By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, August 16, 2016

According to a filing with the U.S. Securities and Exchange Commission, billionaire investor George Soros exited the bulk of his position in gold mining company Barrick Gold Corporation (NYSE:ABX). Soros held 19.4% of the shares of ABX at the end of the first quarter. As gold mining stocks rallied, Soros took the profit, selling more than 90% of his holdings. At the end of the second quarter, Soros held 1.07 million shares. Soros scaling back his bet on the gold mining stock suggests that the sensational rally seen by miners this year may be coming to an end, at least in his belief.

Year-to-date, ABX has already gained more than 190%, while shares of Goldcorp Inc. (NYSE:GG) are up more than 64%. Despite the huge gains though, gold mining stocks could still see further upside.

One of the key drivers of the rally has been expectations that the Federal Reserve will not hike rates in 2016. While there are indications that the Fed is open to at least one rate hike this year, the pace of rate hikes is expected to be slow, given soft inflation data. Therefore, gold mining stocks could continue their run.

Midland Exploration Inc. (TSX-Venture:MD) is a Montreal, Canada-based mineral exploration company. The company’s operations include the acquisition and exploration of mining properties. Its properties include Maritime-Cadillac, located in the Abitibi region in Quebec and composed of around seven claims.

This morning, Midland Exploration announced that it is commencing an exploration program on its 100% owned James Bay Éléonore Gold project located in James Bay, Québec. This phase of the exploration program includes prospecting in new sectors of the Éléonore Centre property.

MD noted that the project encompasses the Éléonore Centre and West properties and is constituted of a total of 239 claims covering about 125 square kilometres, and is located approximately 30 kilometres southwest from and in a geological environment similar to Goldcorp Inc.'s Éléonore deposit.

Prospecting conducted by Midland during the past years on the Éléonore Centre property identified the presence of several gold showings associated with quartz-tourmaline pyrite bearing veinlets occurring in sheared metasediments, as well as mafic and felsic metavolcanics which returned up to 18.8 g/t Gold. The 2016 prospection and geological mapping program will mainly focus on the centre-south portion of the Eleonore Centre property where the major north-south structure is interpreted to shift and change its trend to the southwest-northeast.

Just like the gold majors, shares of MD have been on a terrific rally since the beginning of 2016 with shares up 135% from their early February lows. With that said, shares are having a tough time of late breaking out of a key resistance level around $1.15 with the stock trading down 3.64% at last check.

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