Gold Price Rebounds on Fears of Trade War With China

NEW YORK, April 3, 2018 /PRNewswire/ --

Gold Price traded higher on Monday on renewed concerns over a potential trade war between China and the United States. Gold Spot rose 0.97 percent to $1,338.28 per ounce during Monday trading session, while U.S. Gold futures for June delivery was up 0.96 percent to $1,333.8 per ounce. China announced a roll out new tariffs on 128 kinds of U.S. products, including meat, fruit and wine. China's latest move is in response to the penalties imposed by presidential administration on imports of Chinese steel and aluminum. Gold is considered as a safe-haven asset during times of political and economic turmoil. Bonterra Resources Inc. (OTC: BONXF), Eldorado Gold Corp (NYSE: EGO), IAMGOLD Corp (NYSE: IAG), Gold Fields Limited (NYSE: GFI), Yamana Gold Inc (NYSE: AUY).

The U.S. dollar also went lower on Monday. Gold price is sensitive to the U.S. dollar as a weaker dollar makes other currencies holders cheaper to buy dollar-denominated commodities. According to Reuters, Yuichi Ikemizu at ICBC Standard Bank in Tokyo, said: "The trade war is going on and it is getting worse, so that might be the reason that people are selling dollar and buying gold." According to MarketWatch, Marshall Gittler, chief strategist at ACLS Global, said: "The impact of the turmoil in U.S. trade policy is hard to evaluate however as the market has been distorted by end-of-quarter flows. This may be one reason why the dollar has seemed to go up and down almost at random, without regard to risk."

Bonterra Resources Inc. (OTCQX: BONXF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: BTR). Earlier today the company announced breaking news that the latest results from the ongoing winter drilling campaign at the Gladiator Gold Deposit, including an intersection of 17.8 g/t Au over 3.0 m. High-grade intersections extend multiple zones westward, adding strike length at the Rivage Gap and continue to demonstrate the continuity of the deposit, highlighting the predictability of the mineralized zones. The ongoing drilling campaign, totaling 70,000 m in 2018, includes infill and definition drilling at the Gladiator Gold Deposit. Multiple drill holes are in the lab with assays pending.

Highlights and Observations:

- Results from four recent drill holes demonstrate the continuity of the Gladiator Gold Deposit. The four drill holes were drilled on the ice and focused on the western side of the deposit. Two holes, BA-18-07 and BA-18-08, extend the near-surface strike length of multiple zones westward at the Rivage Gap, an area with minimal drilling.

- Hole BA-18-05 intersected 9.3 g/t Au over 3.1 m at the North Zone, 4.2 g/t Au over 1.5 m at the Footwall Zone, 6.9 g/t Au over 1.3 m at the Main Zone and 3.5 g/t Au over 1.2 m at the Barbeau Zone. Multiple intersections in BA-18-05 confirm the continuous nature of the modelled mineralized zones.

- Hole BA-18-06 intersected 6.1 g/t Au over 2.5 m at 350 m depth the South Zone and 4.7 g/t Au over 2.0 m at 200 m depth in the North Zone.

- Holes BA-18-07 and BA-18-08 added near-surface strike length to the North and South zones at the Rivage Gap. BA-18-07 intersected the North Zone with 8.8 g/t Au over 1.3 and the South Zone at 5.8 g/t Au over 1.2 m. BA-18-08 intersected 17.8 g/t Au over 3.0 m at the South Zone.

- To date, continuity of mineralization is now confirmed over a total drilled strike length on at least four horizons (North, Footwall, Main and South) of 1,200 m, as well as a drilled depth of 1,000+ m.

Hole BA-18-07 intersected the North Zone near surface with 8.8 g/t over 1.3 m and the South Zone at 230 m depth with 5.8 g/t Au over 1.2 m. BA-18-07 is the most western hole drilled in 2018 at the Gladiator Gold Deposit so far, with anomalous gold intersected across all mineralized horizons. Results from BA-18-07 extend multiple mineralized zones to the west, adding over 100 m of strike length near surface. BA-18-08 intersected 17.8 g/t Au over 3.0 m at the South Zone at 250 m depth. This intersection occurs in an area with minimal drilling and confirms the continuity of the South Zone on the western side of the Gladiator Deposit.

The seven-drill, 30,000 m winter drilling campaign, is part of the ongoing resource development program at the Gladiator Gold Deposit. Bonterra continues to advance the development of the Gladiator Gold Deposit through definition drilling across all mineralized horizons."

Eldorado Gold Corp (NYSE: EGO) earlier in March reported the financial and operational results for the fourth quarter and year ended December 31, 2017. Gross profit from gold mining operations of $121.2 million (2016: $158.7 million from continuing operations). Gold revenues of $333.3 million on sales of 264,080 ounces at an average realized gold price of $1,262 per ounce. The company also has completed acquisition of Integra Gold Corp. ("Integra"), for a total consideration of $357 million, inclusive of Integra shares held by Eldorado. Commenced pre-feasibility work (including test mining), and advanced construction of the Lamaque mine and refurbishment of the associated Sigma mill. 

IAMGOLD Corp (NYSE: IAG) announced recently the first mineral resource estimate in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 ("NI 43-101") for the Monster Lake joint venture project, located 50 kilometres southwest of Chibougamau, Quebec, Canada. The resource estimate comprises 1,109,700 tonnes of inferred resources averaging 12.14 grams of gold per tonne for 433,300 ounces of contained gold. This resource is contained in four discrete mineralized zones where geological and grade continuities have been demonstrated and has been estimated assuming an underground mining scenario. The most significant zone is the 325-Megane Zone which is characterized by its high grade and remains open down plunge at depth. The potential for adding additional resources along the identified shear structures is considered favourable and remains the focus of ongoing exploration programs.

Gold Fields Limited (NYSE: GFI) announced last week that through a wholly owned subsidiary, entered into a definitive agreement subject to certain customary conditions to form a 50:50 incorporated joint venture with Canada's Asanko Gold, Inc. The Gold Fields subsidiary has agreed to acquire a 50% stake in Asanko Gold Ghana Limited's (AGG) 90% interest in the Asanko Gold Mine, associated properties and exploration rights in Ghana (AGM). The AGM is a multi-deposit complex, with two main deposits, Nkran and Esaase, and nine known satellite deposits. The purchase consideration comprises an upfront payment of US$165m on closing of the transaction and a deferred payment of US$20m.

Yamana Gold Inc (NYSE: AUY) reported recently the sale of its 50% indirect interest in certain jointly owned exploration properties of the Canadian Malartic Corporation for cash proceeds of $162.5 million.  The sale did not affect the Canadian Malartic mine and related assets including Odyssey, East Malartic, Midway, and East Amphi. The Company is also providing notice that a National Instrument 43-101 technical report has been filed with Canadian securities regulators for each of the Chapada mine in Brazil and the El Peñón mine in Chile.  The new technical reports support the scientific and technical information related to Chapada and El Peñón, respectively, contained in the Company's annual information form filed concurrently with such reports.

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