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4 ASX stocks that rose more than 5 per cent on Friday

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell by 2.7% on Friday, to close at 4,046.5, its worst day since early October 2011. European uncertainty and worries about global growth continue to weigh on markets. For the week, the index was down 5.6%.

The following four stocks managed to rise by 5% or more. Given the big sell off in ASX resources stocks over the past 6 months, it’s no real surprise to see the top 4 performers were all miners or resource explorers.

Evolution Mining Ltd (ASX: EVN) rose 11.4% to close at $1.51. Evolution was formed last year by the merger of Catalpa Resources and Conquest Mining. The company has four gold projects and one silver project across Queensland and Western Australia. Evolution’s share price has followed the gold price down, falling close to 28% in the last month. The company produced 84,000 ounces of gold in the quarter and over 249,000 ounces in the 2012 financial year to date. At the end of March 2012, the company had $170m in cash at bank, with very little debt.

Gryphon Minerals Limited (ASX: GRY) shares were up 6.6% to close at $0.65, with the company’s shares having fallen from over $2.00 back in July 2011. The minerals exploration company, with gold and copper projects in Burkina Faso and Mauritania, has seen its share price crumble as commodity prices (gold in particular) have fallen on concerns of global growth. Now it looks like Mr Market may have over-reacted and investors have started buying back in to Gryphon’s shares.

OceanaGold Corporation (ASX: OGC) rose 5.7% to close at $1.845. The company operates the Macraes gold field in New Zealand. Another gold miner and explorer which saw its shares hit record highs back in 2011 at $2.94, the company’s shares have also declined in the face of a falling gold price. OceanaGold reported a US$4m loss for the March 2012 quarter, but still expects to produce between 230,000 and 250,000 ounces of gold in the 2012 financial year.

Silver Lake Resources Limited (ASX: SLR) was up 5.3% to close at $2.38. Shares in Silver Lake touched $3.87 in December 2011, and has since seen its shares fall by almost 40%. At one stage, shares were trading just above $2. Silver Lake is targeting production of  100,000 ounces of gold in the 2012 financial year, rising to 300,000 ounces in 2014. The company has no debt, no hedging and had $97m in cash and bullion at the end of December 2011.

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Motley Fool contributor Mike King doesn’t own shares in any companies mentioned. The Motley Fool ‘s purpose is to help the world invest, better.  Take Stock  is The Motley Fool’s  free  investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.  Click here now  to request  your free subscription , whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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