NEW YORK, June 12, 2017 /PRNewswire/ --
Gold is often considered as a safe-haven asset at the time of political and economic turmoil. The price of the yellow metal has gained 10.4 percent year-to-date. Global political uncertainty is one of the main factors that has driven the demand of gold this year. Spot gold hit $1,294.39 per ounce last Tuesday, the highest level in seven weeks. Gold is often used to hedge portfolios from unstable global market events or conditions. Rise Gold Corp. (OTC: RYES), Pretium Resources Inc. (NYSE: PVG), Richmont Mines Inc. (NYSE: RIC), Gold Fields Limited (NYSE: GFI), Kinross Gold Corporation (NYSE: KGC)
Investors are also closely watching the Fed's two-day meeting which is scheduled to take place on June 14th this week. The Federal Reserve increased the borrowing cost by 25 basis points in March and is expected to have another rate hike next week. But Investors are concerned that some weaker-than expected economic data, such as the U.S. employment and wages growth, could affect the rate hike schedule this year. Gold is highly sensitive to the changes in U.S. interest rates as a higher rate will increase the opportunity cost of holding non-yielding bullion.
Rise Gold Corp. (OTC: RYES) also listed on the Canadian Stock Exchange under the stock ticker symbol RISE, earlier today announced that, "preparations are underway to commence an exploration diamond drilling campaign at the Idaho-Maryland Gold Project. The Idaho-Maryland Mine has a long history of dramatic discoveries."
In 1851, an outcrop of white quartz containing only low-grade gold values was discovered on the Eureka mining claim. Twelve years after the discovery of this outcrop, the operators of the Eureka Mine sunk a shaft 30 m (100 ft) deep and discovered the rich shoot of the #1 Vein. This major discovery led to the production of 935,000 oz of gold from a single continuous vein, the #1 Vein, at an average mill head grade of 39 gpt gold from 1866 to 1901. Our previous news release dated April 4th 2017 provides the details of past production at the I-M Mine and is available on http://www.sedar.com .
In 1925, the Metals Exploration Company lost faith and abandoned the mine after tunneling to within 3 meters of the high grade #3 Vein. As a strong believer in the Idaho-Maryland Mine, Errol MacBoyle acquired the property and soon thereafter discovered the #3 Vein. This life-changing discovery brought huge wealth to the shareholders and the community and was the catalyst for the Idaho-Maryland Mine becoming the highest producing gold mine in the State of California by 1938. The historic mining company continued to make new discoveries until the operation was forced to close in 1942 in response to the order of the War Production Board and again in 1956 due to the fixed price of gold. Our recent Technical Report on the Property, authored by Amec Foster Wheeler, is available on the Company website and on http://www.sedar.com . Numerous exploration targets have been identified at the project as previously disclosed in our news release date June 1st 2017.
Rise CEO, Benjamin Mossman, commented, "After months of work reviewing the mine documents and the recent completion of our Technical Report, our confidence in the Idaho-Maryland Gold Project has only become stronger. It is truly remarkable that a project such as this could have laid idle for over 60 years without a single exploration hole being drilled underneath the historic mine workings. Our mission is to match the faith and discipline of the past explorers of Idaho-Maryland. With 60 years of technological advancement, our vision is that Rise will make the next major discovery at one of the United States' greatest past producing gold mines.
The Company is currently preparing drill sites for commencement of exploration diamond drilling to test the down-dip extensions of the #1, #3 and other significant past-producing veins at the Idaho-Maryland Mine. The Company anticipates that drilling will commence this fall. The Company is currently establishing offices and facilities in California and expanding its staff to manage and conduct the exploration program."
Pretium Resources Inc. (NYSE: PVG) is commissioning the high-grade underground Brucejack gold mine in northern British Columbia with commercial production targeted for 2017. Earlier in May announced that initial ore has been introduced to the mill and concentrate to the thickener. Concentrate production is expected to start shortly. The gold room is planned to be commissioned in the coming days and doré production will follow. Underground development continues to advance. Over 198,000 tonnes of ore have been stockpiled on surface and underground. Two long-hole drills are currently drilling off stopes. The slot raise and slot have been blasted in the test stope. There are two stopes ready for production blasting and three other stopes are being drilled.
Richmont Mines Inc. (NYSE: RIC) on May 29th reported positive results from an Expansion Case Preliminary Economic Assessment ('PEA') completed on the Island Gold Mine, located in northern Ontario, Canada. The study confirms the increase in underground mine and mill productivity to 1,100 tonnes per day will support strong production growth of 22% at low industry cash costs and a robust cash flow stream over the eight-year Phase 1 period, with low incremental capital of US$20.9 million required. The ramp-up to 1,100 tonnes per day is currently underway and the operation is anticipated to achieve the target run rate in the latter part of 2018. "The strong outcome of the Expansion Case PEA represents a key milestone and the next step in our phased approach to unlock the full potential of the Island Gold Mine. With minimal capital we are positioning the mine as a low cost operation that is anticipated to generate strong cash flow streams after funding all project and sustaining capital," stated Renaud Adams, CEO.
Gold Fields Limited (NYSE: GFI) is a producer of gold and a holder of gold reserves. It has approximately eight producing mines located in South Africa, Ghana, Australia and Peru. On March 2nd revealed that it was the nation's largest corporate taxpayer in 2016, according to the Ghana Revenue Authority (GRA). The GRA recognized Gold Fields at an awards function held a couple of weeks ago. Gold Fields contributed GHS355m (US$75m) directly through royalty and corporate income tax payments, and an additional GHS146m (US$31m) through employees' Pay As You Earn (PAYE), as well as tax payments on behalf of its local contractors and suppliers. During 2015 GFGL was the country's second largest taxpayer. GRA commended the company for its performance. "Gold Fields is not only one of the biggest contributors to our tax revenue, but one of the most compliant companies with payments and filing of taxes. You have consistently been part of the top taxpayers in Ghana and your contribution to national development in general is significant," the GRA said.
Kinross Gold Corporation (NYSE: KGC) on June 9th, announced that it has completed the sale of its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. ('Goldcorp'), previously announced on March 28, 2017. The consideration for the sale includes: US$260 million in cash which was paid at closing (and which included US$20 million for Quebrada Seca); a contingent payment of US$40 million in cash, payable following a positive construction decision for Cerro Casale; Goldcorp assuming a US$20 million contingent payment obligation due to Barrick Gold Corporation under the existing Cerro Casale shareholders agreement, which is payable when commercial production at Cerro Casale commences; and a 1.25% royalty from Goldcorp based on 25% of gross revenues from all metals sold at Cerro Casale and Quebrada Seca, with Kinross foregoing the first US$10 million.
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