The markets broke out to new highs Wednesday, with banking stocks leading the way. Major indexes continue to fluctuate around the current record price plateau.
Our system continues to locate strong news-based plays in the current market environment. Todays Top Performers feature two mining stocks, with news related to future revenue potential continuing to drive the most dramatic one-day price shifts.
African Gold Group experienced explosive stock gains Wednesday after announcing a new joint venture to develop their Koboda Gold project. AGG will partner with Hummingbird, who gains the right to acquire stock amounting to up to 19% of AGG’s market capitalization. In exchange, AGG will provide capital and assistance developing the Kobada project, a potential gold field still under investigation.
African Gold Group is a Canadian mining company which focuses on West Africa. The Kobada Gold Project, located in Mali, is a low capital intensity project with the potential to produce more than 50,000 ounces of gold per annum.
2. Independence Energy (IDNG): Up on news of major acquisition.
Redhawk (recently renamed and still using the IDNG ticker) jumped up sharply, 6+% on the session, after news that they will be increasing their investment in EcoGen Europe, a stock formerly owned by Scarlett Pharma, a UK firm.
Redhawk Pharma, a subsidiary, will assume control of a majority stake in EcoGen’s stock in exchange for assuming associated debt obligations.
IDNG is a large holding company which owns companies in various global industries.
Golden Dawn announced on Wednesday that they had given the government of British Columbia the required 48 hour notice before beginning to “Dewater” their Lexington mine for commencement of operations.
The dewatering process is expected to take around four weeks. Once it is complete, electric and ventilation system must be installed. Then, mining can begin.
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