Gold Summary for Feb. 26, 2014

2014-02-26 20:43 ET - Market Summary

by Stockwatch Business Reporter

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At the bottom of the heap, Frank Candido's Golden Hope Mines Ltd. (GHN), up one-half cent to three cents on 272,000 shares, has been busier than usual this week. On Monday, it signed a letter of intent to option 50 per cent of its Bellechasse-Timmins gold property in Quebec to Patrick Levasseur's Uragold Bay Resources Inc. (UBR: $0.055). Now the two companies are talking up production. According to the LOI, Uragold would have to take care of mine permitting and financing. At Sept. 30, the company had $289,000 in working capital. It also has a second mine planned for its nearby Beauce Placer property. Beauce Placer is an aggregates project, from which Uragold sampled "pristine gold/silver grains & gold nuggets" in the gravel last fall. Now, it hopes to set up a small placer test plant to mine for gold. It is also hoping to sell aggregates, pointing out that several local entrepreneurs have expressed interest.