NEW YORK, May 17, 2017 /PRNewswire/ --
Gold price climbed for a fourth session on Tuesday, as the dollar weakened on concerns about political turmoil in the United States. Gold spot rose 0.49 percent to $1,236.80 per ounce at 1:14 p.m. on Tuesday. The U.S. dollar fell to its lowest level in more than six months after the President of United States allegedly revealed highly classified information to Russia's foreign minister and ambassador in a White House meeting, according to two U.S. officials. Gold prices could benefit from a weaker dollar, as it makes other currency holders cheaper to buy dollar-denominated commodities. Adam Strauss, portfolio manager at Appleseed Fund said, "There's been a lot of political volatility, but it hasn't hurt the stock market…Having said that, political issues could lead to a lower value for the dollar, which we expect will happen." Kenadyr Mining Holdings Corp. (OTC: KNDYF) (TSX-V: KEN), Integra Gold Corp. (OTC: ICGQF), McEwen Mining Inc. (NYSE: MUX), Pretium Resources Inc. (NYSE: PVG), Eldorado Gold Corp. (NYSE: EGO)
Investors pay close attention to economic data and look for further indications about the rate hike next month. The Commerce Department stated on Tuesday, that housing starts fell 2.6 percent to an annual rate of 1.17 million units in April, missing economists' forecast of 1.26 million. Housing is one of the drivers of economic growth and has raised concerns when permits decreased 2.5 percent to a 1.23 million annualized pace, also falling short of economists' estimate of 1.27 million. The Fed increased the borrowing cost by 25 basis points in March and will consider another rate hike next month.
Kenadyr Mining Holdings Corp. (OTC: KNDYF) announced this week, "Drilling has commenced on the South Zone of Kenadyr's 100% owned Borubai License, Kyrgyz Republic. The South Zone is directly adjacent to Zijin Mining Group Co Ltd.'s Taldy-Bulak Levoberejny ("TBL") Mine deposit, currently in production. (TSX-V: KEN)
Initial drilling is designed to intersect an area which was previously drilled by the Soviet's between 1970 and 1990, and which intersected significant gold mineralization. The South Zone is open in three directions and to depth and drilling in this zone has the potential to see increased grade of the mineralization (from historic numbers) as a result of increased core recovery (core recovery during Soviet drilling averaged only 60% recovery) and the use of Fire Assay versus ICP analysis techniques (which were predominately used during Soviet assaying).
The target depth of the initial drill hole is 850 meters. Kenadyr is in a strong position to embark on this upcoming program, having a strong balance sheet, no debt nor significant payments owing, a strong institutional shareholder base and a management team with extensive in-country operational experience, and merger and acquisition expertise."
Dr. Alexander Becker, Kenadyr Chief Executive Officer, states, "Drilling has now commenced, ahead of schedule and this is a testament to the team's strong efforts in the field along with the efficiency of QED, the drill contractor. The South Zone is a high priority area for Kenadyr with excellent underlying geology. It is open and strongly mineralized at the extent of drilling, according to historical results, and we look forward to retesting this area, to confirm the high grade results reported from previous drilling."
Integra Gold Corp. (OTCQX: ICGQF) announced Monday that on May 14, 2017 the Company entered into a definitive agreement with Eldorado Gold Corp. (NYSE: EGO), according to which Eldorado has agreed to acquire all of the issued and outstanding common shares of Integra that it does not currently own, by way of a plan of arrangement under the Business Corporations Act (British Columbia). The deal represents a premium of approximately 52% to Integra's May 12, 2017 closing price and a premium of 46% based on the volume weighted average prices ("VWAP") of both companies on the Toronto Stock Exchange, for the 20-day period ending May 12, 2017.
McEwen Mining Inc. (NYSE: MUX) is a gold and silver producer in the Americas. On April 27th together with Lexam VG Gold Inc. McEwen Mining announced the successful completion of the previously announced plan of arrangement. Share owners of Lexam approved the Arrangement on April 12, 2017 and a final order approving the Arrangement was issued by the Ontario Superior Court of Justice on April 19, 2017. Lexam is now a subsidiary of McEwen Mining. Pursuant to the Arrangement, share owners of Lexam received 0.056 shares of the McEwen Mining for each Lexam share held prior to the arrangement. As a result, McEwen Mining has 311,871,121 shares outstanding.
Pretium Resources Inc. (NYSE: PVG) is constructing the high-grade underground Brucejack gold mine in northern British Columbia with commercial production targeted for 2017 reported on May 1st that wet commissioning is nearing completion at the Brucejack Mine. The commissioning process was initiated in April and the first ore has been introduced to the process in preparation for production. Construction of underground infrastructure, including the crusher, rock breaker, feeder, electrical substation, conveying system and transfer towers is substantially complete and commissioned. The conveyor gallery from the Valley of the Kings portal to the mill building has been installed and the conveyor has been commissioned. Nine hundred tonnes of ore has been introduced as part of the commissioning process and run through the crusher and conveyed to the surge bin in the mill building.
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