That Was The Week That Was … In CanadaWolfden Resources also had a decent week after Goldcorp agreed to acquire 6 million Wolfden shares at a price of C$3.60 adding C$21.6 million to the junior’s coffers. The transaction gives Goldcorp a 9.8 per cent stake in Wolfden and more importantly paves the way for further consolidation of Ontario’s prolific Red Lake gold camp.
Minews. It looks like the article we did in October stating that Wolfden’s year long share slide may finally be over was bang on the money.
CC. True enough. At the time Wolfden just acquired Sabina Resources’ 60 per cent interest in the Follansbee Red Lake gold property where drilling is hitting significant gold grades in the 3 sub-parallel zones on both Wolfden's wholly-owned Bonanza property and on the adjacent Follansbee joint venture project. The deal consolidated the emerging gold play and with Wolfden shares down at nearly C$2 it seemed logical that the upside potential was far greater than the downside. At any rate, Wolfden closed the week at C$3.40, up C$0.45, while Goldcorp ended up at C$23.78, down C$1.27.
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