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Sep 10, 2018

RNC Minerals stock soars on gold strike in Western Australia mine

BNN Bloomberg's commodities update: Sept. 10, 2018

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TORONTO -- A doozy of a gold strike in Western Australia has sent shares of Toronto-based junior miner RNC Minerals soaring.

The company says that over the last week it has pulled out 9,250 ounces of gold, worth some $15 million, from a 130-tonne cut of rock about 500 metres underground at its Beta Hunt mine.

The find includes a single 95-kilogram chunk that contains 2,440 ounces for a value of about $3.8 million, and a second 63 kilogram stone holding about 1,620 ounces.

RNC's (RNX.TO) stock price soared 11 cents, or 122.2 per cent, to 20 cents on the news in midday trading on the Toronto Stock Exchange.

The company, which had a market capitalization of about $34 million last week, has been trying to sell the nickel and gold mine since March.

RNC says in light of the discovery, and its significance on the mine's exploration potential, it is no longer in exclusive talks with a preferred bidder for Beta Hunt.