SOURCE: Wall Street News Alert

May 03, 2006 09:48 ET

Hot Stock Alert: Small Public Company Completes Acquisition in Colombia's Highest Yielding Gold Zone! May 3, 2006

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL -- (MARKET WIRE) -- May 3, 2006 -- Wall Street News Alert's "stocks to watch" this morning are: Metro Gold Mines Mineral Resources Inc. (OTC: MGMX), Goldcorp Inc. (NYSE: GG), Newmont Mining Corporation (NYSE: NEM) and Phelps Dodge Corp. (NYSE: PD).

Metro Gold Mines Mineral Resources Inc. (OTC: MGMX) may be a target of aggressive investors and day traders this morning! Yesterday the company, a growing gold mining company engaged in the acquisition and development of production properties in South and Central America, issued a press release announcing that it has completed the acquisition of La Esperanza gold mine; located in Segovia the richest, most gold-bearing municipality in Colombia.

The news may get the attention of investors! According to the press release, there are proven multi-million ounce deposits of rich gold under Colombian soil. Colombia is the highest-yielding nation in South America, having produced more than 125 million ounces of gold. But it is also the most under-explored and under-developed. With the notable exception of neighboring Frontino Gold Mines LTD -- which has produced over 5 million ounces of gold in the Segovia area -- the majority of local miners haven't had the resources or technology to sustain maximum production.

Continue to watch this company! "MGM Mineral Resources has been working to acquire La Esperanza since its inception and it is extremely gratifying to see this exceptional property become part of our portfolio," said Ken Lamb, President of MGM Mineral Resources. "The Company is very excited about La Esperanza's prospects and would like to thank Mr. Jairo Giraldo, our CEO, for orchestrating this acquisition. Mr. Giraldo is a highly respected figure in the Colombian mining community with more than 40 years of proven experience in the industry. Due in large part to his hard work, close relationships with government and industry officials and excellent reputation we are able to embrace this opportunity."

"We are working on releasing the results of our geology reports, which will outline just how extensive a project this mine will become," said Chairman and CEO Jairo Giraldo. "La Esperanza is located within our country's richest gold zone. We are highly pleased with what we have seen so far. We believe this acquisition has the potential to significantly improve our bottom line and increase shareholder value."

Investors should continue to monitor the progress of Metro Gold Mines Mineral Resources! MGM Mineral Resources is working to modernize operations and maximize profitability of La Esperanza mine, which is located within the province of Antioquia where between 60 and 80 percent of the nation's gold is produced. Through partnerships with local and federal government authorities and the surrounding communities, the company is ramping up the mine to achieve full production capacity. MGM Mineral Resources believes it can significantly accelerate the extraction process, increase overall productivity and lower production costs.

Wall Street News Alert is placing Aggressive Investors on alert to monitor Metro Gold Mines Mineral Resources! On Monday the company issued a press release announcing that it has begun to trade its shares on the OTC Pink Sheets under the symbol of MGMX. According to that press release, the company is currently in the later stages of negotiations with several gold and silver mines and will announce these acquisitions once they have been fully completed, as well as obtaining all necessary mining and land rights.

The stock closed yesterday at around Six cents a share.

For an in-depth profile of Metro Gold Mines Mineral Resources, visit

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In case you are not familiar with the company: Metro Gold Mines Mineral Resources Inc. is a growing, expertly managed gold mining company focused on acquiring and producing an impressive portfolio of exploration and production properties in South and Central America. MGM Mineral Resources is working to establish itself as a world-class gold company, capitalizing on smart acquisitions, leading edge technology, modernized operations, deep industry expertise and a strong gold market to cost-effectively produce high quality gold. The company has identified a significant opportunity to exploit proven but under-developed mineral resources in Colombia and is in the later stages of negotiations with several high grade gold and silver properties. MGM Mineral Resources is initially targeting the richest gold zone in Colombia, where between 60 and 80 percent of the nation's gold is produced.

Goldcorp Inc. (NYSE: GG) up 5.8% on 10.5 million shares traded.

Goldcorp is one of the premier mining companies and has an aggressive growth strategy.

Newmont Mining Corporation (NYSE: NEM) down 0.4% on 9.6 million shares traded.

Newmont Mining Corporation is gold exploration company.

Phelps Dodge Corp. (NYSE: PD) up 0.8% on 5.8 million shares traded.

Phelps Dodge Corp. is one of the leading producers of copper and molybdenum.


"Oil once again remains in the headlines as an Iranian oil deputy predicted $100 per barrel by next winter. Oil for June delivery traded at $74.10 up 40 cents. Gold was also up, trading at $666 an ounce, up by $5.90. The dollar weakened against the euro and bond prices were up as well, trading at 95 9/32 yielding 5.12%. Iran continues to ignore world pressure regarding nuclear technology, Nigeria still has riots, and Venezuela and Bolivia are no friends to the U.S. so oil is a major head ache to most consumers," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at:

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