Transparency/Disclaimer: I was compensated modestly by Pershing Gold Corporation to write this article. While I have vetted each company, researched it thoroughly and I’ve done my own due diligence, my due diligence is not a substitute for your own.
Couer d’Alene Mines (CDE) has decided to buy back up to $100 million of its stock. The company’s board of directors sent out a press release on June 7 that stated it planned to try and buy back at least 6% of the company’s stock, or 5.3 million shares. CBS estimated that this figures comes out to around $100 million worth of stock.
This indicates that Couer d’Alene has a very healthy cash flow. It also led to a boost in the gold and silver miner’s stock value. Couer d’Alene’s executive team obviously has confidence in its stock and continued ability to maintain high cash flow. The company has been very successful with a number of its mining ventures in recent years.
Couer d’Alene’s properties include the highly-successful Rochester Mine in Pershing County, Nev., which has produced a million pieces of silver a year in recent years. Some experts regard the Rochester as one of the most successful silver mines in the world.
Pharmaceutical billionaire enters gold field
One person who seems to have noticed Couer d’Lane’s success is billionaire Phillip Frost, who made his fortune in the pharmaceutical field. Frost has invested $9.3 million in Pershing Gold (PGLC). Pershing (formerly called Sagebrush Gold) owns the Relief Canyon mine, a 1,000-acre silver and gold property in the same geologic formation as the Rochester.To continue reading, click here.