Kinross Gold (K.TO), Canada's third-largest gold producer, has denied a statement from Southridge Enterprises Inc. that the two were entering a partnership to develop projects in Mexico, Bloomberg reported.
Southridge, based in Dallas, rose as much as 88% in over-the-counter trading after it said the companies were working to finalize an agreement for the Cinco Minas and Gran Cabrera properties.
"Kinross wishes to make clear that there is no such joint partnership, joint venture or other similar such arrangement or agreement in place, and nor do we expect there to be such a joint partnership, agreement, acquisition, investment or other equivalent transaction involving Kinross and Southridge in the foreseeable future," Toronto-based Kinross said in a statement yesterday.
Trading in Southridge shares has been halted by the U.S. Securities Exchange Commission because of questions regarding the accuracy of statements made by the company.
K shares fell seven cents to $9.46 on volume of more than 794,500.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
