NEW YORK, September 7, 2017 /PRNewswire/ --
Prices of safe haven commodities such as gold and silver have rallied this week, as a result of increasing concerns regarding North Korea's recent nuclear test. The Dollar weakened on Tuesday, giving gold and silver futures a strong boost. By Wednesday, good news from Washington caused a slight reversal. The house passed $7.85 billion aid package for Hurricane Harvey victims. According to the Economic Times MCX Gold futures was up 0.02 per cent at 30,229 per 10 gram around 10.25 am (IST), while MCX Silver futures was up 0.08 per cent at Rs 41,455 per 1 kg at around the same time. AbraPlata Resource Corp. (OTC: ABBRF), Golden Minerals Company (NYSE: AUMN), Great Panther Silver Limited (NYSE: GPL), Avino Silver & Gold Mines Ltd. (NYSE: ASM), Banro Corporation (NYSE: BAA).
Silver prices went through their fourth session of gains on Wednesday, as the U.S. dollar held steady. Silver is a more volatile commodity than gold. According to Apmex, the price of silver is partly depended on large entities and governments, which have substantial buying power and can impact Silver prices through supply and demand. In a case the government makes a large silver purchase, the demand for that product could affect silver markets immediately.
AbraPlata Resource Corp. (OTCQB: ABBRF) is also listed on the TSX Venture Exchange under the ticker symbol 'ABRA'. Yesterday the company announced that it has completed the definitive documentation necessary to acquire all of the issued and outstanding shares of Minera Cerro Bayo SA (Cerro Bayo), a privately held Argentine company. The transaction was originally announced in the Company's news release dated July 12, 2017. Cerro Bayo owns certain mineral rights that, as a result of a long-standing border dispute between two neighbouring provinces in northwestern Argentina, overlap and potentially conflict with the Company's mineral rights to its Diablillos Ag-Au project. The acquisition of the potentially conflicting mineral rights through the acquisition of Cerro Bayo means that the Company will retain its title to the Diablillos Ag-Au project regardless of the ultimate outcome of the provincial border dispute.
Terms of the transaction call for the Company to pay a total of US$3,325,000 in cash and issue 500,000 common shares of the Company to the sellers of Cerro Bayo in instalments over a five year period. The transaction is subject to approval by the TSX Venture Exchange.
Additional details respecting the provincial border dispute and the potentially conflicting titles to the Diablillos property can be found in the Company's news release dated July 12, 2017 and the Filing Statement dated March 1, 2017, copies of which are filed under the Company's profile on SEDAR (http://www.sedar.com).
Golden Minerals Company (NYSE: AUMN) is primarily focused on acquiring and advancing mining properties in Mexico with emphasis on areas near its Velardena processing plants. It owns the Velardeña Properties in Durango State, Mexico, which were acquired in September 2011 and contain a significant high-grade silver and gold resource with lead and zinc base metals, and the resource remains open at depth. Recently, the company shared a business update: Results from Celaya project show, in three of seven holes recently drilled, intercepts of quartz vein material carry gold and silver grades that are within the range of economic interest.
Great Panther Silver Limited (NYSE: GPL) is a primary silver mining and exploration company l Great Panther's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico: the Guanajuato Mine Complex, which includes the San Ignacio Mine; and the Topia Mine in Durango; and advancing the development of the Coricancha Mine Complex in Peru. Recently, the company released results from the exploration drilling program conducted on the Coricancha gold-silver-lead-zinc-copper property in the central Andes of Peru. The exploration program comprised 33 diamond drill holes, in 5,875 metres, from surface and underground in 2015 and 2016. Three main veins were targeted, Wellington, Constancia and Colquipallana, and one new exploration target, the Animas vein.
Avino Silver & Gold Mines Ltd. (NYSE: ASM) is a silver and gold producer with a diversified pipeline of gold, silver and base metals properties in Mexico and Canada. Avino produces from its wholly owned Avino and San Gonzalo Mines near Durango, Mexico, and is currently planning for future production at the Bralorne Gold Mine in British Columbia, Canada. The company recently announced the drill results from the remaining eleven holes of the extended 22-hole drill program at the main Avino Mine located on the Avino property, 80 Km northeast of Durango, Mexico. The 22-hole program, comprising approximately 3,374 metres, was extended from the original 18-hole program to fully evaluate the tonnage and the grade of the new area of the Avino Vein System between the San Luis workings and the Elena Tolosa current production area.
Banro Corporation (NYSE: BAA) is a Canadian gold mining company focused on production from the Twangiza and Namoya mines, which began commercial production in September 2012 and January 2016 respectively. Recently, the company announced its financial and operating results for the second quarter of 2017. Revenues for the three and six months ended June 30, 2017 were $41,876 and $97,102, respectively, being 30% and 9% decreases compared to the corresponding prior year periods of $59,649 and $106,189, respectively. During the second quarter of 2017, ounces of gold sold decreased by 29% to 35,280 ounces compared to sales of 49,681 ounces during the second quarter of 2016 due to lower production at Namoya and Twangiza as well as the impact of timing on gold sales.
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