Gold Prices Rebound After Banks Reiterate their Stance

NEW YORK, June 22, 2021 /PRNewswire/ -- Gold prices rebounded on Monday after last week's steep decline. The gold prices reacted to the U.S. dollar index, which has fallen slightly, due to corrective pullback from stronger gains recorded last week. According to a report by Kitco, the marketplace continues have concerns about possible rising inflation rates after last week's hawkish monetary policy tone from the Federal Reserve. "People are using the correction to buy gold, at these price levels, there is value to hold positions in gold, especially for the long run," said Phillip Streible, Chief Market Strategist at Blue Line Futures in Chicago, according to CNBC. Gold Mountain Mining Corp. (TSX-V: GMTN) (OTC: GMTNF), Prime Mining Corp. (OTC: PRMNF), New Gold Inc. (NYSE: NGD), Orla Mining Ltd. (NYSE: ORLA), K92 Mining Inc. (OTC: KNTNF)

Gold prices have also received some support from the European Central Bank (ECB). The president of the ECB, Christine Lagarde, repeated previous remarks that the Bank is not ready to look at tightening its monetary policy anytime soon. Lagarde testified before the European Parliament's Committee on Economic and Monetary Affairs, where she explained that the ECB will continue to maintain its ultra-loose monetary policies as it is prepared to see through current inflation pressures. "While partly reflecting improved economic prospects, a sustained rise in market rates could translate into a tightening of wider financing conditions that are relevant for the entire economy. Such a tightening would be premature and would pose a risk to the ongoing economic recovery and the outlook for inflation," Lagarde indicated according to Kitco.

Gold Mountain Mining Corp. (TSX-V: GMTN) (OTCQB: GMTNF) just announced breaking news regarding, "a corporate update as it nears its 6 month trading anniversary, showcasing its transformation from a small scale asset to a near-term producer on the cusp of mining operations and reaching 1,000,000 ounces…

Initiatives for remainder of 2021

While the Company is proud of its achievements to date, below are the upcoming milestones management is forecasting to accomplish during the latter half of 2021:

• June - Close its $10M, bought private placement led by Canaccord Genuity, Eight Capital and Red Cloud Securities. These funds will be used to continue expanding the resource and carry the Company into commercial production.
• June - Submit its final mining permit comments to the statutory decision maker. The Company anticipates its permit to be sent up for final approval in the coming weeks.
• June/July/August - Waste rock mining in Pit 2.
• September - Begin ore mining along the high-grade 1300 vein.
• September - Add an additional diamond drill rig for its Phase 3 exploration program.
• October - Complete JDS's Pre-Feasibility study, increase the contained mineral resources past 1,000,000 ounces and declare maiden Reserves.
• October - Deliver first ore to New Gold.
• November - Receive payment and begin revenue generation.
• December - Establish steady state commercial production

Initiatives and outlook for 2022

• Environmental Assessment ("EA") - Begin the EA process to increase annual production to 324,000 tonnes per year
• Continued Expansion - Continue to aggressively drill the property and look to acquire additional projects to become a multi asset company.
• U.S. Listing - Upgrade its U.S. listing to the New York Stock Exchange

'We have had an extremely active first six months since coming to trade and given our commitment to continuously delivering to shareholders, we wanted to update the market with our timeline for the remainder of the year. When we started this project, the feedback was this mine is always going to be too small, expensive to operate and very difficult to get back into production. Today, we have a PEA built off of locked-in agreements showing an AISC of $554 (USD) per ounce, we've shown we can efficiently expand the resource, our draft permit is in, and we're on schedule to drop off our first batch of ore to New Gold in October.' commented Kevin Smith, CEO and Director of Gold Mountain. 'It's still heads down here at Gold Mountain as we continue to drive this company forward and create value for those who want to join us in building out BC's next gold producer.'…

Qualified Person - The foregoing technical information was approved by Grant Carlson, P.Eng., a Qualified Person, as defined under National Instrument 43-101 and the Chief Operating Officer for Gold Mountain Mining Corp."

Prime Mining Corp. (OTCQB: PRMNF) announced on May 25th, additional positive results from its continuing 15,000-metre first phase drill program ("Phase 1") at its wholly owned Los Reyes gold-silver project in Sinaloa state, Mexico. The results include new drill core assays from the Guadalupe East and Zapote South deposits which are two of eight known gold-silver deposits that comprise the current mineral resource at Los Reyes. Chief Executive Officer, Daniel Kunz commented, "We are excited to have encountered more bonanza grade gold and silver mineralization in ongoing drilling at Guadalupe East that has both open pit and now underground resource potential and that remains open at depth and to the south.  Drilling the bonanza grade mineralization at Guadalupe East requires solving problems caused by historic workings, access logistics and the depth of targeted mineralization from surface. We have mobilized a more powerful drill rig to help address these challenges.  At Zapote South, we are also seeing anticipated gold and silver grades that extend mineralization towards Tahonitas."     

New Gold Inc. (NYSE: NGD) announced on May 25th, that the Mines Act permit enabling mining of the B3 zone was issued by the Ministry of Energy, Mines and Low Carbon Innovation.  "This is a significant milestone for the New Afton Mine," stated Renaud Adams, President & CEO. "With the receipt of the B3 permit, ore extraction activities will begin this quarter and ramp-up over the year. C-Zone development continues to advance with C-Zone extraction expected to begin in the second half of 2023."

Orla Mining Ltd. (NYSE: ORLA) reported on January 11th, provided the results of an updated Feasibility Study and mineral reserve estimate on its Camino Rojo Oxide Gold Project located in Zacatecas, Mexico. The updated Feasibility Study highlights a 54% increase in contained gold mineral reserves and a 3.5-year extension to the mine life of the Project, which is currently in construction.  "The updated Feasibility Study for the Camino Rojo Oxide Project demonstrates an increase in recovered gold, mine life, and cash flows," stated Jason Simpson, President and Chief Executive Officer of Orla. "An already excellent project has been improved due to the hard work of the entire Orla team and I thank them for their efforts. We are pleased to announce this important enhancement and we will continue to optimize this asset as we move through construction and into production."

K92 Mining Inc. (OTCQX: KNTNF) announced on April 16th, production in the first quarter at its Kainantu Gold Mine in Papua New Guinea of 18,654 oz AuEq, or 17,774 oz of gold, 426,153 lbs of copper and 7,925 oz of silver.  John Lewins, K92 Chief Executive Officer and Director, stated, "Despite multiple short term and unexpected events in the quarter as a result of COVID-19 travel restrictions, loader incident and international bulk emulsion shipping issues, the operation has continued to make considerable progress. On the process plant, we continue to test the ultimate throughput potential and it appears to be greater than the 1,100 tpd nameplate as demonstrated with several throughput records achieved during the quarter. On stoping, long hole continues to perform to design with competent hanging wall and footwalls, and high-grade stoping recommenced in late March. On development, outside of the period impacted by the short term COVID-19 travel restrictions, advance rates have been rapid throughout the mine and at the twin incline. Financially, K92 is in its strongest position ever, paying down the last $5 million of debt and increasing cash to historic levels to $66 million at the end of the quarter. And lastly, on exploration, we continue to make progress drilling multiple vein and porphyry systems."

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