NEW YORK, May 16, 2017 /PRNewswire/ --
Gold price continued to rise on Monday, extending its gains to a third straight day. Gold spot climbed 0.31 percent to $1,232.25 an ounce Monday afternoon, while gold for June delivery gained 0.32 percent to $1,231.60 per ounce. This demand has been fueled by the geopolitical uncertainty of North Korea, which has successfully launched a newly developed mid-to-long range ballistic missile test on Sunday. Gold is considered as a safe-haven asset at the time of political and economic turmoil. The price of gold has gained 7.5 percent year-to-date. BonTerra Resources Inc. (TSX-V: BTR), Kinross Gold Corporation (NYSE: KGC), Eldorado Gold Corp. (NYSE: EGO), with Integra Gold Corp. (OTC: ICGQF), IAMGOLD Corp. (NYSE: IAG)
Weaker-than-expected, U.S. economic data has also helped support the rise in gold prices. The Labor Department stated on Friday, that the consumer price index rose 0.2 percent in April and increased 2.2 percent over the past 12 months, which is at a slower pace than the 2.3 percent advance economists' had estimated. The U.S. Retail sales increased 0.4 percent in April, which is also a lower accrual than the 0.6 percent gain economists' forecasted; as gold is highly sensitive to changes in the interest rate. Argonaut Securities analyst, Helen Lau said, "The data seems to be pointing to a weakening trend (in the U.S. economy). Based on what we have so far, unless there is more stronger data, more than two (U.S.) rate hikes are not very likely." - Reuters reported.
BonTerra Resources Inc. (TSX-V: BTR), just this morning announced that, ongoing drilling to the west of the main Gladiator Deposit within the 'Rivage Gap' has encountered multiple high grade intersections as well as a major strike length extension of the new North horizon.
Quick Highlights of Recent Drill Results:
-Multiple high grade intersections encountered in the Rivage Gap and extends the new North zone to the west.
-Four distinct zones intersected in the 'Rivage Gap' area, confirming the existence of the Main and Footwall zones, plus extending to the West, the North and Mid zones.
-Main and Footwall zones extended to the west, connecting them with the Rivage Gap area.
-Results confirm the strike length of over 1 km for each of the Main and Footwall Zones.
-Drilling intersects deepest mineralization to-date in Rivage Gap area, at 330m below surface.
-Continuity of mineralization demonstrated in multiple horizons between the Gladiator Deposit and the Rivage Zone.
-Drilled dimensions of the Gladiator Deposit now outlined to a depth of 850 meters below surface, and a strike length of 1,200 meters (1.2 km).
-Gladiator remains open in all directions with drilling currently focused on the Deep East Zone, the Rivage Gap western side, and within large gaps or voids with currently little drill information.
Nav Dhaliwal, CEO and President of Bonterra, stated: "Results from the Rivage Gap, or the western area of the Gladiator Gold Deposit, continue to add positive value to the understanding of the geological model and the potential addition of significant new resources. A recent interpretation has determined that the Rivage Gap is part of the main mineralized system, and our technical team is currently confirming the impact of what the most recent results clearly demonstrate. We are excited with the continued positive results from within the Rivage Gap area, and look forward to further extending these zones, similar to our success within the main Gladiator area." Robert Gagnon, P.Geo. has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101.
Kinross Gold Corporation (NYSE: KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. On March 28th, the company announced that it has agreed to sell its 25% interest in the Cerro Casale project in Chile, and its 100% interest in the Quebrada Seca exploration project located adjacent to Cerro Casale, to Goldcorp Inc. Additionally, on closing Kinross will enter into a water supply agreement with the Cerro Casale joint venture. After certain conditions are met, the agreement will provide Kinross with certain rights to access up to a fixed amount, water not required by the Cerro Casale joint venture. Kinross expects to use this water for its Chilean assets and would be responsible for the incremental capital costs to accommodate the supply of water to the Company, along with it's pro rata share of operating and maintenance costs.
Eldorado Gold Corp. (NYSE: EGO) announce that it has entered into a definitive agreement with Integra Gold Corp. (OTCQX: ICGQF), pursuant 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). Eldorado's offer represents: A value of C$1.21250 for each Integra common share based on the May 12, 2017 closing price of Eldorado common shares on the Toronto Stock Exchange. 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.
IAMGOLD Corp. (NYSE: IAG) on May 11th provided an update on the ongoing exploration program at its Monster Lake joint venture project located 50 kilometers southwest of Chibougamau, Quebec, Canada. The company is reporting assay results from the first eleven drill holes, totaling just over 5,100 meters, from a total of 24 diamond drill holes, totaling 10,657 meters, completed this past winter. Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: "Assays from this winter drilling program continue to return encouraging results, including those from a new zone along the main hosting structure, as well as from a lower parallel shear zone. The potential for the discovery of additional mineralized shoots is considered favorable."
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