Chart courtesy of Stockcharts
Fronteer Development Group Incorporated (FRG) has doubled since the 20th April 2009 having absorbed Aurora Energy Resources Incorporated recently making it a two pronged play of both gold and uranium. Aurora has a 100% owned uranium portfolio in the Central Mineral Belt (CMB), is underpinned by the Michelin uranium deposit which contains a Measured and Indicated Mineral Resource of 67,434,000 pounds U3O8 and an additional Inferred Mineral Resource of 35,465,000 pounds U3O8.
The technical indicators on the above chart suggest that we may be in for some consolidation in the near term, but we are pleased to see this recovery gathering momentum.
Our original purchase was made on the 15 July 2006 at around the $4.70 level, on the 24th September 2007 we sold 50% of this stock for an average price of $10.44, banking a profit of 122%. Fronteer is currently trading at US$4.15 up from a low of US$1.51, hopefully this progress can continue.
Fronteer Development Group Incorporated trades as FRG on the Toronto Stock Exchange and FRG on the NYSE Amex.
Fronteer has a market capitalization of $492.59 million with 118.58 million shares outstanding, a 52 week high of $5.63 and a 52 week low of $1.22 with the average volume at 540,000 shares traded.
Have a sparkling day.
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