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« Leverage: Its Your Option | Main | What’s a Company’s Gold Worth? »
Saturday
Jan302010

Kinross Gold Corporation: Reserves now stand at 51 million ounces

KGC Chart 31 January 2010.JPG


As the above chart clearly indicates Kinross Gold Corporation (KGC) has taken a hammering over the last few months as the shine was wiped off gold prices. Down from $24.00 at its recent high this stock closed at $16.26 on Friday. The technical indicators have hit the oversold zone so once the metals stabilize this could be a wonderful buying opportunity.

On the good news side of things we have this news release from the company:

Highlights
•  Total proven and probable mineral reserves increased by 5.4 million ounces to 51.0 million ounces of gold, an increase of 12% over 2008.

•  The Company declared its first mineral reserve at the Lobo-Marte project in Chile as planned, with proven and probable gold reserves of 5.6 million ounces grading at 1.22 grams of gold per tonne.

•  Kinross upgraded mineral resources at Fruta del Norte (FDN) in Ecuador in 2009 as planned, declaring a measured and indicated gold resource of 5.7 million ounces grading at 11.2 grams of gold per tonne, plus an inferred resource of 6.1 million ounces.

"With proven and probable gold reserves increasing by 31 million ounces over the past five years, a compound annual growth rate of 21%, Kinross has now surpassed the 50 million ounce milestone," said President and CEO Tye Burt. "In 2009 we achieved our goal of declaring a first reserve at Lobo-Marte and are pleased with progress at this strategic project. We also upgraded our mineral resource at FDN and are proceeding with our 2010 drilling program. Exploration success at our growth projects during the year offset production depletion by a wide margin, delivering a net gain of over five million ounces in new reserves."

To read the news release in full please click here.

Kinross Gold Corporation trades on the Toronto stock Exchange under the symbol of ‘K’ and on the New York Exchange under the symbol of ‘KGC’

Have a good one.


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Reader Comments (5)

this is a technical break down. high, lower high, lower high, break below support. oversold RSI won't help, this thing is going to 5 bucks

January 31, 2010 | Unregistered CommenterDi

I tend to agree with Di as the MACD is not showing any bullish divergence. Whether it hits as low as $5 is another matter as the MACD is bullish on many other gold and silver stocks so an upside breakout on these could see a surge in this stock as it tries to catch up

January 31, 2010 | Unregistered CommenterGold bug

Di has been spewing his negativity for two years now and missed a major move in the metals. I guess if I kept saying for two years that "any group" was going down that eventually I would be right. The dollar cannot sustain this rise. Spending is out of control, and the metals will start their upward move again here presently. Be smart and take profits along the way as it is a volatile market as we all have discovered and know sector is immune. Good luck... but Doom and Gloom DI holds no weight with me. Our friends who work so hard putting out these reports..DO HOWEVER...Good Luck...Gary

January 31, 2010 | Unregistered CommenterGary

Di,

Are you shorting this market or is it your intention to buy Kinross if it reaches $4.00? Other than tell us that gold is going down we are interested in how you intend to make a buck from your predictions.

January 31, 2010 | Unregistered CommenterGold Prices

The Commitment of the Traders report for gold looks terrificly bullish. Perhaps we will see a run at 1150 for February. I refer you to Alex Roslin's excellent site.

February 1, 2010 | Unregistered CommenterDavid

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