Gold Price Rises as Asian Stocks Flounder – iCrowdNewswire
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Oct 11, 2018 7:35 AM ET

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Gold Price Rises as Asian Stocks Flounder

Disclosure NewswireTM

iCrowdNewswire - Oct 11, 2018

NEW YORK,  —

Gold Price rose on Tuesday as world equities were under pressure due to concerns over the U.S.-China trade war as well as the rising government bond yields. Gold future for December delivery rose 0.27% to USD 1,191.80 per ounce during Monday’s trading session, while gold spot was up 0.13% to USD 1,189.60 per ounce. Asian stocks fell to a 17-month low on Tuesday after the International Monetary Fund downgraded its economic outlook for 2018 and 2019, citing the impact of mounting trade policy tensions and rising interest rates. The IMF now expects the global economy to grow at 3.7% this year and next year, down 0.2% from its previous estimates. Grande Portage Resources Ltd. (OTC: GPTRF), Comstock Mining, Inc. (NYSE: LODE), Golden Star Resources Ltd. (NYSE: GSS), Eldorado Gold Corporation (NYSE: EGO), New Gold Inc. (NYSE: NGD)

Gold is often considered a safe-haven asset amid times of political uncertainty. The price of the yellow metal has been traded steadily around USD 1,200 level in recent weeks. According to Reuters, Peter Fung, Head of Dealing at Wing Fung Precious Metals in Hong Kong, said: “The current political and economic climate will lead to people buying the dollar but after the dollar, gold is the next preference… Today, there is some short-covering and we also see some fresh buying interest due to lower prices.”

Grande Portage Resources Ltd. (OTC: GPTRF) also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: GPG). Earlier today, the Company announced breaking news that, “gold assay results from two surface channel samples collected from the Goat Vein at its Herbert Gold project in SE Alaska.

Goat Vein Channel Sample Highlights:

  • Channel sample #54524 assayed 129.02 gpt gold (3.76 opt) & 68 gpt silver (1.98 opt)
  • Channel sample #54525 assayed 290 gpt gold (8.46 opt) & 224 gpt silver (6.53 opt)

By way of historical background, during the 2017 exploration and drill program a number of representative grab samples were taken from the Goat Vein assaying up 6.75 opt/gold with 49.8 gpt/silver. (see news release dated September 6th, 2017).  Notwithstanding the impressive grades, grab samples are not sufficient as an assay contributor to NI 43-101 resource estimates. Therefore, during the Company’s recently completed 2018 program it sought to include channel samples which are acceptable for inclusion into resource estimates.  The two 2018 channel samples cut at 90 degrees to the same Goat Vein are located just East of the mid-point of the inferred strike of the vein where rapid erosion of the stream bottom recently exposed a segment of the resistant mineralized quartz vein and some of the altered wall rocks.

The Goat Vein currently has an indicated length of over 2300 feet (700 meters) running East to West, dipping at 75 degrees to the North. Channel #54524 measured approximately 4″ x 3″ x 1.12 meters true width and assayed 129.02 gpt gold (3.76 opt) with 68 gpt silver (1.98 opt). Channel #54525 was collected 23 feet (7 meters) to the West, measured approximately 2.0″ x 3″ x 1.02 meters true width and assayed 290 gpt gold (8.46 opt) and 224 gpt silver (6.53 opt).  Sample #54525 was processed by ALS Labs using metallic screening for coarse gold, fire assaying and multi element ICP procedures. Sample #54524 was sent to Bureau Veritas Labs for assay and additional metallurgical testing, those results are expected shortly. These assays qualify for addition into future resource calculations.

Ian Klassen, Grande Portage’s CEO, remarked, ‘The continuing confirmation that the Goat Vein exploration program yields impressive gold assays reaffirms our commitment to the Herbert Gold property development. We are delighted to receive these gold assays from the Goat Vein as representatively tested as surface.  The high grade nature of the results further encourage us to believe that the Goat Vein will be as prolific as the Deep Trench and Main Veins. Imminently, we will begin receiving drill assays from the lab and will be issuing news from our 15 hole program very soon.’

The qualified person for this news release is Mr. Carl Hale, P.Geo. Mr. Hale is a Qualified Person as defined by NI 43-101, and is responsible for the technical content of this press release.”

Comstock Mining Inc. (NYSE: LODE) is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. Comstock Mining Inc. recently announced that the Company and Itronics Inc., have commenced testing Itronics’ clean, KAM-Thio recovery system on unprocessed gold and silver bearing minerals extracted from Comstock’s Dayton resource area, located in Lyon County, Nevada. This now extends the collaboration between the two companies beyond evaluating whether the engineered, process flow design works for extracting remaining gold and silver from previously leached materials, to applications for extracting both gold and silver from virgin mineralized materials. This enhanced process could improve the economic feasibility of the Company’s Dayton project and potentially also result in the production of clean rock products that may be saleable. Corrado De Gasperis, Executive Chairman and Chief Executive Officer commented, “We have previously reported positive results processing this solution on previously leached material, especially with silver, so we are extending the tests onto higher-grade, virgin materials to determine if we can replicate the clean extraction with both silver and gold.”

Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines in GhanaWest Africa. Golden Star Resources Ltd. recently announced the completion of the USD 125.7 Million strategic investment by La Mancha Holding S.à r.l., a Luxembourg-incorporated private gold investment company. The relationship secures Golden Star’s platform for growth in Africa, while also strengthening the Company’s balance sheet. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented: “This strategic investment from La Mancha secures Golden Star’s platform for growth as a leading African gold producer. It will allow us to expedite our exploration and expansion programs at both our Wassa Underground and Prestea Underground Gold Mines as well as providing us with a funding position to participate in the consolidation of the African gold mining sector.  It is transformative for our balance sheet, providing both strength and flexibility as we move forwards, and it verifies the strong potential of our assets and the calibre of our management team.  I am delighted to welcome Andrew and Graham to our Board and I am confident that their combined operational, corporate and financial experience in the mining industry will be beneficial as we focus on delivering the next phase of Golden Star’s growth across Africa.”

Eldorado Gold Corporation (NYSE: EGO) is a gold and base metals producer with mining, development and exploration operations in TurkeyGreeceRomania, Serbia, Canada and Brazil. Eldorado Gold Corporation recently reported its financial and operational results for the second quarter ended June 30th, 2018. Gold sales of 94,224 ounces during the quarter were significantly higher year over year, mainly due to higher production and sales at Kisladag and Efemcukuru as well as the first year of commercial gold sales at Olympias. Metal sales revenues were USD 153.2 Million compared to USD 82.7 Million in the second quarter of 2017, driven by higher sales volumes along with higher average realized gold price of USD 1,287 per ounce compared with USD 1,262 per ounce for the second quarter of 2017. “This was an excellent quarter for us.  Production was strong, driven by better-than-expected ounces from the heap leach pad at Kisladag,” said George Burns, Eldorado’s President and Chief Executive Officer. “We achieved lower costs at Olympias, reflecting mill and filter press optimizations. With production and costs continuing to trend positively, we have increased full-year guidance to 330,000-340,000 ounces of gold at USD 580 – USD 630 per ounce. Development continues ahead of schedule at Lamaque and we are on track to complete the feasibility study for a mill at Kisladag in the third quarter of this year.”

New Gold Inc. (NYSE: NGD) is an intermediate gold mining company. New Gold Inc. recently announced its 2018 second quarter results and updated 2018 outlook. Unless otherwise noted, all operating and financial results have been presented on a continuing basis and exclude Peak Mines, which has been classified as a discontinued operation and was sold in April 2018. New Gold’s second quarter gold production of 108,550 ounces was higher than 2017 primarily due to additional ounces from Rainy River that more than offset the planned lower production at New Afton, Mesquite and Cerro San Pedro. Quarterly copper production decreased by 11% to 20.4 Million pounds when compared to the second quarter of 2017. Year-to-date operating expense per gold ounce of USD 725 increased relative to the prior year mainly due to higher operating expenses at Rainy River in its first full year of operation. For the six-month period ended June 30th, 2018, the Company delivered all-in sustaining costs of USD 1,037 per ounce, including total cash costs of USD 502 per ounce. The increase in consolidated total cash costs was primarily driven by lower than run-rate production at Rainy River, resulting in higher per ounce costs. The increase in consolidated sustaining costs was primarily related to Rainy River sustaining capital expenditures as the operation continues its first full year of operations.

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