Dana Resources Reports Gold Price Surges Over $1000 per Ounce
18 September 2009 - 10:30PM
Marketwired
(OTCBB: DANR) (FRANKFURT: OD0) -- Dana Resources is a US-based
precious metals development company with advanced stage gold and
base metal properties in Peru. Management has comments on the
recent surge in the price of gold and the increased value of its
100% owned Collota gold deposit.
Industry source Mineweb "selected 46 potential listed gold stock
takeover/merger targets and divided each company's market value
(issued shares multiplied by stock price) by its gold
ounces-in-the-ground. The per ounce of gold valuation depend(ed) on
a wide range of factors, including cash cost per ounce, quality of
gold deposits given factors such as grade, geographical spread of
operations, depth of mining, forward projections of growth in gold
production, and so on... It is becoming clearer that the
(increasingly rare) generation of free cash flow by gold mining
companies is not considered a serious factor. The average per ounce
of gold valuation for 46 potential listed gold stock targets
computed at around US$79."
Mr. DeMelt, Dana Resources' President has commented, "Gold is
building a new base at $1000 USD per ounce and we believe this
trend will continue to appreciate. Strong demand for gold and a
weakening US dollar continue to drive the price of gold up. Dana is
trading at a fraction of its in-situ value of $1.82 per share based
on recent gold prices."
About Dana Resources
Dana Resources is a precious and base metals exploration company
with offices in the United States and Peru. Dana's management team
possesses local knowledge, extensive international connections, a
wealth of experience and technical expertise in mining, mining
finance, exploration and production. Dana Resources has acquired a
portfolio of gold, silver and other precious & base metal
properties located in Peru's most prolific mining regions.
With Peru growing as a producer of gold, silver and other metals
on the international market, Dana Resources is well positioned to
capitalize on the escalating global demand for commodities. The
management team and Directors are committed to creating value for
their shareholders and to the long-term success of Dana
Resources.
The statements contained herein which are not historical are
forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements, including,
but not limited to, certain delays beyond Dana Resources control
with respect to the commencement of drilling operations,
concentration in mineral deposits, delays in testing and evaluation
of ore samples, and other risks detailed from time to time in Dana
Resources' filings with the Securities and Exchange Commission.
Contact: Leonard DeMelt Dana Resources www.danaresources.com
Email Contact
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