NEW YORK, September 7, 2017 /PRNewswire/ --
Gold prices reached near one-year highs after the recent North Korea nuclear test proved to be successful. Escalations of this sort always spark demand for safe haven assets such as gold. In addition, it is unclear whether or not the current agenda of the presidential demonstration will come into fruition. Tax cuts and rolling back of several Obama era regulations have been significant for the strong stock market rally since the election last year. Continues dysfunction on major legislations is expected to help boost the price of gold. 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). Magellan Gold Corporation (OTC: MAGE), Golden Star Resources Ltd. (NYSE: GSS), Asanko Gold Inc. (NYSE: AKG), Taseko Mines Limited (NYSE: TGB), Gold Standard Ventures Corp. (NYSE: GSV)
The North Korean situation "further raises geopolitical tensions in the region," said Carsten Fritsch and the commodities team with Commerzbank, in a note according to MarketWatch. "Gold could also fluctuate in response to U.S. domestic politics over the next few weeks, as Congress will be ending its summer recess… A new spending deal has to be decided by the end of the month in order to avoid the closure of government institutions. The debt ceiling will also have to be raised to avert U.S. insolvency. In addition, the aim is to draw up the tax reform by the end of the year."
Magellan Gold Corporation (OTCQB: MAGE) announced after the market close yesterday that the launch of its newly designed and updated website, which can be accessed at http://www.magellangoldcorp.com . The new website reflects Magellan's progress towards its strategic objective of building a mid-tier silver-focused exploration and mining company;
"We are concentrating on silver and are positioning the Company to take advantage of a predicted boom in the silver markets," said Dr. Pierce Carson, CEO.
"Following the SDA Mill acquisition to be completed in October, we will be working on resuming operations in Mexico and increasing operating cash flow. We also will be advancing our quality silver exploration properties in Arizona and Peru," added Carson.
Magellan's website has a new look and has been redesigned to facilitate navigation among the various sections. The Company will be updating the site on a regular basis to keep stockholders and interested parties apprised of news and corporate developments.
Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines situated on the prolific Ashanti Gold Belt in Ghana, West Africa. On July 6, 2017, the company reported 14 results from the 2017 in-fill drilling program at its Prestea Underground Gold Mine in Ghana. During the second quarter of 2017 Golden Star conducted an in-fill stope definition drilling program to further delineate the West Reef ore body of Prestea Underground. This work focused on assessing flexures in the dip of the ore body ahead of raise development and ultimately stope development. Twenty holes have been drilled to date, with the assay results for 14 of these holes announced. These results confirm the previously modelled high grade nature and strong continuity of gold mineralization and the thickness of the ore body.
Asanko Gold Inc. (NYSE: AKG) vision is to build a low cost, mid-tier-gold mining company through the delivery a three pronged strategy: phased production, competitive operating and capital costs and growth, both organic and M&A. On August 03, 2017, the company released its production and revenue results for Q2 on July 19, 2017. Quarterly gold production was 46,017 ounces. Gold sales was 48,461 ounces at an average gold price of $1,238 per ounce generating gold revenue of $60.0 million.
Taseko Mines Limited (NYSE: TGB) is a mining company focused on the operation and development of mines in North America. On July 18, 2017, the company announced that it has received approval from the Province of British Columbia to undertake a site investigation program to conduct exploratory work at the New Prosperity Gold-Copper project site. The Notice of Work, which is a multi-year permit, will allow the Company to gather information for the purpose of advancing mine permitting under the British Columbia Mines Act. New Prosperity is located 125 km Southwest of Williams Lake in the Cariboo-Chilcotin region of central British Columbia on a low level rolling plateau with a moderate climate and minimal precipitation. Its close proximity to important infrastructure makes for an ideal location for this large-scale project.
Gold Standard Ventures Corp. (NYSE: GSV) is an advanced stage, gold exploration company focused on district scale, gold discoveries in Nevada. The company's flagship project is the Railroad-Pinion gold project, at which the company has consolidated the second largest contiguous land package (208 sq.km) on the Carlin Trend, as well as making discoveries at: North Bullion, Bald Mountain and North Dark Star. On August 11, 2017, the company reports that it has filed an updated technical report prepared in accordance with National Instrument 43-101 on the Dark Star gold deposit.
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