St Barbara shares had risen just under 26% by midday to 34c, someway north of the 4c or so the stock was languishing at just 12 months ago. Shares have doubled inside the last month.
The strong upward trend follows the restructure of the company last year at the behest of major shareholder Resource Capital Fund, with Eshuys taking the reins from Stephen Miller.
St Barbara is targeting gold production for the 2005-06 fiscal year of 150,000oz at $415/oz. – primarily from the Marvel Loch/Southern Cross operations.
Medium term, the Sons of Gwalia gold assets (acquired by St Barbara earlier this year for $2.3 million cash and $35.7 million in environmental bonds) plus the idle Meekatharra operation, are being eyed as capable of 550,000ozpa at cash costs of $380-400/oz – possibly from September 2007.
Meantime Newcrest reached as high as $19.95 this morning, before retreating slightly to $19.75 in midday trade.
Other risers included Bendigo Gold (up 5.2% to $1.10), Croesus Mining (up 4.3% to 36.5c), Perseverance Corp (up 6% to 35.5c) and Resolute Mining (up 6% to $1.17).
