NEW YORK, May 26, 2017 /PRNewswire/ --
Gold price remained steady on Thursday after trading higher in the previous session as Federal Open Market Committee minutes show caution about U.S. rate outlook. Minutes after the FOMC meeting showed that, 'it would be prudent' to wait for more evidence that a recent economic slowdown was transitory. Spot gold rose 0.42 percent to $1,256.02 an ounce by 2:50 p.m. EDT on Wednesday. Gold is highly sensitive to rising U.S. interest rates, because it increases the opportunity cost of holding non-yielding bullion, while boosting the dollar. Kenadyr Mining Holdings Corp. (OTC: KNDYF) (TSX-V: KEN), Eldorado Gold Corp. (NYSE: EGO), Integra Gold Corp. (OTC: ICGQF), Centerra Gold Inc. (OTC: CAGDF), Golden Star Resources Ltd. (NYSE: GSS).
Gold has rebounded from its two-month low of $1,213.81 per ounce on May 9. Recent political uncertainties in the United States have boosted the demand for gold, which is considered a safe-haven asset in the times of political and economic turmoil. Investors are concerned that the latest events could delay the presidential administration's agenda to implement a tax reform. The yellow metal has gained 9.46 percent year-to-date.
Kenadyr Mining Holdings Corp. (OTC: KNDYF) (TSX-V: KEN) announced yesterday that, "Drilling at the south zone of Kenadyr Mining (Holdings) Corp.'s 100-per-cent-owned Borubai license in the Kyrgyz Republic has intersected widespread gold mineralization, including 40 meters at 6.17 grams per tonne gold. The south zone is directly adjacent to Zijin Mining Group Co. Ltd.'s Taldy Bulak Levoberejnyi mine deposit, currently in production."
Initial drilling was designed to intersect an area which was previously drilled by the Soviets between 1970 and 1990, and which intersected significant gold mineralization. The current drill hole provides support for the validity of the historical Soviet results and indicates that widespread gold mineralization may exist on Kenadyr's license directly adjacent to (within 100 metres of) the TBL mine.
The south zone is open in three directions and to depth, and there are strong indications that it connects to the TBL deposit. Core recovery is greater than 95 per cent, and all intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global). The hole has reached its target depth of 850 meters, and the remainder of the hole is being split by diamond saw and prepared for assay.
Kenadyr is in a strong position having a robust balance sheet, no debt nor significant payments owing, and a supportive institutional shareholder base. The management team has extensive in-country operational experience and merger and acquisition expertise.
Dr. Alexander Becker, Kenadyr's Chief Executive Officer, states: "Partial results from our initial 2017 drill hole at Borubai have exceeded our expectations. Based on the geometry of the adjacent TBL orebody, it is the corporation's interpretation that these intersections are close to true widths. Subject to obtaining additional drill results, the corporation believes that the mineralization encountered in our initial drill hole validates and supports the findings reported in historic drilling, and indicates that the mineralization being mined at the adjacent TBL mine may continue onto Kenadyr's Borubai license."
Brian Lueck, PGeo, a director of Kenadyr and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
Eldorado Gold Corp. (NYSE: EGO) on May 15th announced 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. Under the Arrangement, shareholders of Integra will be entitled to receive, at their option, for each Integra share they own either (i) 0.24250 Eldorado shares, (ii) C$1.21250 in cash, in both (i) and (ii) subject to pro ration, or (iii) 0.18188 of an Eldorado share and C$0.30313 in cash. The maximum number of shares issuable by Eldorado under the Arrangement will be approximately 77 million (based on the number of Integra shares outstanding less Integra shares currently owned by Eldorado). The maximum amount of cash payable by Eldorado under the Arrangement will be approximately C$129 million equal to 25% of the total consideration. The total transaction value is approximately C$590 million, inclusive of Integra shares held by Eldorado.
Centerra Gold Inc. (OTC: CAGDF) recently reported first quarter net earnings of $57.0 million or $0.20 per common share (basic) on revenues of $285.3 million in the first quarter of 2017, compared to net earnings of $18.1 million or $0.08 per common share (basic) on revenues of $73.2 million for the same period in 2016. Scott Perry CEO of Centerra Gold stated, "While the Company had a good quarter operationally and financially, it was over shadowed by a tragic event which occurred in April at Kumtor when an employee was fatally injured while inspecting a light vehicle in the field. This tragedy reinforces our commitment to our Company-wide safety leadership program "Work Safe, Home Safe" which we continue to roll out to all our sites.
Golden Star Resources Ltd. (NYSE: GSS) earlier in February announced its Mineral Reserves and Mineral Resources estimate as of December 31, 2016. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented, "It is pleasing to see from the 2016 Mineral Reserve estimate that despite the reduction in ounces due to mining depletion, the head grade has increased by 8%. This reflects our mine plan, which sees Golden Star mining higher grade, more profitable ore going forward and underlines our strategy to become a high grade, low cost producer. During 2016 we conducted limited exploration as we focused on advancing our two high grade underground mines. However following the achievement of commercial production at our Wassa Underground Gold Mine, our exploration team's focus in 2017 will be on defining additional Mineral Reserves at both of our operations. I look forward to providing an update on our exploration strategy later this quarter."
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.