Australia-listed Shield Mining's stock price surged 90% on Friday, following the release of a set of excellent, but early, drilling results from its Tijirit gold project in Mauritania. Shield Mining CEO David Netherway stated that the results show the potential for another gold deposit in the style of the Tasiast gold mine 35 kilometers to the northwest of Tijirit. Tasiast is owned and operated by global Tier II gold miner Red Back, which also operates a gold mine at Chirano in Ghana. Tasiast holds gold resources of 3.7m ounces, a number that Red Back has indicated as likely for upgrade in the third quarter of 2009. Red Back last month announced a new discovery on the Tasiast property, and referred to the new felsite zone discovery as part of a vast under explored project package. Red Back is involved in an extensive regional exploration initiative on the Tasiast property; only seven kilometers of a full greenstone belt of at least 70 kilometers has been drilled to date. Red Back holds a contiguous land position to Tasiast, covering 6,300 square kilometers.Mauritania also houses First Quantum's Guelb Moghrein copper-gold mine, which has proved pivotal to its overall success as an African copper-gold miner. Both First Quantum and Red Back rank among the world's best performing stocks of any kind.Mauritania's mineral sector has long been dominated by iron ore mining and beneficiation; beyond copper and gold, the country also produces cement, gypsum, petroleum, salt, and steel. Australia-listed Sphere Investments holds extensive prospective iron ore interests in the country.Early stage drill results are always challenging for investors; in February, Canada-listed  Colossus Minerals, announced some truly astonishing high grade platinum, palladium and gold intercepts at its Serra Pelada project in Brazil, and has turned in a very convincing stock price pattern over the past while. The extent of the orebody at Serra Pelada will no doubt be further defined in due course. Vale, the world's No 2 miner by value, held the underlying title to Serra Pelada until 2007, having explored the area from 1980 to 1998, completing more than 200 drill holes in the Serra Pelada mineralised system. Widening regional finds can be of some assistance. In recent years, a good number of pay finds have been made in the uranium field in Namibia, inevitably close to the long established Rössing mine, owned by Rio Tinto. The Rössing South discovery, recently described by owner Extract Resources as the highest grade granite hosted uranium deposit in Namibia and potentially one of the largest uranium deposits in the world has set afire a number of stocks holding stakes in Extract Resources, not least Kalahari Minerals, which holds 38.85% of Extract Resources. Rio Tinto has acquired minority stakes in both entities. Other beneficiaries include NWT Uranium, which holds 34% of Niger Uranium, which in turn owns 15% of Kalahari Minerals. Last month, Polo Resources announced a holding of 5.7% in Extract. The stock price of Australia- and Namibia-listed Deep Yellow roughly doubled in April following release of very high grade results from six deeper drill samples from its INCA project in Namibia. Paladin, Bannerman and Forsys have also done well from their Namibian experience, not to overlook August 2007, when French transnational Areva paid USD 2.5bn for Uramin, formed just two years previously to acquire and develop mineral properties, predominantly uranium, in Namibia, the Central African Republic and South Africa.The global gold space is different in a number of ways. Competition is more intense, especially after gold bullion prices continued to hold up, if not advance, from mid-2008, when most commodity prices went over a cliff. For investors of every ilk, there are also a vast, if not confusing, number of gold developers to deal with.A MODEST SELECTION OF GOLD DEVELOPERS

Stock

From

From

Value

price

high*

low*

USD bn

A1 Minerals

AUD 0.18

-21.7%

200.0%

0.015

Adamus Resources

AUD 0.36

-33.3%

260.0%

0.042

Aflease Gold

ZAR 1.97

-34.1%

140.2%

0.150

African Queen

CAD 0.28

-31.3%

358.3%

0.009

Aldridge

CAD 2.13

-37.9%

54.3%

0.041

Alexco Resources

CAD 1.59

-60.6%

205.8%

0.058

Alexis Minerals

CAD 0.56

-17.6%

166.7%

0.061

Alkane Resources

AUD 0.26

-49.5%

155.0%

0.047

Allied Nevada

CAD 6.88

-16.0%

234.0%

0.336

Almaden Minerals

USD 0.61

-75.1%

84.8%

0.028

Amarillo Gold

CAD 0.77

-51.3%

120.0%

0.027

Anatolia

CAD 2.89

-26.1%

344.6%

0.282

Andean

AUD 1.56

-17.3%

265.9%

0.537

Animas Resources

CAD 0.38

-78.4%

47.1%

0.009

Apex Minerals

AUD 0.25

-72.2%

38.9%

0.087

Apollo Gold

USD 0.41

-37.9%

310.0%

0.090

Aquiline Resources

CAD 2.61

-69.4%

262.5%

0.151

Archipelago

GBP 0.09

-65.1%

362.5%

0.043

Ascot Mining

GBP 0.29

-44.8%

11.5%

0.013

Asia Now Resources

CAD 0.12

-71.4%

118.2%

0.007

Atlanta Gold

CAD 0.26

-73.5%

333.3%

0.012

Atlantic Gold

AUD 0.05

-71.6%

15.0%

0.011

Atna Resources

CAD 0.83

-7.8%

176.7%

0.059

Auex Ventures

CAD 2.44

-9.3%

205.0%

0.061

Austral Gold

AUD 0.08

-66.7%

0.0%

0.010

Australian Solomons

CAD 0.29

-47.2%

1040.0%

0.025

Avion Resources

CAD 0.33

-41.1%

842.9%

0.032

Avocet Mining

GBP 0.75

-59.8%

56.3%

0.138

Axmin

CAD 0.08

-85.2%

166.7%

0.017

Azteca Gold

CAD 0.23

-19.6%

1025.0%

0.033

Azumah Resources

AUD 0.11

-48.8%

175.0%

0.008

B2Gold

CAD 0.68

-57.2%

126.7%

0.141

Banro

CAD 1.69

-81.1%

111.3%

0.090

Barra Resources

AUD 0.07

-73.1%

80.5%

0.014

BCGold

CAD 0.08

-75.0%

200.0%

0.002

Beaconsfield Gold

AUD 0.16

-31.9%

77.8%

0.048

Beadell

AUD 0.07

-85.9%

70.7%

0.005

Bear Creek Mining

CAD 1.70

-77.0%

198.2%

0.080

Bear Lake Gold

CAD 0.37

-75.3%

82.5%

0.026

Benguet Corp.

PHP 8.20

-60.0%

69.1%

0.016

Bralorne Gold

CAD 0.98

-24.6%

180.0%

0.014

Brazauro

CAD 0.55

-38.9%

450.0%

0.040

Buffalo Gold

CAD 0.02

-92.7%

300.0%

0.002

Caledonia

CAD 0.08

-57.9%

220.0%

0.034

CanPlats Resources

CAD 1.67

-69.2%

62.1%

0.081

Carrick Gold

AUD 0.63

-55.9%

23.5%

0.058

Cassidy Gold

CAD 0.04

-86.0%

14.3%

0.003

Catalpa Resources

AUD 0.08

-24.8%

315.8%

0.062

Centamin Egypt

CAD 1.18

-16.3%

174.4%

0.995

Central African

GBP 0.02

-95.1%

85.7%

0.004

Central China Goldfields

GBP 0.03

-53.1%

130.0%

0.007

Central Rand

ZAR 5.50

-67.6%

83.3%

0.156

Century Mining

CAD 0.17

-39.3%

1600.0%

0.024

CGA Mining

AUD 1.64

-25.5%

105.0%

0.314

Chalice Gold

AUD 0.24

-4.1%

235.7%

0.013

China Goldmines

GBP 0.25

-75.6%

33.8%

0.018

Claude Resources

USD 0.76

-30.9%

533.9%

0.074

Cluff Gold

GBP 0.47

-48.0%

353.7%

0.083

Colombia Goldfields

CAD 0.08

-92.0%

650.0%

0.007

Colossus Minerals

CAD 3.10

-22.5%

620.9%

0.146

Comaplex

CAD 3.25

-50.0%

203.7%

0.146

Condor Resources

CAD 0.13

-83.6%

212.5%

0.003

Conquest Mining

AUD 0.41

-27.0%

189.3%

0.083

Continental Mines

CAD 0.99

-23.8%

230.0%

0.109

Coral Gold

CAD 0.52

-48.0%

420.0%

0.011

Detour Gold

CAD 11.91

-53.1%

316.4%

0.457

Dioro Exploration

AUD 0.61

-55.5%

144.0%

0.042

Dragon Mining

AUD 0.06

-42.0%

314.3%

0.032

Dynasty Metals

CAD 4.70

-17.7%

347.6%

0.142

East Asia Minerals

CAD 0.49

-65.0%

308.3%

0.021

Eastmain

CAD 1.21

-35.3%

149.5%

0.089

Emmerson Resources

AUD 0.16

-48.3%

278.0%

0.026

Empire Resources

AUD 0.07

-71.1%

225.0%

0.003

Entrée Gold

CAD 1.20

-46.9%

140.0%

0.097

Etruscan Resources

CAD 0.30

-84.9%

68.6%

0.040

Eurasian Minerals

CAD 1.20

-31.4%

135.3%

0.029

European Gold

CAD 2.96

-43.8%

169.1%

0.453

Exeter Resources

CAD 3.54

-26.3%

237.1%

0.188

Focus Minerals

AUD 0.03

-56.5%

58.8%

0.054

Fronteer

CAD 3.53

-40.6%

127.7%

0.356

Frontier Mining

GBP 0.08

-2.9%

6500.0%

0.027

Gabriel

CAD 2.50

-19.9%

152.5%

0.544

Geoinformatics

CAD 0.20

-87.9%

300.0%

0.013

Geologix Exploration

CAD 0.00

-93.2%

70.0%

0.007

Gitennes

CAD 0.06

-76.1%

120.0%

0.002

Glencar Mining

GBP 0.04

-54.8%

43.4%

0.014

GMA Resources

GBP 0.03

-75.5%

166.7%

0.018

Gold Reserve

CAD 0.71

-68.2%

144.8%

0.035

Golden Goose

CAD 0.35

-55.1%

400.0%

0.014

Golden Odyssey

CAD 0.20

0.0%

900.0%

0.008

Golden West Resources

AUD 0.48

-81.0%

126.2%

0.051

Goldminex

AUD 0.75

-58.3%

7.1%

0.038

Goldplat

GBP 0.11

-18.2%

38.5%

0.019

Goldrea

CAD 0.09

-65.4%

125.0%

0.005

Grandview Gold

CAD 0.08

-73.3%

128.6%

0.003

Greystar

CAD 3.73

-42.2%

603.8%

0.167

Gryphon Minerals

AUD 0.30

-40.6%

408.5%

0.030

Guyana Goldfields

CAD 3.06

-43.1%

401.6%

0.154

Hambledon Mining

GBP 0.06

-60.7%

131.6%

0.039

Hampton Hill

AUD 0.20

-65.5%

170.3%

0.020

Hawthorne Gold

CAD 0.30

-79.2%

150.0%

0.019

Highlands Pacific

AUD 0.09

-30.4%

135.0%

0.046

Hill End Gold

AUD 0.17

-47.6%

83.3%

0.038

Hillgrove Resources

AUD 0.20

-55.7%

170.8%

0.056

IMA Exploration

USD 0.24

-38.5%

50.0%

0.013

Imperial Metals

CAD 4.00

-61.9%

330.1%

0.109

Inter-Citic

CAD 0.60

-70.0%

252.9%

0.042

Int'l Tower Hill

CAD 3.29

-12.0%

207.5%

0.136

Jinshan

CAD 0.69

-77.0%

76.9%

0.096

Kalahari Resources

CAD 0.03

-54.5%

150.0%

0.004

Kalimantan Gold

CAD 0.08

-56.8%

433.3%

0.007

Keegan Resources

USD 2.15

-45.6%

496.8%

0.061

Kenrich-Eskay Mining

CAD 0.08

-75.0%

200.0%

0.005

Kimber Resources

CAD 0.66

-64.9%

24.5%

0.035

Kings Minerals

AUD 0.15

-53.8%

188.5%

0.048

Kirkland Lake

CAD 10.02

-3.6%

297.6%

0.500

Kryso Resources

GBP 0.07

-68.3%

108.0%

0.009

La Mancha Resources

CAD 0.70

0.0%

1650.0%

0.085

Lake Shore Gold

CAD 2.02

-7.3%

236.7%

0.366

Leyshon Resources

AUD 0.10

-80.8%

100.0%

0.016

Linear Gold

CAD 1.06

-53.9%

63.1%

0.029

Luiri Gold

CAD 0.15

-70.0%

500.0%

0.006

Macarthur Minerals

CAD 0.92

-63.1%

37.3%

0.015

Mano River

CAD 0.08

-80.7%

700.0%

0.022

Mansfield Minerals

CAD 0.35

-89.2%

146.4%

0.013

Mariana

GBP 0.04

-55.6%

146.2%

0.003

Marum Resources

CAD 0.20

-7.0%

700.0%

0.017

Medusa

AUD 1.62

-11.7%

295.1%

0.203

Mengold Resources

CAD 0.03

-90.0%

66.7%

0.001

Mercator Gold

GBP 0.05

-92.7%

58.3%

0.005

Metallic Venture

CAD 0.51

-68.5%

137.2%

0.023

Metals Exploration

GBP 0.13

-47.4%

100.0%

0.031

Metals X

AUD 0.13

-72.9%

116.7%

0.116

Midway Gold

CAD 0.51

-76.7%

183.3%

0.028

Mindax

AUD 0.47

-7.8%

141.0%

0.046

Minera IRL

GBP 0.64

-16.4%

46.8%

0.060

Mineral Deposits

AUD 0.68

-32.5%

141.1%

0.279

Mintails

AUD 0.07

-86.5%

219.0%

0.035

Miranda Gold

CAD 0.33

-49.2%

100.0%

0.013

Mirasol Resources

CAD 0.25

-43.2%

525.0%

0.006

Molycor Gold

CAD 0.04

-75.8%

166.7%

0.002

Moneta Porcupine

CAD 0.09

-61.4%

240.0%

0.007

Moto Goldmines

CAD 3.00

-39.3%

354.5%

0.269

Mundoro

CAD 0.47

-31.9%

213.3%

0.015

Nautilus Minerals

CAD 1.32

-55.7%

80.8%

0.175

Navigator Resources

AUD 0.23

-54.0%

109.1%

0.023

Nayarit Gold

CAD 0.55

-31.3%

120.0%

0.032

Nevsun

CAD 1.51

-31.4%

331.4%

0.165

Norseman Gold

GBP 0.26

-16.7%

1650.0%

0.061

North American Gem

CAD 0.08

-87.7%

60.0%

0.007

North Atlantic Resources

CAD 0.11

-64.5%

450.0%

0.002

North Queensland

AUD 0.31

-20.5%

129.6%

0.034

Norton Gold Fields

AUD 0.25

-31.9%

276.9%

0.078

Nuna Minerals

DKK 184.00

-68.3%

41.0%

0.036

NWM Mining

CAD 0.52

-73.5%

200.0%

0.004

Obtala

GBP 0.28

-33.9%

46.1%

0.079

Olympus Pacific

CAD 0.25

-18.0%

525.0%

0.049

Orezone

CAD 0.36

-42.9%

38.5%

0.017

Orocobre

AUD 0.50

-9.1%

244.8%

0.020

Oromin

CAD 0.67

-75.4%

74.0%

0.038

Orvana Minerals

CAD 0.69

-15.9%

109.1%

0.068

Osisko

CAD 5.65

-7.4%

303.6%

1.228

Pacific Rim Mining

USD 0.27

-73.5%

278.6%

0.031

Pan African

GBP 0.04

-23.9%

133.3%

0.073

Paramount Gold

USD 1.51

-27.7%

586.4%

0.094

Patagonia Gold

GBP 0.10

-10.9%

156.3%

0.093

PC Gold

CAD 0.54

-56.8%

390.9%

0.014

Pelangio

CAD 0.24

-17.5%

840.0%

0.016

Pele Mountain

CAD 0.15

-58.9%

150.0%

0.012

Perseus Mining

AUD 0.87

-43.8%

332.5%

0.135

Petaquilla

CAD 0.64

-71.7%

124.6%

0.052

Philex Gold

CAD 0.25

-58.3%

66.7%

0.009

Plexmar Resources

CAD 0.15

-44.4%

500.0%

0.020

PMI Gold

CAD 0.05

-82.0%

350.0%

0.003

Queensland Minerals

CAD 0.05

-84.4%

150.0%

0.002

Queenston Mining

CAD 4.17

-9.5%

448.7%

0.204

Radius Gold

CAD 0.16

-54.3%

357.1%

0.007

Rainy River

CAD 2.73

-42.5%

340.3%

0.131

Real Gold

HKD 5.76

-19.1%

31.5%

0.490

Red 5

AUD 0.08

-30.0%

250.0%

0.042

Reed Resources

AUD 0.26

-78.3%

57.6%

0.027

Regis Resources

AUD 0.53

-3.6%

741.3%

0.096

Renison Consolidated

AUD 0.00

-92.0%

300.0%

0.004

Republic Gold

AUD 0.03

-74.5%

23.8%

0.019

Resolute

AUD 0.72

-71.5%

95.9%

0.168

Reunion Gold

CAD 0.12

-81.5%

380.0%

0.005

Richmont Mines

CAD 4.35

-11.8%

259.5%

0.097

Rimfire Minerals

CAD 0.40

-66.7%

185.7%

0.009

Rubicon Minerals

USD 1.78

-9.2%

154.3%

0.263

Rye Patch Gold

CAD 0.23

-40.3%

142.1%

0.009

San Anton Resource

CAD 0.25

-45.6%

716.7%

0.022

Saracen

AUD 0.17

-31.3%

230.0%

0.025

Seabridge

CAD 29.51

-2.6%

293.5%

0.940

Searchgold Resources

CAD 0.04

-77.4%

250.0%

0.004

Shield Mining

AUD 0.19

-5.0%

850.0%

0.007

Shoreham Resources

CAD 0.30

-14.5%

637.5%

0.012

Signature Metals

AUD 0.02

-42.5%

283.3%

0.007

Silver Lake Resources

AUD 0.49

-11.8%

273.1%

0.056

Skyline Gold

CAD 0.08

-50.0%

200.0%

0.005

St Barbara

AUD 0.27

-60.4%

50.0%

0.304

Staccato Gold

CAD 0.12

-39.5%

155.6%

0.010

Stratagold

CAD 0.04

-83.3%

250.0%

0.005

Sunridge Gold

CAD 0.22

-77.8%

266.7%

0.012

Tanami Gold

AUD 0.04

-21.7%

620.0%

0.096

Taseko

CAD 1.63

-70.5%

147.0%

0.235

Tasman Goldfields

AUD 0.03

-82.9%

87.5%

0.002

Terrane

CAD 0.23

-62.9%

142.1%

0.022

Tianshan Goldfields

AUD 0.09

-81.1%

45.0%

0.018

Timmins Gold

CAD 0.47

-59.5%

135.0%

0.026

Tribune Resources

AUD 0.80

-48.4%

58.4%

0.030

Trilliant

USD 1.50

-40.0%

100.0%

0.138

Tyhee

CAD 0.14

-69.2%

75.0%

0.020

UC Resources

CAD 0.08

-73.3%

128.6%

0.008

Uruguay Minerals

CAD 0.35

-88.5%

75.0%

0.015

US Gold Corp.

USD 1.99

-33.4%

423.7%

0.204

Vatukoula Gold

GBP 0.01

-79.0%

101.0%

0.040

Verena

CAD 0.16

-46.7%

300.0%

0.013

Vior

CAD 0.08

-42.3%

275.0%

0.005

Virginia Mines

CAD 3.80

-45.7%

68.9%

0.095

Vista Gold

USD 2.24

-53.5%

190.9%

0.077

Wega Mining

NOK 1.47

-97.1%

122.7%

0.074

Western Copper

CAD 0.55

-65.6%

168.3%

0.034

Westgold

AUD 0.32

-37.4%

114.8%

0.041

Wits Gold

CAD 8.99

-43.8%

199.7%

0.214

Yukon-Nevada Gold

CAD 0.18

-87.8%

775.0%

0.047

Zedex Minerals

AUD 0.07

-58.9%

289.5%

0.016

Developer averages/total

-50.6%

277.1%

18.644

Weighted averages

-48.6%

181.2%

* 12-month

Source: market data, compiled by Barry Sergeant