Shares in mineral and gold explorer, Perseus Mining (PRU) fell 3.78% to $1.40 despite news of high grade results at its Shambesai Prospect in Kyrgyz Republic.
Perseus managing director Mark Calderwood compared the Shambesai prospect to the large high-grade ‘Carlin-style' gold deposit.
(Carlin is a mine located in Nevada, United States, which prompted a rush of miners to the area and has produced more gold than any other mining district in the US.)
Persues said based on rock chip and trench results to date, in-situ mineralisation appears to extend for 840 m along strike and is open to the east and west.
Perseus' share price had performed well since it listed on the stock exchange in 2004, rising steadily.
However, it was not until earlier this year that the price shot up to reach an all time high of $1.52.
This was undoubtedly supported by the soaring gold price, which market speculators believe is heading towards the US$1000 mark.
Further to the announcement of 13 November 2007 results have been received for the 36m long trench IST-4-07 located about 300 m each of trench IST-3-07, the company said.
In its statement to the stock exchange, the company said drilling has become a priority for this prospect. Trenching will however continue to define the zone of mineralisation.
Shares closed 0.34% up at $1.46.
