New CEO lifts Newcastle Gold shares
NewCastle Gold Ltd. (CVE:NCA) stock jumped 6.7% on Tuesday after the company announced the appointment of Gerald Panneton as President and Chief Executive Officer.
In afternoon trade the small-cap changed hands at $0.99, on the venture section of the Toronto Stock Exchange with 1.3 million shares changing hands, volumes nearly three times the usual daily average, affording the company a market worth $155 million. NewCastle stock is up three-fold in value this year.
Gerald Panneton, a geologist with over 30 years in mineral exploration and development, was the founder, President and Chief Executive Officer of Detour Gold Corporation from its incorporation in July 2006 until November 2013. Under his leadership, the Detour Lake Project grew from 1.5 million ounces in resources to over 16 million ounces in reserves and into production in less than 6 years after its acquisition. The Detour Lake Mine now ranks as the largest gold mine in Canada.
From 1994 to 2006 Mr. Panneton was with Barrick Gold Corporation where for the last six years of his tenure he was Director of Advanced Projects and Evaluations for the exploration and corporate development group. Prior to Barrick Gold, he worked for Lac Minerals, Placer Dome Exploration and Vior-Mazarin Group.
The Vancouver-based firm is advancing the past-producing Castle Mountain project in California, a heap leach gold mine that produced over one million ounces of gold from 1992 to 2001.
An NI 43-101 resource for the project released in December last year includes Measured Mineral Resources of 17.4 million tonnes grading 0.86 g/t gold containing 0.48 million gold ounces, Indicated Mineral Resources of 202.5 million tonnes grading 0.57 g/t gold containing 3.71 million gold ounces along with Inferred Mineral Resources of 40.8 million tonnes grading 0.58 g/t gold containing 0.76 million gold ounces.