NEW YORK, January 25, 2017 /PRNewswire/ --
http://www.Financialbuzz.com - Demand for gold recently continued to rise as overall investor sentiment raised concerns about volatility in the financial markets during the newly elected administration. On the other hand, weaker dollar continued to weight on gold price, as a falling dollar will increase the prices of gold. Gold price hit $1,219.43 an ounce on Monday, the highest level since Nov.22. Gold is always considered as safe-haven asset in times of geopolitical and financial turmoil. Rise Resources Inc. (OTC: RYES) (CSE: UPP.CN), Red Eagle Mining Corporation (OTC: RDEMF), Golden Star (NYSE: GSS), Vista Gold Corporation (NYSE: VGZ), Entree Gold Inc. (NYSE: EGI)
Uncertainty about the newly elected administration's policy on the economy drives demand for gold, following the formal end of negotiations regarding he Trans-Pacific Partnership trade deal on Monday. A lack of details on future plans from the newly elected administration raised investors' concerns about the risk of protectionist trade policies. In addition, the dollar fell to the weakest level in more than six weeks after U.S. Treasury Secretary Nominee Steven Mnuchin said that an excessively strong dollar could have negative short-term effect on the economy. The inverse relationship between gold price and U.S. dollar make gold price benefit from a weaker dollar.
Rise Resources Inc. (OTC: RYES) (CSE: UPP.CN) is a junior mining company. The Company's principal asset is the historic past producing Idaho-Maryland Gold Mine located in California, USA, and its focus is on advanced mineral projects with demonstrated continuity and the majority of its value in precious metals. Rise also has several exploration properties in British Columbia, Canada. Rise was incorporated in Nevada, USA in 2007 and maintains its head office in Vancouver, British Columbia, Canada.
Rise Resources Inc. just earlier today announced, "that it has purchased the Idaho-Maryland Gold Mine (the "I-M Mine") located near Grass Valley, California, USA. The I-M Mine is a major past producing high grade gold mine. The acquisition represents the exercise of the Company's option to purchase the I-M Mine first referenced in the Company's news release dated October 6, 2016.
Based on historic records, the I-M Mine produced a total of 2.4M oz gold at a grade of 15g/t after mining dilution and recovery. The I-M Mine was reportedly the second largest gold mine in the United States in 1941,(1) producing up to 129,000 oz gold per year(2) before being forced to shut down by the U.S. government in 1942. At that time, the government deemed gold mining as non-essential to wartime production and shut down almost all gold mines in order to reallocate miners, equipment, and supplies to increase production of base metals necessary for the war effort.
(1) Clark, Jack. Gold in Quartz: The Legendary Idaho Maryland Mine (2005).
(2) U.S. Bureau of Mines. Minerals Yearbook 1941 (1942). Pg.252.
The Company has purchased fee simple land upon which the I-M Mine is situated (the "Property"), which includes approximately 93 acres of surface land and approximately 2,750 acres of mineral rights, for a purchase price of US$2,000,000. The Property includes all of the mineral rights assembled by Errol MacBoyle, a highly regarded mining engineer and a then-prominent mining executive in the United States, and the Idaho Maryland Mines Corporation ("IMMC") over a thirty-year period from 1920. The Property includes the surface rights at the Brunswick vertical shaft, which extends to over 3,000 ft depth and was the main production shaft for the historic mining operation. The Company owns a 100% interest in the Property and there are no royalties on future gold production.…Emgold Mining Corporation held an option on the I-M Mine Property from approximately 1991 to 2013 and completed a mineral resource calculation which is displayed in Table 1. The Company believes this historic resource estimate is relevant but the Company has not verified the mineral resource calculation. A full analysis of all historic production and sampling data will be required in order to verify the historic mineral resource.
Benjamin Mossman, CEO of Rise, commented "We have been extremely fortunate to acquire what we believe is a Tier 1 gold deposit. The I-M Project was forced to shutdown due to WWII just when it was reaching its full potential. While other great gold deposits have been discovered and mined out over the last 70 years the I-M Mine has been frozen in time. We are excited by this unique opportunity and feel privileged to be a part of the rich history of the Idaho-Maryland Gold Mine." The Company's immediate plans are to commence work on the historical data from the I-M Mine. Company engineers and geologists will process all of the relevant historical data into a digital database and model. The Company intends to complete a NI 43-101 technical report as soon as possible to analyze and consolidate historic production and exploration work and define priority exploration targets. The Company will also commence preliminary engineering studies to define a strategy towards longer term permitting and production goals."
Red Eagle Mining Corporation (OTCQX: RDEMF) operations updated its Santa Rosa project. "We are very pleased to have completed commissioning of the plant and producing 1,850 ounces of gold since start-up," comments Bob Bell, Chief Operating Officer. "Ramp up of the mine continues to progress and we look forward to announcing commercial production by the end of Q1 2017." Some achievements to date are: over 19,000 tonnes of ore mined, gold recoveries have reached 93% - on track to design rate of 96%, and 1,850 ounces of gold produced since pre-commercial start-up.
Golden Star (NYSE: GSS) has announced its production results for the fourth quarter and full year of 2016 and its guidance for 2017. The company produced 194,054 ounces of gold in 2016, in the top half of its 2016 production guidance range of 180,000-205,000 ounces. The fourth quarter of 2016 represented the Company's strongest quarterly production of the year, with gold production of 53,403 ounces. Golden Star's production guidance for 2017 represents an increase of 31% to 44% compared to full year production in 2016. The full year guidance is: 255,000-280,000 ounces of gold production, $780-$860 per ounce cash operating cost, $970-$1,070 per ounce All-In Sustaining Cost, 255,000-280,000 ounces of gold production, $780-$860 per ounce cash operating cost, and $970-$1,070 per ounce All-In Sustaining Cost.
Vista Gold Corporation (NYSE: VGZ) had adjusted its flowsheet to generate better gold recoveries and lower operating costs at its gold project located in Northern Territory, Australia, known as Mt Todd. The economic improvements are the result of process flowsheet changes that are anticipated to produce more gold recoveries and lower process area operating costs. Testing shows that these objectives can be accomplished through selectively screening and rejecting sub-economic, coarse crusher product prior to grinding; resulting in opportunities for enhanced gold recovery through finer grinding and improved operating costs down-stream of the grinding circuit. Vista's President and CEO, Frederick H. Earnest commented, "The process improvements that we have identified have the potential to generate lower operating costs and better gold recoveries without adding materially to the capital costs of the project. These improvements, coupled with the current US dollar to Australian dollar exchange rate have the potential to produce a significant improvement in project economics. We are now evaluating an update of our preliminary feasibility study."
Exploration-stage resource company, Entree Gold Inc. (NYSE: EGI) principal business activity is the exploration of mineral property interests. It operates through the business segment being the exploration of mineral property interests. The Company is engaged in exploring mineral resource properties with interests in development and exploration properties in the United States, Mongolia, Australia and Peru. Its two principal assets are Ann Mason Project in Nevada and interest in over two of the Oyu Tolgoi project deposits in Mongolia, through the Entree/Oyu Tolgoi JV Property. The Ann Mason Project located in the Yerington District of Nevada covers an area of over 12,735 hectares. The Entree/Oyu Tolgoi JV Property in Mongolia includes the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit.
Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR branding, marketing and advertising for third parties for disseminating news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information:
Media Contact: firstname.lastname@example.org , +1-877-601-1879