NEW YORK, June 1, 2017 /PRNewswire/ --
Yesterday, Gold edged higher as the dollar fell. Geopolitical tensions aided the yellow metal in the midst of market uncertainties. Although gold was headed towards its first monthly drop since December, fears of an interest rate hike next month by the Fed has heightened its value. Dollar losses were controlled as U.S. consumer spending and inflation data released Tuesday pointed to an increased domestic demand that may allow the Federal Reserve to raise interest rates next month. "The market has been over-enthusiastic in terms of the weakness (seen in gold). Once the rate hike happens, people will focus on political uncertainty and on the physical support (for gold)," said Hamza Khan, head of commodities strategy at ING. Kenadyr Mining Holdings Corp. (OTC: KNDYF), IAMGOLD Corp. (NYSE: IAG), Kinross Gold Corp. (NYSE: KGC), NovaGold Resources Inc. (NYSE: NG), Barrick Gold Corp. (NYSE: ABX)
Adam Koos, President of Wealth Management Group said, "Gold investors have been watching the stock market rally, which has run so high for so long, and they're eyeballing the Fed agenda, coupled with POTUS related news and the fact that we're living in the midst of the seasonally-weak months of the year for the DJIA and S&P 500 SPX."
Kenadyr Mining Holdings Corp. (OTC: KNDYF) announced last week 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 metres 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. Kenadyr Mining Holdings Corp. is listed on the TSX Venture Exchange under the ticker symbol KEN.
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 metres, 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."
IAMGOLD Corp. (NYSE: IAG) is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. On May 15th, IAMGOLD provided an update from its 2017 infill drilling program at the Saramacca project, located 25 kilometres southwest of its Rosebel Gold Mine ('RGM') in Suriname. The current phase of the 2017 infill delineation drilling program is now complete with 113 diamond drill holes totaling approximately 19,600 metres. Assay results have been received from 78 drill holes totaling 14,166 metres, including 49 drill holes totaling 8,158 metres reported herein (see previous news release dated March 29th, 2017). Assay results from the remaining drill holes are expected in June and will be reported once they are validated and compiled.
Kinross Gold Corp. (NYSE: KGC) is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross' focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. On May 18th, Kinross Gold announced that it has entered into an agreement to acquire an approximately 19.9% interest in White Gold Corp. by selling its 100% interest in the White Gold exploration project in the Yukon Territory to the company. "We look forward to working with Agnico Eagle and White Gold Corp. to support the pursuit of quality development opportunities in this highly prospective and largely underdeveloped district," said J. Paul Rollinson, President and CEO of Kinross Gold. "This investment will allow the three companies to pool their expertise together to strengthen their position in this excellent mining jurisdiction."
NovaGold Resources Inc. (NYSE: NG) is a well-financed precious metals company focused on the permitting and development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the measured and indicated resource categories, inclusive of proven and probable reserves (541 million tonnes at an average grade of approximately 2.2 grams per tonne), Donlin Gold is regarded to be one of the largest, highest grade, and most prospective known gold deposits in the world. On April 3rd, NovaGold announced its first quarter financial results and updates for its flagship 50%-owned Donlin Gold project in Alaska and its 50%-owned Galore Creek copper-gold-silver project in British Columbia. With over $98 million in its treasury as of February 28th, 2017, NovaGold has ample funds to complete permitting at Donlin Gold.
Barrick Gold Corp. (NYSE: ABX) aims to cultivate a high-performance culture defined by the following principles: a deep commitment to partnership, consistent execution, operational excellence, disciplined capital allocation, and continual self-improvement. We are obsessed with talent, and seek out fresh perspectives from other industries, challenging ourselves to think differently as we transform Barrick into a leading 21st century company. On April 6th, Barrick Gold announced that it has entered into a strategic cooperation agreement with Shandong Gold Group Co., Ltd. ('Shandong'), the leading underground mining company in China, based in Jinan, Shandong province.
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