Juniors fight back

INTEROIL shares slumped this week while Quintessential Resources, New Guinea Gold and Coppermoly made impressive gains.

The recent financial and operational results from InterOil were not disappointing but its shares are down 5.7% for the week as investors continue to wait for more Gulf LNG project news.

Without making any announcements, PNG explorer Coppermoly has posted double digit gains for the overall week.

Other strong performances are easier to explain with Quintessential buoyed by trench and outcrop sample results from the Irak prospect of its Bismarck project in PNG.

A standout was an outcrop assay which notched up 12m at 2.75% copper across its width.

New Guinea Gold also made progress with its plans to prove up more resources for its small Sinivit gold mine in PNG.

In an update this week NGG revealed new, near-surface indicated resources for the Kavursuki vein system about 1km north of the mine.

The resources of 283,000 tonnes at a good grade of 3.7 grams per tonne gold equate to about 33,000 contained gold ounces.

On the commodities front, London Metal Exchange cash copper closed at $US7784 a tonne overnight, which was relatively unchanged since last Friday.

By the same comparison, LME spot nickel was down 2% to $16,539/t overnight.

Singapore Tapis crude closed at $118.61 a barrel last night, a fall of almost 2% from last Friday.

Spot gold has not moved much for the overall week and was trading at around $1578.89 per ounce in the past 30 minutes.


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