White Tiger Gold (TSX:WTG) shed another 6% on Monday on almost double usual trading volumes, despite releasing high grade drilling results for its Nasedkino project that it says are enough to go ahead with a final feasibility study.

Shortly before the close the company was trading down 5.97% at $0.63 on the Toronto big board, up just a penny from its lowest for the day.

Around 700,000 shares in the $200 million company changed hands on Monday compared to the daily average of 360,000. The counter is now down 30% year to date and a shadow of its former self in January last year. At the time it was trading at a whopping $4.80.

Apart from Nasedkino and a number of exploration projects in Russia, the company based out of the British Virgin Islands also operates the Lamaque Mine in Val D’Or Quebec; the Savkino heap leach gold operation located in southeastern Siberia and the San Juan gold mine in San Juan Valley, Peru.

White Tiger, controlled by Russian investor Maxim Finskiy, had a tumultuous 2011, installing new senior management and taking over Century Mining at a substantial premium in a deal valued at the time (in March) at more than $700 million.

It was only in November after months of delays due to action from unhappy minority shareholders who said Century’s main assets – Lamaque and San Juan – were being undervalued, that White Tiger was able to seal the deal.

Ironically it is Lamaque and to a lesser extent San Juan, which have not been performing to expectations due to lower grades and production rates, that have been dragging White Tiger down.

White Tiger is looking at expansion at each of its operating mines and in December signed a $150 million debt deal for Savkino.

The company produced 53,000 oz last year and is hoping to double that in 2012, mainly on the back of higher mill rates and grades at Lamaque.

http://www.mining.com/2012/02/…..g-to-grey/