Augusta Resource Corp (AMEX: AZC) is trading in the 3.35 range in midday activity, well above its 50-day moving average of 2.21 and 200-day moving average of 2.33, marking it as a strong buy on many analysts lists. Heavy volume has on AZC has continued as well as it has pushed over the 2 million mark on Thursday, significantly higher than its average of just over 480,000. Increased volume is due in large part to the company’s announcement that a South Korean consortium, comprising state-run Korea Resources Corp. and LG International Corp. has signed a deal to acquire a 20% stake in Augusta’s Rosemont copper mine in Arizona for $176 million. Augusta said the Korean investment, along with another recent $230 million investment, means the total project is 50% funded, and “substantially de-risked the project.”
PolyMet Mining Corp (AMEX: PLM) is trading in the 2.05 range in midday activity, a strong improvement from its 50-day moving average of 1.48 and nearing its 200-day moving average of 2.17. Shares have been trading at more than three times its average volume with more than 1.3 million shares trading hands by the afternoon. While the exploration-development stage company hasn’t extracted an ounce of any metal they do control 100% of the NorthMet copper-nickel-precious metals ore body through a long-term lease; and owns 100% of the Erie Plant, a large processing facility in the mining district of the Mesabi Range in northeastern Minnesota. The NorthMet mine sits on one of the world’s largest undeveloped deposits of copper, nickel, and other non-ferrous metals.
Aurizon Mines Ltd. (AMEX: AZK) is trading at the 6.67 range in midday action Thursday, already surpassing its volume average with more than 805,000 shares moving. Momentum for AZK has been building as the stocks steady rise is now well above its 50-day moving average of 5.66 and 200-day moving average of 4.95. The gold producing company has been focused on developing its existing projects in the Abitibi region of north-western Quebec, one of the world’s most favorable mining jurisdictions and prolific gold and base metal regions, and increasing its asset base through accretive transactions. They recently announced the signing of a letter of intent with Everton Resources Inc in which Aurizon can acquire up to a 65 % interest in Everton’s Wildcat property located in the James Bay region, 350 kilometres north of Matagami, Quebec. The Wildcat property is 100% owned by Everton and comprises 411 mining claims, covering 21,476 hectares, and is located near the area of Goldcorp’s Eleonore deposit.