$Gear
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Gear International, Inc. (OTC: GEAR) and Western Sierra Mining (OTC: WSRA) Form Agreements to Develop and Operate Arizona Mine NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by the EQUITY SPOTLIGHT
NEW YORK, NY, May 21, 2012 (MARKETWIRE via COMTEX) -- Western Sierra Mining (PINKSHEETS: WSRA) has concluded an agreement with Mission Holdings to operate the Silver Cord mine in central Arizona which Gear International (PINKSHEETS: GEAR) has an agreement to develop. According to the agreement, Western will provide a variety of mining services including permitting, both underground and surface exploration, mine engineering, geology and tunnel rehab in preparation for an extensive sampling program. Gear International, Inc. will provide the required funding.
The World Gold Council recently announced that, in dollar terms, global gold sales rose 16% year-on-year to $59.7 billion, with an average price of $1,690.57 per ounce, gold prices gained about $75 since May 17, 2011. Goldcorp (NYSE: GG), one of the world's largest producers continues to execute to plan on its bid to achieve a 70% growth spurt and reach 4.2 million ounces by 2016, and now characterizes that target as "a very achievable path." Yamana Gold (NYSE: AUY) has also announced recently that their first quarter profits rose 15% due to higher production and stronger gold prices. The company said it is on track to produce 1.2 million to 1.3 million gold equivalent ounces in 2012, a 13 percent increase over 2011 production.
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