NEW YORK, January 20, 2017 /PRNewswire/ --
http://www.Financialbuzz.com - Gold prices have fell slightly yesterday, as a reaction to a stronger dollar. This is due to comments from the Federal Reserve chief Janet Yellen, who claimed that the U.S economy is strong enough for additional rate hikes in 2017. Despite the slight decline, gold prices hold above the $1,200 mark. Overall, gold prices have been increasing since December at a steady pace. Uncertainties regarding the economic policies of the upcoming Trump administration and concerns over how the Brexit negotiations will end up impacting the European economy, have been pushing gold prices up. Fiore Exploration (OTCQB: FIORF) (TSX-V: F.V), IAMGOLD Corp. (NYSE: IAG), Gold Fields Limited (NYSE: GFI), Harmony Gold Mining Co. (NYSE: HMY), Newmont Mining Corp. (NYSE: NEM)
According to Marketwatch, Naeem Aslam, chief market analyst at ThinkMarkets, commented on gold prices, "We are still bullish on gold in the longer term as [Trump] is the machine of uncertainty which will keep investors on the edge." Societe Generale Head of Metals Research Robin Bhar said in a statement, "Trump's stance on trade and protectionism has been well aired and it will always be a key factor. But until we get more clarity on what exactly it means, this should help to underpin gold…This year there are lots of uncertain political events, including elections, so if you looking for a bit of a refuge from stormy seas gold will be one of those safe assets that you would park some money in."
Fiore Exploration (TSX-V: F.V) (OTCQB: FIORF) is a Latin America focused gold explorer, whose Pampas El Peñon and Cerro Tostado gold and silver projects in Chile cover land in the same geological environment as Yamana's flagship El Peñon mine. Fiore Exploration announced yesterday that "exploration has commenced on its Cerro Tostado project in Chile, where high-grade epithermal silver veins were previously intersected by three of eighteen holes drilled between 2010 and 2012 by Sociedad Quimica Y Minera de Chile SA."
Significant intersections from SQM's drilling at Cerro Tostado included:
• 3.0 m of 637.0 g/t silver in hole CTAR-01
• 2.0 m of 830.3 g/t silver in hole TEAR-01, and
• 2.0 m of 332.5 g/t silver in hole CTAR-02.
Fiore's announcement focused on exploration, which "began with a ground magnetic survey completed in early December by Argali Geofisica Chile E.I.R.L., consisting of 324.3 line kilometres of ground magnetic surveying at 50 m line spacing. The survey identified a number of ENE-SSW, and NW-SE linear structures, with the intersection of these structures representing the most favorable location for epithermal vein emplacement. In January 2017, Fiore geologists began a program of re-logging and resampling the material from the SQM RC holes, which had been stored at a secure SQM facility in Chile. A field program of geological, structural and alteration mapping as well as surface sampling is scheduled for Q1 2017, to build up a more complete picture of the epithermal veins encountered in the previous program. A combined diamond and RC drilling program will follow in early Q2 2017."
Tim Warman, Fiore's CEO stated, "We're very excited to begin work on Cerro Tostado, following up on the earlier high-grade silver intercepts drilled by SQM, while we await the final results from Pampas El Peñon. The geology of Fiore's land package surrounding Yamana's flagship El Peñon Mine is very favourable for both high and low-sulphidation precious metal deposits like those at the El Peñon Mine Complex, particularly at Cerro Tostado where mineralized veins have been encountered over a strike length of approximately 160 m, with the veins open along strike and at depth. At the same time, Fiore continues to advance its strategy of acquiring other undervalued and underexplored assets in Latin America, focusing on areas where the management team can provide a competitive advantage through its experience and local knowledge."
IAMGOLD Corp. (NYSE: IAG) is engaged in the exploration, development and production of mineral resource properties across the world. Recently IAMGOLD announced preliminary operating results for 2016 and guidance for 2017 the President and CEO of the company, Steve Letwin, said, "With gold production increasing in each consecutive quarter of 2016, we had a strong finish to the year. Strong operating performance drove production above guidance to 813,000 ounces. Production at all sites exceeded the top end of the guidance ranges and Westwood's achievement of ambitious underground development targets was outstanding, which well positions them to nearly double production in 2017. We expect cash costs and all-in sustaining costs to be within guidance, reflecting continued success optimizing mine performance and improving productivity."
Gold Fields Limited (NYSE: GFI) is a producer of gold and a holder of gold reserves. The Company is involved in underground and surface gold and copper mining and related activities, including exploration, development, extraction, processing and smelting. In the company's recent operating update, it was announced, "Production from South Deep was 26% higher YoY and 9% lower QoQ at 69koz, as a result of lower reef yield due to changes in mining mix. AIC was 2% higher YoY and 4% lower QoQ at R599,245/kg (US$1,317/oz). Destress mining decreased by 35% QoQ to 6,340 square metres due to the combined effect of the earlier than anticipated full adoption of the high profile destress method and the fatality which resulted in the cessation of destress mining across the operation for a two-week period. High profile destress accounted for 90% of total destress meters in Q3 2016."
Harmony Gold Mining Co. (NYSE: HMY) is engaged in gold mining and related activities, including exploration, extraction and processing. This week the company announced that gold production for the six months ended 31 December 2016 was approximately 8% higher than for the 6 months ended 30 June 2016, with grade remaining above 5g/t. Harmony will present its full financial results for the six months ended 31 December 2016 at a live presentation to be given at the Hilton Hotel at 9:00 on the 2nd of February 2017.
Newmont Mining Corp. (NYSE: NEM) is a gold and copper producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana and Suriname. The Company's operations are primarily in the United States, Australia, Ghana, Peru, and Suriname. Earlier in November the company announced that it has produced gold for the first time from Long Canyon ore. The operation is located 100 miles from Newmont's existing Nevada complex and was completed two months ahead of schedule for just under $225 million - about $50 million or 18 percent below budget.
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