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« Agnico Eagle Breaks Resistance At $42 | Main | Agnico Eagle: Struggles With Resistance »

High River Gold Mines Ltd: Up 6.55% yesterday

High River Gold Mines Limited put in a sparkling performance yesterday on an increased turnover of 1.8 million shares to make a new all time high of $3.09.

We invested in this gold stock on the 11th May 2007 when it was trading at $2.49 so it is pleasing to report that High River Gold has generated a paper profit for us of $0.60 or 24% in two months.

The news flow has been good lately with the announcement that they had secured $15 million in revolving credit and that they had positive Drill Results at Bissa in Burkina Faso. This is another step on the way to their target to expand the gold resources at Bissa by 50% to over 2 million ounces by the end of 2007.

From the chart we can see this breakout and so we hope that HRG will get a little more attention from the investing community and go on a little run from here. However it should also be noticed that the technical indicators are all in the overbought range so we should be aware that there might be some profit taking going forward.

High River Gold 13jul07

High River Gold mines Limited trades on Toronto under the symbol of HRG.

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