GOLD STOCKS NEWS – Gold stocks dipped Friday morning, as the Market Vectors Gold Miners ETF (GDX) fell $0.40, or 0.7%, to $59.77 per share. The weakness in gold stocks and the GDX came as gold bullion inched lower by $0.40 to $1,369.77 per ounce and the U.S. Dollar Index (DXY) rose 0.3% to 80.23. The S&P/TSX Global Gold Index, a composite of gold stocks traded in Canada, declined in concert with the GDX, by 0.2% to 412.51.
Gold stocks in the news included Canaco Resources (CAN.TSXV), which announced several key executive appointments as it continues to advance its Handeni Gold Project in the United Republic of Tanzania. The Canadian-based gold explorer announced the appointment of Shannon Ross as the company’s new Chief Financial Officer, Jeff Heidema, P. Geo, as V.P. Exploration, Nick Watters as Director, Business Development, and Meghan Brown as Director, Investor Relations.
Ms. Ross is a Chartered Accountant with over 25 years experience in accounting and financial management. She has previously served as CFO and Corporate Secretary for numerous mining companies, including Northern Orion Resources, ValGold Resources, Sultan Minerals and Emgold Mining. Ms. Ross will replace Jacqueline Tucker, who is leaving Canaco Resources to pursue other interests.
Mr. Heidema is a Canadian geologist with more than 25 years of exploration experience in both domestic and international projects. He has previously worked at Cominco, Teck Cominco and Teck Exploration groups. For the majority of his career, Mr. Heidema has concentrated on exploration project management for programs ranging from grass roots to near mine exploration, and also includes EHS, Agreement, and Tenure management. He primarily specialized in VMS and Archean gold exploration, and most recently was involved with the Advanced Projects group, concentrating on defining near-mine exploration targets and building value on key mine assets.
Mr. Watters, a co-founder of Canaco Resources, has been with the company since 2003. He has been involved in the raising of nearly $50 million since inception, and is an independent businessman who has worked in the financial community since 1995. Mr. Watters has worked with numerous public and private companies in a wide variety of sectors, including mining, high-tech and the biotech industries. Mr. Watters has also served on the Board of Directors of several public companies.
Ms. Brown has close to 20 years experience in the resource sector, and began her career with Suncor Energy. She has also worked with Transcanada and Placer Dome, and more recently was responsible for investor relations at Ventana Gold, which during her tenure was the top performing gold equity on the Toronto Stock Exchange.
Andrew Smith, Canaco’s President and CEO, commented that “These appointments significantly strengthen our management team and will greatly enhance our ability to deliver on our commitment to grow the Magambazi project into a world-class mining operation.”
Notable gold stocks moving lower alongside the GDX on Friday included Agnico-Eagle Mines (AEM), Barrick Gold (ABX), and Newmont Mining. In morning trading GDX components AEM, ABX, and NEM fell 1.5%, 1.4%, and 0.9%, respectively.
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