Orlando, FL -- (SBWIRE) -- 08/29/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Allied Nevada Gold Corp. (NYSEAMEX:ANV), New Gold Inc. (USA)(NYSEAMEX:NGD).
Allied Nevada Gold Corp. (NYSEAMEX:ANV) shares decreased 7.78% to $4.62. The company on August 6 provided financial and operating results for the three and six months ended June 30, 2013. As a result of a 134% increase in gold ounces sold, revenue increased 75% in the second quarter of 2013 to $59.0 million, versus $33.7 million in the second quarter of 2012. Net income decreased 31% to $4.2 million or $0.04 per share in the second quarter of 2013, as against $6.1 million or $0.07 per share in the same quarter in 2012.
Additionally, the company on August 6 said it will defer construction of the mill at Hycroft until it has completed a new feasibility study to optimize the project. There’s no forecast on how long that may take or what the project may eventually cost, Allied Nevada said. Hycroft will process at a reduced rate until 2021, Adam Graf, a New York-based analyst at Cowen Securities LLC, said in a note.
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New Gold Inc. (USA)(NYSEAMEX:NGD) shares fell 7.20% to $6.83. The company on August 28 announces that a minor pit wall movement occurred at its Cerro San Pedro Mine in Mexico on August 23, 2013. Approximately 800,000 tonnes of material moved on the northeast pit wall. Importantly, no one was injured, however, as a precautionary measure, mining in the area below the pit wall movement has been temporarily suspended. New Gold is working with geotechnical experts to evaluate the area and assess the impact on the company's near-term mine plan and production at Cerro San Pedro.
The objective is to develop a plan for the safe resumption of mining in the area below the movement, however, if it is determined that this area will not be accessible until the next phase of mining, scheduled to take place in 2014, the company's preliminary estimate is that approximately 15,000 ounces of gold production would be carried forward from 2013 into future periods.
Additionally, the company on July 31 announces financial and operational results for the second quarter of 2013. Second quarter Gold production increased by 8% to 102,435 ounces from 95,158 ounces in the second quarter of 2012 and 94,695 ounces in the first quarter of 2013. The company generated revenue of $184 million, earnings from mine operations of $34 million and net earnings of $15 million, or $0.03 per share.
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