Junior miner powers higher on gold results
Northern Gold Mining (TSX: V.NGM) shares climbed 45% to 27.5 cents on Friday after ValGold Resources (TSX: V.VAL) reported drill results for the first two holes of the 2009 program on its 100% owned Garrison property in northern Ontario. Northern Gold Mining is the project operator and is currently in the first year of an option agreement under which it is earning its initial 50% interest in the Garrison property from ValGold by making $4 million in exploration expenditures and paying ValGold $1 million in option payments within the next four years. Assays included 22.0 metres of 4.21 grams per tonne (g/t) gold.
