Keegan Resources Revises West Africa Gold Project Estimates; Shares Surge 13%

By Midnight Trader,  October 10, 2012, 12:26:05 PM EDT

Keegan Resources Inc. ( KGN ) is up 13% to $3.53 after revising the mineral resource estimate for its Esaase gold project in Ghana. The resource estimate is based upon approximately 200,000 metres of RC drilling and 78,000 metres of diamond drilling carried out over the past five years at Esaase.

The revised Esaase mineral resource estimate consists of: measured and indicated resource of 68.92 million tonnes averaging 1.73 grams per tonne gold for 3.83 million ounces; and inferred resource of 22.23 million tonnes averaging 1.75 grams per tonne gold for 1.25 million ounces.

KGN trades in a 52-week range of $2.35 - $6.27. Shares have fallen 38% in the last 12 months.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: KGN



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