Atna Resources Ltd. (ATNAF) jumps on picking up Nevada mine

Posted on: Thursday, August 11th, 2011
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Atna Resources Ltd. (OTCBB:ATNAF) climbed 14% to 74.16 cents Thursday, on the acquisition of the Pinson Gold Mine in Nevada. Volume for the stock was nearly 550,000 shares, compared to a daily average of less than 29,000.

A news release out August 11 spelled out some of the details of the Asset Purchase and Sale Agreement with Pinson Mining Company, a subsidiary of Barrick Gold Corporation, to acquire PMC’s 70% interest in the Pinson Mine, located in Humboldt County, Nevada. On closing, Atna will also sign a non-exclusive Ore Milling and Gold Purchase Agreement with an affiliate of PMC allowing for processing of Pinson Mine ores at Barrick’s Goldstrike processing facilities.

The same release quoted CEO James Hesketh as saying “Unlocking value from the Pinson Mine has been a stated goal for the Company. By consolidating control of this project in Atna, we believe that the Company will be able to achieve this goal. This acquisition gives Atna 100% control of a high-grade gold resource located on the prolific Getchell gold belt of northern Nevada.”

Hesketh continued, “At a cost of approximately $15.50 per gold resource ounce acquired, not including the value of lands swapped, we believe that this transaction provides significant accretive value to Atna’s shareholders. In addition to the near term gold production potential, we believe that Pinson has substantial potential for resource expansion. We also welcome Barrick as a significant new shareholder of Atna as a result of this transaction.”

This acquisition will consolidate Atna’s ownership of the mineral resources at the Pinson Mine. Atna is headquartered in Golden, Colorado.

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Category: Energy Stocks, OTCBB
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