NEW YORK (TheStreet) -- Shares of AuRico Gold (AUQ) were gaining 3% to $3.40 Monday after the gold miner announced the discovery of a new gold-copper porphyry at Kemess East near the Kemess mill facility in British Columbia.
"The Kemess East exploration program has identified a significant new gold-copper porphyry mineralized system that is higher grade than the Kemess Underground and is located in immediate proximity to the existing processing facility and associated surface infrastructure that includes a 50,000 tonne per day mill facility, administration and camp facilities, permitted tailings storage and full access to grid power," AuRico Gold president and CEO Scott Perry said in a statement.
The Toronto-based company plans to have an initial resource estimate for Kemess East in early 2015. The initial mineralogical assessment indicated that Kemess East is similar to the Kemess Underground deposit.
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TheStreet Ratings team rates AURICO GOLD INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AURICO GOLD INC (AUQ) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself."