Gold miner's results spark selling
From Stockhouse | 2010-01-26 02:00:26
<div id="subtitle">Posters profess long-term loyalties after assays from Ontario property</div><div><p>Northern Gold Mining (TSX: V.NGM, Stock Forum) shares fell 27% to 22 cents on Monday.
</p><p>The company released diamond drill assay results from its Garrison gold property in Northern Ontario. Northern Gold reported about five of the eleven holes drilled during its fall exploration program. The company headlined its release with news that it had drilled 102 metres of 1.38 grams per tonne of gold across its Garrison B and C zones.
</p><p>While shares sold down alongside the broader gold index on Toronto’s key stock index, Bullboards posters were overwhelmingly of the opinion that the results were good, and the market was wrong – or that this was a “sell on the news” scenario.
</p><p>“I think the assays are good but obviously some people think differently,” noted woozlecat. “.... too many people probably wanted high grade from this zone when going in we knew it was low grade... what we wanted was good intersections which we got.... lots of gold in that zone..... minable gold...”
</p><p>And casher chimed in with “Im more interested in constant grades over longer intervals
“I think the grades are good
“with move visible gold coming
“looks like there is a lot of excitement over the 9th hole with over 20 intervals of visible gold.”
</p><p>And if the selling was simply investors reaping short-term rewards, Swissinvestor was happy to consider the company a buy at lower prices. “this dip should be a buy. I have to say that i am not invested but the intercepts really look good and there more results coming soon. Added it to my sh portfolio.”
</p><p>“I am a buyer at these levels, traders and sellers are jumping off, good time for new more experienced long term shareholders to join us here now that we have more solid grades,” asserted casher.
“i am not the least bit disappointed with results they only support our long term goal.”
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Copyright 2010 <a href="http://www.stockhouse.com">Stockhouse</a></div></div>
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