When markets settle back to lower levels after exhibiting much momentum, gold issues usually take over.
On Wednesday, Toronto-based First Mexican Gold Corp. (TSX-Venture: FMG) announced the launch of an inaugural exploration program on the Golden Giant project, located in the James Bay Lowlands area in the northwestern region of Quebec. The Golden Giant Project is comprised of two highly prospective land packages covering approximately 8,865 hectares,
To quote CEO Albert Contardi, "We are excited to get boots on the ground on the Golden Giant for our Phase 1 exploration program. Not only is this property strategically located to what we believe is a large gold discovery at the Elmer project it also shares similar geology.
"Golden Giant hosts a number of high priority targets that we will explore in Phase 1 of our program including northeast-trending faults, northeast-trending fold limbs, as well as near-surface gold mineralization."
FMG shares gained four cents, or 15.1%, to 30.5 cents early Wednesday afternoon, on volume of 302,000 shares.
