LAS VEGAS, Feb. 16, 2010 (GLOBE NEWSWIRE) -- Monday's closing gold spot price above $1100 U.S. should come as welcome news to investors of gold and gold equities. According to Kitco, gold is now up $162 for the year or +17%. This certainly bodes well for gold companies like Dana Resources (OTCBB:DANR) as the value of their exploration efforts increases in lockstep with the rising spot price.
And as happens with any resource, the rise in price sparks a rise in interest in the near term producers with alluring prospects. Dana's status as a near term production company with advanced phase projects in Peru should certainly garner interest among the gold bugs, particularly those who like a slightly different story or geography. Factor in that Dana's flagship property is reported to contain in excess of 1,100,000 ounces of near surface gold that's friendly to open pit mining and the company begins to distinguish itself from a cast of companies hoping to cash in.
Dana is also powered by a veteran management team with recent success in placing another mine in production, expertise they can clearly use in the Peruvian effort. Additionally, other projects in Dana's portfolio have had direct joint venture with the majors, including BHP Billiton. Again, brand separation from other emerging gold companies.
It is also important to note that Dana's properties are adjacent to the largest producing gold mines in Peru, a fact that should fan the flames of interest ignited by gold at a compelling $1100 an ounce.
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