Categories:
Base Metals
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General Market Commentary
Topics:
General Base Metals
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General Market Commentary
Arizona Mining Halted After Bre-X Comparison
Arizona Mining Halted After Bre-X Comparison
On Sunday December 11, 2016, The Global Mining Observer published a piece titled “Zinc Discovery in Arizona looks like “Bre-X’” that compared Arizona Mining (TO:AZ), which has released some exceptional results from its Taylor zinc discovery, to Bre-X.
The article cited manganese impurities as a potential fatal flaw that would prevent smelters from processing the metal which could therefore prevent the project from ever being economic.
That led to The Global Mining Observer fully retracting its article and stating that it "regrets any damage which the statements in that article may have caused”.
The Global Mining Observer then published a follow-up piece on December 13, 2016 titled “Banks Slam Manganese Concerns” and right underneath the headline included “But zinc industry specialists disagree, as Arizona issues statement on metal impurities.”
That didn’t help matters any for Arizona Mining and the retraction hasn’t kept the stock from dropping nearly 30% from the December 13th high of C$3.23 to today’s low of C$2.30. The stoc
The trading action has resulted in Arizona Mining halting trading in shares of the company a few hours ago.
This won’t be the last we hear of this. Should be interesting.