Goldstake up on RI deal

Goldstake up on RI deal

TORONTO (Reuter): Shares in Goldstake Explorations Inc rose sharply in heavy trading on Monday after it received a contract of work (COW) for its property in Indonesia, traders said.

"They got a COW," said an equity trader.

He said companies cannot drill for gold in Indonesia, on which scores of mining companies are converging, without a COW, which costs US$5 an acre.

Goldstake's COW, announced on Friday, is located in northeastern Kalimantan, in the district of Kutai, about 40 km (24 miles) southeast of Bre-X Minerals Ltd's property.

Goldstake jumped to C$2.73 early on Monday before pulling back slightly to trade C$0.55 or 32 percent higher at C$2.25, with 2.97 million shares swapping hands.