Shares of mining exploration powerhouse Fronteer Development Group Inc. have been in a freefall over the last month. Much of that can likely be attributed to the company's 42.3% stake in spin-off Aurora Energy Resources Inc., which is facing a proposed three-year moratorium on uranium mining in Labrador. While that would not affect Aurora's production timeline, it has clearly spooked some investors.

With that in mind, this is an ideal time to remind investors that Fronteer is about much more than Aurora, and that is what the company effectively did Tuesday morning.

Vancouver-based Fronteer unveiled a global exploration program that aims to double its gold resource base over the next two years. Fronteer's measured, indicated and inferred resource is currently 4.87 million gold equivalent ounces, and chief executive Mark O'Dea expressed confidence that it can add another 5 million ounces. The gold is in projects in Turkey and Nevada, and Fronteer has rock-solid partners (Teck Cominco Ltd. and Newmont Mining Corp.) in each place.

"We believe there is an opportunity for Fronteer to become the next high-quality, mid-tier company in the gold sector," Mr. O’Dea said in a statement. With gold hovering close to US$1,000 an ounce, it's a worthy goal.

And investors apparently got the message - Fronteer shares were up more than 15% in afternoon trading.

Peter Koven

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