Northern Star on the Aquisition trail again ???
PXG ( Pheonix Gold ) was placed in a trading halt this morning , rumour mill is in overdrive that Northern Star is about to aquire.
PXG jumped 14 percent yesterday , insider trading is alive and well , good luck to PXG stock holders if it comes about
Quote Hot Copper
UPDATE 2.45pm: Northern Star Resources says it has paid off its debts and is on track to meet production and cost guidance for the financial year, after another solid quarter at its WA mines.
Northern Star's five WA mines produced 131,169oz in the March quarter at an average all-in sustaining cost (AISC) of $1172 an ounce.
Production fell and costs rose in the March quarter, the company said, after unplanned downtime at the processing plants at its Jundee and Kanowna facilities deferred about 5000oz of production.
In the December quarter, Northern Star's mines produced 141,052oz at an average AISC of $1072/oz.
The historic Plutonic mine, acquired in late 2013 for $28 million from Barrick Gold, was again Northern Star's worst performer. It produced 19,675/oz gold at an AISC of $1784/oz, compared to 18,638oz at $1787/oz in the December 2014 quarter.
Northern Star said it retired the last of its bank debt earlier this month, and finished March with $111.7 million in cash, bullion and liquid investments on hand.
Managing director Bill Beament said the company was on track to meet financial year production guidance of 550,000 to 600,000oz gold at all-in sustaining costs of $1050 to $1100/oz.
Mr Beaumont also flagged a return to the acquisition trail, saying the repayment of Northern Star's bank debt, along with its strong cash flows, meant the company was in a position to make "value accretive acquisitions" whilst still funding its exploration activities.
Gold was trading at $US1186.62 an ounce at 2.50pm.
Northern Star shares were off 14 cents, or 5.88 per cent, to $2.24 at the close.
