Gold Junior Soars on Arbitration Award

Rusoro Mining Ltd. (CVE:RML), a gold junior, announced that it has been awarded US$967.77 million in damages

Sean Mason | August 23, 2016 | SmallCapPower

A potential windfall grabbed the attention of more than a few gold junior speculators Tuesday. Here’s some small stocks making big moves on Tuesday, August 23, 2016 (as of 4 pm EST):

Rusoro Mining Ltd. (CVE:RML) shares shot up 123% to $0.345 on Tuesday after the gold junior revealed that it has been awarded US$967.77 million in damages, plus pre and post-award interest which currently equates to in excess of US$1.2 billion, by the Arbitration Tribunal of the World Bank’s International Centre for the Settlement of Investment Disputes in the arbitration brought by Rusoro against Venezuela.

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As well, shares of Sphinx Resources Ltd. (CVE:SFX) gained 75% to $0.105 as the junior explorer said it has agreed to form a 50-50% joint venture with Sirios Resources Inc. to explore 551 claims that are presently under request by this consortium along the northwest extension of the Cheechoo-Éléonore trend in Québec.

Redstar Gold Corp. (CVE:RGC), meanwhile, reported that Eric Sprott has agreed to acquire 30.0 million common shares of the Company through a private placement at a price of $0.10 per share. Redstar Gold stock popped 24% to $0.155 following the announcement.

See more Small and Micro Cap Market Movers Daily from Sean Mason. Tomorrow’s big stock market winners could be found here today!

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