Company Description: Newmont Mining Corporation engages in the production of gold from its properties in the United States, Australia, Peru, Indonesia, Ghana, Canada, Bolivia, New Zealand, and Mexico. It owns properties in Nevada, which include open pit mines and underground mines, including Carlin, located west of the city of Elko on the geologic feature known as the Carlin Trend; the Twin Creeks mine and the Midas mine near the town of Valmy; the Phoenix mine located south of Battle Mountain; and the Leeville underground mine located on the Carlin Trend. The company’s properties in Australia/New Zealand include the Fimiston open pit mine and Mt. Charlotte underground mine at Kalgoorlie, Australia; the Favona underground deposit and the Martha open pit located within the town of Waihi southeast of Auckland, New Zealand; and Boddington, a development project located southeast of Perth in Western Australia. Newmont also owns interest in a porphyry copper/gold deposit known as Batu Hijau located on the island of Sumbawa, Indonesia; and operates two open pits located in the Brong-Ahafo Region of Ghana. In addition, the company, through its interest in Minera Yanacocha S.R.L., owns interest in gold properties located near Cajamarca in Peru. Further, it owns interests in the Kori Kollo open pit mine in Bolivia; the La Herradura property located in Mexico; and the Hope Bay project in the Nunavut Territory of Canada. As of December 31, 2007, Newmont had proven and probable gold reserves of approximately 86.5 million equity ounces and an aggregate land position of approximately 42,680 square miles. The company was founded in 1916 and is headquartered in Denver, Colorado.

Our Analysis: The shares of Newmont Mining Corp. 'NEM' closed sharply higher on Friday on heavier than normal trading volume. In the process they set a new yearly closing high and completed a "cup pattern" with a measured move to our upper price target of $59.85/share. I see downside support on the shares of 'NEM' @ $48.87/share, and have set my stops accordingly @ $48.47/share.