AM Gold to resume trading on TSX-V, busy exploration year ahead
Seeking Alpha Analyst Since 2009
AM Gold (CVE:AMG) announced Wednesday that the British Columbia Securities Commission revoked the Cease Trade Order issued against the company in April.
In a letter to shareholders, CEO John Fiorino explained that, while the company is currently seeking to be re-instituted on the TSX Venture Exchange, it is unknown when shares will resume trading. An update will be given when the timing is settled, AM Gold said.
Throughout the past year, the company has transitioned to focus on the development of its core assets in Peru and the Yukon, Canada. In its statement on Wednesday, AM also took the opportunity to provide a brief update on its operations.
In the Yukon, preparations are underway for the company's Red Mountain 2011 drill program, having contracted Yukon-based Kluane Drilling to conduct a 6,000 metre diamond drill core campaign. The camp is scheduled to remobilize in late May 2011, pending weather conditions, with drilling operations resuming early June.
Last year's drill program at Red Mountain extended the inferred resource area to a distance exceeding 650 metres along strike of the Jethro Structure, with the strongest mineralization open to extension laterally to the east, west and at depth.
Meanwhile, at the company's Pinaya property outside of Lima, Peru, AM has negotiated a two-year surface access agreement for the entire project - critical to the planned work programs for this season.
The 2011 program at Pinaya will focus on the exploration of porphyry and skarn-related targets, identified during a three-week field study last December. Mineral stream sediment and soil samplings at the property are also currently underway.
Vancouver-based AM Gold has also entered an agreement with Aurora, Ontario-based Geotech to conduct an airborne geophysical survey of the entire 19,200 hectare Pinaya property, which is expected to identify new exploration targets. The survey is anticipated to be completed by the end of May.
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