PALM BEACH, Florida, June 22, 2017 /PRNewswire/ --
Gold rebounded on Wednesday due to global political uncertainties and the slump in oil prices. Spot gold was up 0.26 percent at $1,246 per ounce during the Wednesday trading session. U.S. Gold futures for August delivery rose 0.32 percent to $1,247.50 per ounce. On Monday, Britain and the European Union began negotiation on Britain's exit from the union at a first meeting in Brussels. Investors are worried about the timetable for Brexit and uncertainty over the future trading relationships. Gold is considered as a safe-haven asset during times of political and economic turmoil. Magellan Gold Corporation (OTC: MAGE), Golden Star Resources Ltd. (NYSE: GSS), Asanko Gold Inc. (NYSE: AKG), Northern Dynasty Minerals Ltd. (NYSE: NAK), Primero Mining Corp. (NYSE: PPP).
Gold has gained 8.57 percent year-to-date. Global geopolitical risks, including the election results in several European countries, ongoing uncertainty over Brexit talks and concerns over the U.S. administration's ability to implement the fiscal stimulus, had driven the demand for the yellow metal this year. The monetary policy uncertainty also continues to weigh on gold. Investors are closely watching the leading economic indicators such as manufacturing PMI. The Federal Reserve last week increased the interest rate for a second-time this year.
Magellan Gold Corporation (OTCQB: MAGE) is a U.S-based mining and exploration company focused on silver and gold. Yesterday Magellan Gold explained the exciting upside potential of its 100% owned flagship Silver District Project located in southwest Arizona.
"Historical shallow drilling at the project outlined a resource of 16 million ounces of silver," said Dr. Pierce Carson, CEO. He added, "But I want to emphasize that this resource reflects only the near-surface upper portions of a large mineralized vein system that extends along strike for eight miles and remains largely untested at depth. We believe the mineralized offers promising potential for several times the known 16 million ounce silver resource. Our initial target objective of a drilling program to test depth and strike extensions will be 60 million ounces of silver. Following expansion of the resource, we plan to advance the project toward development and production. In light of the very positive outlook for silver demand and higher silver prices, we believe the Silver District Project will deliver substantial value for Magellan shareholders and will play an important role in Magellan's plans for future growth."
The Silver District Project encompasses three major epithermal vein structures having a collective strike length of eight miles. Historical drilling of 465 holes (62,866 ft) delineated silver and fluorspar deposits available for open pit mining, including 16.0 million ounces of silver (3,560,211 tons grading 4.46 oz/ton silver) and 328,450 tons of fluorspar (2,263,772 tons grading 14.5% CaF2). The mineralized system also includes substantial tonnages grading 17.0% barite (BaS04). Testwork has shown that fluorite and barite potentially would be recoverable as by-products of any silver mining operation.
Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines situated on the prolific Ashanti Gold Belt in Ghana, West Africa. Golden Star is strategically focused on increasing operating margins and cash flow through the development of its two high grades, low cost underground mines both in conjunction with existing open pit operations. The Wassa Underground Gold Mine commenced commercial production in January 2017 and the Prestea Underground Gold Mine is expected to achieve commercial production in the third quarter of 2017. On May 3rd, the company reported its financial and operational results for the first quarter ended March 31, 2017. Golden Star reported a 9% increase in gold production to 57,795 ounces in the first quarter of 2017 compared to the first quarter of 2016.
Asanko Gold Inc. (NYSE: AKG) on June 5th announced that the Definitive Feasibility Study ('DFS') results of a staged expansion at the Asanko Gold Mine (the 'AGM'), located in Ghana, West Africa, which confirms that the AGM is a large scale, long life quality asset with a viable and robust two stage organic growth plan and strong cash generation capability. Peter Breese, President and CEO, said, "Our growth plan has been designed to be fully flexible so that it can be advanced in modular components, according to cash flow generation, balance sheet strength, financing opportunities and market conditions. Our first expansion module, the plant upgrade to 5Mtpa, is a great low cost capital efficient project which is fully funded, delivering a 40% increase in throughput. We expect to see some volumetric increases in Q3 2017, ahead of full commissioning in Q4 2017."
Northern Dynasty Minerals Ltd. (NYSE: NAK) on June 13th reported that its wholly-owned subsidiary, Alaska-based Pebble Limited Partnership has contracted ASRC Energy Services, Alaska Inc., a subsidiary of Arctic Slope Regional Corporation, to work with the Pebble Project's Alaska Native village corporation partners in an effort to enhance future Alaska Native contracting opportunities at Pebble. The Pebble Project is seeking to develop a globally significant deposit of copper, gold, molybdenum and silver into a modern mining operation. "As we gear up for our 2017 field season and prepare to take the Pebble Project into federal and state permitting, we are also renewing our commitment to maximize contract and employment opportunities for local companies and local people," confirmed Tom Collier, CEO, Pebble Partnership. "We know very well the challenging economic circumstances that confront Alaska Native village corporations and their shareholders in southwest Alaska, and we are making investments now to ensure they will benefit to the greatest extent possible at each stage of the Pebble Project's development - during permitting, construction, operations and even closure."
Primero Mining Corp. (NYSE: PPP) is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine revealed earlier on June 2nd an update of activities at its operating mines, the San Dimas gold-silver mine located in Durango, Mexico and the Black Fox mine located near Timmins, Ontario, Canada. Primero is advancing the restart of the San Dimas mine following the resumption of operations on April 17, 2017. The daily throughput rates have been increasing as per plan, and opportunities for further productivity improvements have been identified. Primero remains confident in the site's ability to achieve its 2017 production guidance of 90,000 to 110,000 gold equivalent ounces.
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