Felix Pinhasov's  Instablog

Felix Pinhasov
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Part-time investor particularly interested in resource companies.
  • Yamana Gold Selling Out Of Calibre Mining Corp. 0 comments
    Feb 15, 2012 7:25 AM | about stocks: AUY, CXBMF

    According to insider filing reports for the week ending February 9, 2012, Yamana Gold Inc. (NYSE:AUY) sold 9 million shares of Calibre Mining Corp.(OTCPK:CXBMF), which trades on the TSX Venture Exchange under the ticker symbol CXB.

    The disposition took place on February 1, 2012 and represented 75 percent of Yamana's common share interest in Calibre. Yamana's remaining interest amounts to 3 million shares.

    The sale comes as the stock price of Calibre more than doubled from CAD$0.185 on January 19, 2012 to CAD$0.58 on February 10, 2012.

    In late January of this year, the company reported drill results on its Primavera gold-copper project in Nicaragua. Yamana's action might indicate overreaction to the drill results.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: AUY, CXBMF
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