Here is another interesting Canadian gold penny stock to keep an eye out. This is a junior Canadian mining company that is drilling one of Barrick gold’s (world’s largest gold producer) projects. The company is called Central Iron Ore they trade under CIO on the TSX. They are drilling Barricks high grade gold project. They are trading between .05 – .06 right now which is a nice entry point for new investors. They currently have 1.3 million in the bank and assays should be out in 4-8 weeks.

See full press release below

“Gold and Iron in Western Australia”
TSXV: CIO.V
Barrick GoldJV ‘South Darlot’

  • Commenced drill program of approx. 1000m (14 drill holes) focusing on the company’s two most favourable gold prospects: Mermaid ( 6 holes) & Endeavor ( 8 holes)
  • 24 gold targets to date have been identified from the Barrick dataset of 44,605m of drilling of 1,104 holes, which were drilled by Barrick on the JV tenements
  • Current program includes confirmation drilling on historical holes of 5m @ 348.9 g/t Gold including 1m @ 1,510 g/t Gold
  • Gold assay results are expected in October / November 2012.
  • Project is 5km from Barrick’s Darlot mine, producing approx. 100,000 oz gold yearly
  • Project is already permitted for mining
  • Central Iron Ore has $1.3m cash on hand (Oct 2012)
  • News link: http://finance.yahoo.com/news/central-iron-ore-ltd-drill-123000708.html

Barrick Gold Corp.’s Historical Drill Results

  •  Mermaid Prospect
    • 3m @ 13 g/t Gold
    • 4m @ 7.9 g/t Gold
    • 5m @ 348.9 g/t Gold Including 1m @ 1,510 g/t Gold
  • Endeavour Prospect
    • 3m @ 88.8 g/t Gold
    • 8m @ 23.6 g/t Gold
The project, jointly owned by Barrick Gold and Central Iron Ore, is approximately 320 km North West of Kalgoorlie Western Australia and includes the company’s 100% owned and NI 43-101 compliant British King mine which is 5km west of Barrick Gold’s producing Darlot Mine.
Shares Issued: 72,674,973
52wk Hi Lo: $ 0.16 – 0.04
Cash: $1.3m AUD
Exchange: TSX Venture
Symbol: CIO

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