NEW YORK, NY--(Marketwire -07/17/12)- Junior Miners have been hit hard in 2012 as gold prices have struggled to gain any upwards momentum in 2012. The Market Vectors Junior Gold Miners ETF (GDXJ) has fallen over 25 percent year-to-date. The industry has been a hotbed of acquisition speculation in recent weeks after Yamana Gold announced it had acquired Extorre Gold Mines Ltd. for $414 million, or $4.26 a share (a 68% premium). Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Eldorado Gold Corp. (EGO) (ELD.TO) and Golden Star Resources Ltd. (GSS) (GSC.TO).
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Junior miners with quality mining projects have been attractive targets for major gold companies in 2012, as many juniors have seen share prices plummet due to poor market conditions. While Yamana Gold did pay a 68 percent premium, shares of Extorre were trading as high as $15 last July. Yamana had been
"Part of it was market conditions, and part of it is the coincidence that we completed our due diligence and came to the conclusion that there was value in the asset and value in the purchase," Yamana chief executive Peter Marrone said in an interview.
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Eldorado Gold is a Canadian international gold producer with seven operating mines, three mines under construction, three development projects and an extensive exploration program. The company plans to produce approximately 1.7 million ounces of gold annually by 2016. Eldorado will release its 2012 second quarter financial and operating results before the market opens Friday July 27, 2012. Shares of the company are down over 22 percent year-to-date.
Golden Star is a mid-tier gold mining company over a quarter-century in age and total historical production of over two million ounces of gold. The company has two operating mines situated along the prolific Ashanti Gold Belt in Ghana, West Africa. Shares of the company have fallen over 30 percent this year.
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