Business: Back to the Hills for Gold

Eureka! There is still a bit of gold in them thar hills. In the past three weeks three companies have announced important new discoveries in northern California and Nevada. Homestake Mining Co., the nation's largest gold producer, tapped a vein that holds more than 1 million oz. of gold in California's wine-rich Napa County. Newmont Mining Corp. has uncovered gold deposits near Elko, Nev., that should yield about 440,000 oz. Louisiana Land and Exploration Co. made known last week that it had found ore containing both gold and silver near Round Mountain, Nev.

With the price of gold still surging—one day...

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