NEW YORK, June 15, 2017 /PRNewswire/ --
Gold is traded higher on Wednesday after two reports posted weaker-than-expected economic data. Spot gold increased 0.51 percent to $1,273.06 per ounce Wednesday afternoon, while gold futures for August delivery rose 0.73 percent to $1,277.9 per ounce. The Commerce Department said retail sales fell 0.3 percent in May, the largest drop since January 2016. In a separate report from the Labor Department, the Consumer Price Index unexpectedly declined 0.1 percent. The index rose 1.9 percent in the 12 months through May, below the Fed's inflation target of 2 percent. Rise Gold Corp. (OTC: RYES), B2Gold Corp. (NYSE: BTG), Eldorado Gold Corp. (NYSE: EGO), New Gold Inc. (NYSE: NGD), IAMGOLD Corp. (NYSE: IAG)
The price of gold has climbed more than 10 percent year-to-date. The rising demand for the yellow metal is mainly driven by the global geopolitical risks, including several European countries' elections and political uncertainty in the U.S. Gold is considered as safe-haven assets during times of political and economic uncertainty. Investors are concerned that the recent political developments regarding the Russia investigation in the U.S. may delay the presidential administration's agenda to implement the fiscal stimulus, tax and healthcare reforms as well as infrastructure investments.
Rise Gold Corp. (OTC: RYES) also listed on the Canadian Stock Exchange under the stock ticker symbol RISE, announced on June 12th that, preparations are underway to commence an exploration diamond drilling campaign at the Idaho-Maryland Gold Project.
In 1851, an outcrop of white quartz containing only low-grade gold values was discovered on the Eureka mining claim. Twelve years after the discovery of this outcrop, the operators of the Eureka Mine sunk a shaft 30 m (100 ft) deep and discovered the rich shoot of the #1 Vein. This major discovery led to the production of 935,000 oz of gold from a single continuous vein, the #1 Vein, at an average mill head grade of 39 gpt gold from 1866 to 1901. Our previous news release dated April 4th, 2017 provides the details of past production at the I-M Mine and is available on http://www.sedar.com.
In 1925, the Metals Exploration Company lost faith and abandoned the mine after tunneling to within 3 meters of the high grade #3 Vein. As a strong believer in the Idaho-Maryland Mine, Errol MacBoyle acquired the property and soon thereafter discovered the #3 Vein. This life-changing discovery brought huge wealth to the shareholders and the community and was the catalyst for the Idaho-Maryland Mine becoming the highest producing gold mine in the State of California by 1938.
Rise CEO, Benjamin Mossman, commented, "After months of work reviewing the mine documents and the recent completion of our Technical Report, our confidence in the Idaho-Maryland Gold Project has only become stronger. It is truly remarkable that a project such as this could have laid idle for over 60 years without a single exploration hole being drilled underneath the historic mine workings. Our mission is to match the faith and discipline of the past explorers of Idaho-Maryland. With 60 years of technological advancement, our vision is that Rise will make the next major discovery at one of the United States' greatest past producing gold mines."
B2Gold Corp. (NYSE: BTG) is a Canada-based gold producer with approximately four operating mines and one mine under construction. Earlier in May the company announced quarterly earnings report in which the company reported that consolidated gold production in the first quarter of 2017 was 132,736 ounces, 6% (or 7,955 ounces) above budget and 4% (or 4,892 ounces) higher than the first quarter of 2016. Gold production from the Company's Masbate, Otjikoto and La Libertad mines all exceeded expectations. The Otjikoto Mine had a very strong start to the year with first quarter gold production of 42,774 ounces, significantly above budget by 20% (or 7,082 ounces) and also 20% (or 7,071 ounces) greater than the first quarter of 2016. The Masbate Mine also continued its very strong operational performance producing 52,562 ounces of gold, 5% (or 2,569 ounces) above budget and comparable with the prior-year quarter.
Eldorado Gold Corp. (NYSE: EGO) that it has entered into a definitive agreement with Integra Gold Corp., 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. George Burns, President and Chief Executive Officer of Eldorado Gold, stated, "The Company has been following Integra's progress at Lamaque over the last 18 months and commend their team for the accomplishments to date. From previous experience of building and operating gold mines in Canada, I am excited about Eldorado's entry into the Eastern Abitibi region of Canada. With our current balance sheet strength post the sale of our Chinese assets, this acquisition represents a use of the proceeds complementing our existing portfolio of high quality, low cost assets."
New Gold Inc. (NYSE: NGD) is engaged in the development and operation of mineral properties. The company recently announced that it has completed the previously announced redemption of its outstanding $300 million 7.00% Senior Notes due 2020. The redemption was funded from the net proceeds of its recent issue of $300 million aggregate principal amount of 6.375% Senior Notes due in 2025 and cash on hand. "With the redemption of our 2020 Senior Notes, New Gold has further enhanced its financial flexibility," stated Brian Penny, Executive Vice President and Chief Financial Officer. "Consistent with the multiple steps we have taken this year to strengthen our liquidity position and reinforce our balance sheet, we are pleased that through these transactions, we have been able to both extend the term of our debt and reduce our interest rate."
IAMGOLD Corp. (NYSE: IAG) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. On June 5th it announced that it has entered into an Investment Agreement with Sumitomo Metal Mining Co., Ltd., a Tokyo, Japan-based mining company and a global leader in the development and mining of non-ferrous metals, and a wholly-owned subsidiary of Sumitomo whereby IAMGOLD will form a joint venture with Sumitomo. Sumitomo will pay an aggregate $195 million to IAMGOLD for a 30% undivided participating interest in IAMGOLD's ownership interest in the Côté Gold Project in Ontario. "This transaction is significant for IAMGOLD as it validates the intrinsic value of the Côté Gold Project. It will enable us to move the Project into development and to significantly diversify our production profile as a result of future production from our Canadian operations," said IAMGOLD's President and CEO Steve Letwin.
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 dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.