Markets have seen a sharp pullback today as investor sentiment has been weighed down by uncertainty over the U.S. Federal Reserve. Following the weak jobs report for the month of August, the market had been anticipating a delay in rate hikes. However, in the last few days, the Fed has given signals that it is open to a rate hike in September itself.
A hawkish Fed is bad news for equities, which have benefited immensely from the Fed’s ultra-loose monetary policy measures over the last seven years. At last check, all three major indexes in the U.S. were down sharply.
DynaResource Inc. (OTCQB:DYNR) is one stock that had positive news announced today, but is down along with the broader market. Based in Irving, Texas, DynaResource is a minerals investment, management and exploration company.
The company is engaged in the business of exploration and development of resource properties. It operates through its Mexico segment.
DYNR today announced that Mineras de DynaResource S.A. de C.V. ("DynaMineras"), the 100%-owned subsidiary of DynaUSA and the exclusive operator of the San Jose de Gràcia Property in northern Sinaloa, México ("SJG"), is reporting production costs of $592 per oz. gold at San Jose de Gracia for the first six months of operations in 2016.
The company has provided the details of the operations in its Form 10-Q for the period ended June 30, 2016.
DYNR also reported the delivery for sale, on September 8, of an approximate 650 Oz gold contained in concentrates (exact weights in gold and silver oz. to be determined at final settlement).
The company also reported August production of an approximate total of 1,250 Oz gold contained in concentrates (exact weights in gold and silver oz. to be determined at final settlement).
In addition, the company reported contract mining at the San Pablo mine, and test mill runs of the pilot mill facility at SJG are continuing, with an average volume output from the pilot mill facility in August of approximately 173.5 tonnes per 24 hours of operation.
The company is currently conducting operations at SJG according to internally developed mine plans for San Pablo Mine (compiled by Company VP- Director of Exploration and Resource Development, Pedro I. Teran Cruz, using Surpac software), and through the internally designed SJG Pilot Mill facility (consisting of a basic gravity-flotation circuit) which was previously operated by DynaUSA during the 2003-2006 period.
At last check, DynaResource shares were trading 4.12% lower. The stock is currently trading slightly off its 52-week high as investors ring the cash register on a strong return so far in 2016.
