At the end of September, I wrote an article on Golden Star Resources. In it, I questioned whether GSS was shining over other mining penny stocks. At the time, there was evidence showing this to be true, and there still is.
Mining Penny Stocks: Golden Star Resources (NYSE:GSS)
On Tuesday, October 2nd, Golden Star Resources made a significant announcement regarding its La Mancha strategic investment. On the news, the GSS stock jumped more than 5%.
After hours of hard-work and project management, Golden Star Resources has finalized the $125.7 million strategic investment by La Mancha, which is a private gold investment company headquartered in Luxembourg.
Here’s why this is important:
A completion of the investment secures Golden Star’s platform for growth in Africa. According to Sam Coetzer, CEO of the gold penny stock company, the strategic investment will allow the company to “expedite our exploration and expansion programs” at the Wassa Underground, as well as the Prestea Underground Gold Mines.
On top of that, the investment will strengthen the gold penny stock company’s balance sheet.
The Golden Star Resources Share Price
According to Yahoo Finance, as of 3:20 p.m. EDT, the mining penny stock is trading at $0.97, which puts it up 7.78%.
>> Health Penny Stocks: Relevium Technologies is Soaring on the TSXV Today, but Why?
For Those Who Don’t Know
If you’re just starting to get into penny stocks, particularly mining penny stocks, here are a few things you should know about Golden Star Resources:
- GSS is a Canadian based gold mining company
- It works in Brazil, Ghana, West Africa, and South Africa
- On August 1st, the company reported its Q2 results, which saw increases in gold production and in the grade processed as the Wassa Underground.
The Takeaway
What do you think about Golden Star Resources? Is it making a name for itself in the mining penny stocks market?
Let us know what you think in the comments below and make sure you check back tomorrow for more penny stock news!
Featured Image: Depositphotos/© Tzido
