Total Gold Supply Forecasted To Climb To 131.2 Million Ounces In 2021 Along With Increasing Mine Production

PALM BEACH, Fla, April 15, 2021 /PRNewswire/ -- Experts are saying that after a record year, gold is bound to see more gains in the medium and long-term. Gold performed well in the pandemic. The biggest drivers that will support gold as the world reopens include sovereign and private sector debts, deficits, and ultra-loose monetary policies. Governments around the world will struggle to reverse the fiscal policies introduced as a response to the pandemic, said the CPM Group, citing lackluster economic growth in coming years. In an article by Kitco News, discussing CPM's Gold Yearbook, said that: "The pandemic has changed the world, making some of the existing problems even worse and setting gold up to benefit… While the pandemic will eventually pass, it has left the world changed and has in fact compounded and worsened some of the factors that are supportive of gold prices," the CPM Group said.  This scenario positions gold well for further gains in the medium to long term," the Yearbook stated. "The pandemic has deepened these problems and will make it harder to reverse some of these issues, which will help to keep investors interested in the metal."  Active stocks in the mining markets this week include Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Rio Tinto Group (NYSE: RIO), Hecla Mining Company (NYSE: HL), Kinross Gold Corporation (NYSE: KGC) (TSX: K).

The stock market is forecasted to keep climbing despite looking top heavy. "The returns from these markets may not be as attractive as those seen over the past couple of years. A combination of top-heavy equity markets and low yields on debt make gold an attractive portfolio diversifier," the CPM Group said.  The use of gold as a portfolio diversifier is expected to grow this year, which should help the prices move higher.  Central banks are projected to remain net buyers of gold in 2021, with about seven million ounces estimated to be bought. "Many central banks, especially in developing countries, continue to want to diversify their assets away from the U.S. dollar and euro and are likely to continue adding to their holdings in the foreseeable future," the Yearbook said.

Golden Independence Mining Corp. (CSE: IGLD.CN) (OTCQB:GIDMF)  BREAKING NEWS:  GOLDEN INDEPENDENCE INTERSECTS 1.23 G/T GOLD AND 15.6 G/T SILVER OVER 55 FEET AT INDEPENDENCE PROJECT -  Golden Independence (the "Company") is pleased to announce the final series of drill results from its recently completed 2020 resource expansion drill program at the Independence project, south of Battle Mountain, Nevada. Results from these four reverse circulation (RC) holes consist of three of four holes targeting the main oxide zone and one wildcat exploration hole and include:

• 0.59 g/t gold and 8.3 g/t silver over 240 feet (73.2 metres)
• including 1.23 g/t gold and 15.6 g/t silver over 55 feet (16.8 metres)
• 0.78 g/t gold and 46.1 g/t silver over 140 feet (42.7 metres)
• including 2.02 g/t gold and 21.9 g/t silver over 15 feet (4.6 metres)

"Results from these holes, including the last three holes targeting the main oxide horizon in the Phase I program, include 1.23 g/t gold and 15.6 g/t silver over 55 feet, within a longer 240 foot interval of 0.59 g/t gold and 8.3 g/t silver extending the zone to depth to the west." commented Golden Independence President Tim Henneberry. "All results from the Phase I RC program have now been released. Phase II will commence shortly and focus on further resource expansion along with follow up of the significant intersections in holes AGEI-32 and AGEI-47." he concluded.

"Golden Independence has completed 36 RC holes as well as 5 core holes since acquiring the Independence project.  Results from these holes combined with results from 56 previously drilled RC holes not included in the 2010 Historical Resource will be used to generate a new expanded NI 43-101 compliant resource for the project expected later this quarter, a significant milestone for the Company." stated Golden Independence CEO Christos Doulis. "Delineation of additional near surface high grade material such as that encountered in hole AGE-32 will be a significant focus of our next drill campaign at the Independence project." he continued.  CONTINUED…    Read this entire release for the Golden Independence news at:  https://www.financialnewsmedia.com/news-igld/ 

Other recent developments in the mining markets include:

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) is committed to being a good neighbor, a responsible corporate citizen and a conscientious caretaker of the environment. We believe these traits are the very foundation on which to build a modern mining company and are as important as geotechnical expertise and free cash flow, president and chief executive Mark Bristow says in the company's 202 Sustainability Report, published recently.

Bristow said Barrick's approach to climate risk was led by site-specific strategies based on science and operational realities, rather than hopeful aspirations, and it was constantly reviewed in the light of technological advances. Identification and realization of the opportunities these offered enabled the company to update its 2030 emissions reduction target from 10% to 30% against its 2018 baseline. Barrick's ultimate aim is to achieve net zero emissions by 2050.

Rio Tinto Group (NYSE:RIO) recently announced that it has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the "Funding Plan") for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion¹, building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will: pursue re-profiling of principal debt repayments up to $1.4 billion with lenders under the existing project finance arrangements to better align with the revised mine plan, project timing and cash flows; seek to raise up to $500 million in senior supplemental debt (SSD) under the existing project financing arrangements from selected international financial institutions; Rio Tinto has committed to address any potential shortfalls from the re-profiling and additional SSD of up to $750 millionby providing a senior co-lending facility (the "Co-Lending Facility") on the same terms as OT's project financing; and TRQ has committed to complete a rights offering or placement of common shares for up to $500 million to satisfy any remaining funding shortfall within six months of the Co-Lending Facility becoming available.

Hecla Mining Company (NYSE:HL) recently announced its preliminary silver and gold production for the first quarter of 2021.  HIGHLIGHTS WERE: Silver production of 3.5 million ounces, an increase of 7%, due to growing Lucky Friday production; Gold production of 52,004, a decrease of 12%, because of reducing less profitable production; Zinc and lead production increased 25% and 82%, respectively, due to Lucky Friday production; Silver equivalent production of 9.3 million ounces or gold equivalent production of 135,946 ounces; and Quarter-end cash position exceeds $135 million.

"Greens Creek, Lucky Friday and Casa Berardi all had strong operating performance which combined with current silver prices enabled us to close the quarter with more than $135 million in cash," said Hecla's President and CEO, Phillips S. Baker, Jr. "This is our fourth consecutive quarter of increasing cash balances, all attributable to free cash flow generation."

Kinross Gold Corporation (TSX:K) (NYSE:KGC) recently announced that it has acquired 3,125,000 common shares of Wolfden Resources Corporation (WLF) in a non-brokered private placement at a price of CA$0.32 per common share for total consideration of CA$1,000,000.  Prior to completion of the transaction, Kinross held 12,500,000 common shares, representing approximately 9.6% of the outstanding common shares. As a result of the acquisition of 3,125,000 common shares (approximately 2.3% of Wolfden's issued and outstanding common shares), Kinross now owns 15,625,000 common shares, representing approximately 11.4% of Wolfden's issued and outstanding common shares, on a non-diluted basis.

Kinross acquired the common shares pursuant to the transaction for investment purposes. Kinross may, from time to time, acquire additional common shares or other securities of Wolfden or dispose of some or all of the common shares or other securities of Wolfden that it owns at such time. 

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