Kaieteur results disappoint

Vancouver — Initial assays from Kaieteur Resource‘s (KTR-V) Altan Uul (Gold Mountain) project, in the south Gobi region of Mongolia, failed to show pervasive gold mineralization.

Kaieteur has received results from just over half of the 650 samples taken, and only 15 returned gold values in excess of 1 gram per tonne. Most of the samples averaged less than 0.08 gram gold.

The results indicate a thin, gold-enriched supergene horizon, thus limiting any depth potential for mineralization.

Kaieteur plans to review other targets on the property.

Investors reacted to the results by pushing the share price down 31%, or 15, to close at 33 on a volume of 95,338 shares at presstime. The company has 18.2 million shares outstanding.