Goldquest plunges 33% on disappointing drill results

Vancouver's Goldquest Mining (TSX.V:GQC) has plunged 33% on heavy trading following the release of fresh drill results which fall below expectations.

While the drill results published yesterday for three more holes in Romero, a part of the Las Tres Palmas gold-copper project in the Dominican Republic, are far from terrible, they are disappointing compared to previous results which have sent the stock soaring over the past four months.

Goldquest shares surged from 7.5 cents on 22 May to a high of $2.03 on 21 August on reports of the Romero discovery, achieving a gain of 2,600% before retreating to around $1.80.

Goldquest lost 60 cents to close at $1.23 on Tuesday with 12.8 million shares exchanging hands.


Gold mining industry shooting itself in the foot