Great Bear Resources (GBR.V) has been relatively weak in the past few weeks as despite once again releasing excellent exploration results on its Dixie gold project, the share price has come down to around C$16 after almost touching a high of almost C$20 on the final day of the second quarter.
Meanwhile, an interim overview of the short positions dated August 7th shows a modest decrease in the short positions on Great Bear Resources to 1.56M shares (down 106,000 shares) and it will be interesting to see an update on that in the next two weekly overview next week.
With a market capitalization of about C$780M it was understandable some investors took money off the table as well. At C$16, the share price is up almost 300% compared to the March lows and as this is a capitalist world, it’s never wrong to take some profits off the table. But with almost C$50M in cash on the balance sheet, Great Bear is in an excellent shape to continue its exploration activities at Dixie where recent assay results continue to confirm the continuity of the wide-spread gold mineralization.
Disclosure: The author has a long position in Great Bear Resources. Great Bear is a sponsor of the website.