Auric Mining Company to Restart Gold Mines
Auric Mining Company (OTCBB: AUMY) stock is currently trading at $0.0016, up 77.78 percent from its previous close. The stock has traded in the range of $0.0008 and $0.0019. The company recently announced that it would be reopening its undervalued gold mines. It also reported the completion of the first phase of its acquisition plan. The company said that it will focus on recommissioning of its existing properties due to their high production possibility and low capital expenditure. Auric Mining expects three of its properties to reach investigative level.
Auric Mining also recently increased its revenue forecast for its project under development. The upward revision has been done pursuant to a report setting gold price target at $2,000 by 2013. The company also announced that it has secured $40 million worth of financial guarantee commitment. Auric Mining now has total financial commitment of $60 million. It is planning to combine these two separate commitments in to one single guarantee at a preferential rate.
Auric Mining is involved in the business of natural resources and mining. The company is mainly operational in Canada. Auric Mining was earlier known as Focus Affiliates and was formed in 1994. The company is based out of Port Huron in Michigan.
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