html

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