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Prosperity Goldfields Off Nearly 40% Despite Encouraging Assays for Kiyuk Prospect

Prosperity Goldfields (PPG.V) is feeling anything but this afternoon, with the stock down 38% in heavy volume despite the junior miner reporting "extremely encouraging" assay results from recent drilling at its Kiyuk prospect in southern Nunavut.

The best results were reported in the Rusty Zone, with 157.6 meters grading at 1.70 grams gold per ton, including a 30.5-metre length at 4.90 grams per ton. Strong gold mineralization was found at all three targets, the firm said, with plans for a major, follow-up drill program starting in February, 2012.

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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.

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