Palm Beach, FL – March 16, 2021 – Investor interest in gold remains high. When Wall Street is afraid, the world is dazzled by gold. That’s what happened in August and September when COVID-19 panic pushed gold prices above $2,000 an ounce. Gold outperformed stocks during the volatile year of 2020, with gold prices rising 24.6%, compared with the 18.4% total returns delivered by the S&P 500 index. The World Gold Council reports inflows into gold-backed Exchange Traded Funds have offset weakness in all other sectors of the market affected by the ongoing global coronavirus pandemic. A price level to consider is the 2011 record brought forward in time by inflation which calculates to be $2,184 per troy-ounce. If you believe the near-term outlook is scarier than the 2011 U.S. debt crisis, a reasonable target for late-2020 is $2,200-plus. Investing in gold based on short-term prediction for stocks is sheer speculation. But investing a small amount in gold stocks or funds can be a valuable inflation hedge and portfolio diversifier. An article in The Motley Fool said that investing in gold makes sense, specified why it has nothing to do with what’s happening in the stock market. It said: “If all the gold mined in human history were melded together, it would fit into a cube of just 21 meters, or 69 feet, on each side. That’s roughly enough to fill 3.7 Olympic-size swimming pools. Contrary to popular belief, though, the Earth actually has ample amounts of gold. It’s just that mining it is incredibly difficult, and most sources don’t contain enough gold to make mining cost-effective.” Active stocks in the mining markets this week include Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB), Kirkland Lake Gold Ltd. (NYSE: KL) (TSX: KL), Kinross Gold Corporation (NYSE: KGC) (TSX: K), Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL), YAMANA GOLD INC. (NYSE: AUY) (TSX: YRI).
The Motley Fool article continued: “Only 0.1% of mine prospects actually get developed into a mine. The exploration and development phases often take a decade or more before gold can actually be mined. Given the complexities of gold mining with current technology, the global supply remains limited, which keeps prices high. Overall, gold demand is pretty constant. Jewelry, which accounts for 50% of its use, tends to be a steady source of demand, though it obviously drops during economic downturns. Central banks and investors, including individuals and exchange-traded funds (ETFs), drive about 40% of demand, though of course this peaks during downturns. Since it’s so difficult to discover and develop a gold source, mining activity doesn’t respond quickly to price fluctuations, so the supply holds steady.”
Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB) BREAKING NEWS: CALIBRE ANNOUNCES POSITIVE PAVON GOLD MINE PRE-FEASIBILITY STUDY – PAVON NORTE CURRENTLY IN PRODUCTION; STRONG EXPLORATION POTENTIAL – AFTER-TAX NPV5% AT US$1,700 GOLD OF $106 MILLION – Calibre Mining Corp. (“Calibre” or the “Company”) is pleased to announce the results of its Pavon Open Pit Gold Mine Pre-Feasibility Study (“PFS”), utilizing a portion of the installed 2.2 million tonne per annum capacity at the Libertad mill. As announced on January 21, 2021, Calibre has commenced open pit mining and transporting Pavon Norte ore to its Libertad mill and expects to ramp up production throughout the year. The PFS was undertaken by WSP in Canada in 2020 and 2021 on behalf of Calibre. All figures are expressed in United States Dollars.
PAVON OPEN PIT GOLD MINE: PFS HIGHLIGHTS
|· Reserve Gold Price||$1,400 per ounce|
|· Initial Mine Life||4 years|
|· Average Life-of-Mine (“LOM”) Throughput||877 tonnes per day|
|· Average LOM Grade||86 g/t gold, 7.0 g/t silver|
|· Average LOM Recovery||94% gold, 35% silver|
|· Average Annual Gold Production||47,000 ounces|
|· Average LOM Total Cash Costs1||$650 per ounce|
|· Average LOM All-In Sustaining Costs1 (“AISC”)||$711 per ounce (net of Ag credits)|
|· Total Gold Production||188,213 ounces|
|· After-tax NPV5% ($1,700/oz gold)||$106.4 million|
Darren Hall, Chief Executive Officer of Calibre, stated: “In 14 months, since announcing the Pavon open pit resource, Calibre has permitted Pavon Norte, and commenced ore deliveries to the Libertad mill. Pavon has been a great example of our ‘Hub-and-Spoke’ operating model, by demonstrating how satellite deposits can be efficiently permitted and provide ore to our Libertad mill, extending mine life and generating robust cash flows. Pavon mineralization is open at depth, and along strike, beyond the pit constrained mineral resource limits included in the PFS indicating good potential to expand the resource as exploration drilling advances during 2021.”
Mr. Hall continued, “Given our recent success at Pavon, drilling and technical studies have commenced at the Eastern Borosi Project, which we are progressing to be our next high-grade satellite mine.” CONTINUED…. Read this entire release for the Calibre Mining Corp. news at: https://www.financialnewsmedia.com/news-cxb FOR ADDITIONAL INFORMATION, PLEASE ALSO VISIT: https://www.equedia.com/calibre-mining-one-of-the-most-undervalued-gold-producers
Other recent developments in the mining markets include:
Kirkland Lake Gold Ltd. (NYSE: KL) (TSX: KL) recently announced results from 30 holes (21,928 m) of drilling at the Detour Lake property. The new holes being reported are the fourth batch of results from the recently announced 250,000 m exploration program, which is targeted for completion by the end of 2021. The program is being completed to collect information for an updated, and potentially expanded, Mineral Reserve and to support the completion of a new production plan, expected to be released in early 2022. The new holes announced today are mainly from drilling in the Saddle Zone, located between the Main and West pit locations, which has been underexplored and has no Mineral Reserves and only limited Mineral Resources. Several new holes are also being announced from the area west of the West Pit, which also contains limited past drilling.
Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “With today’s results, we are increasingly confident that a large continuous deposit is situated along the Detour Mine Trend (“DMT”) that extends from the Main Pit, through the Saddle Zone and continues beyond the West Pit location.
Kinross Gold Corporation (NYSE: KGC) (TSX: K) recently announced that it has acquired 3,125,000 common shares of Wolfden Resources Corporation (“Wolfden”) 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.
Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) has released its results for the fourth quarter and year ended December 31, 2020 (all figures in U.S. dollars). FOURTH QUARTER HIGHLIGHTS are: Attributable gold equivalent ounces sold1 of 15,795 ounces (Q4 2019 — 16,113 ounces); Record revenue of $29.7 million (Q4 2019 — $24.0 million); Record cash flows from operating activities, excluding changes in non-cash working capital1 of $22.5 million (Q4 2019 — $15.2 million); and Net income of $10.5 million (Q4 2019 — $5.3 million).
FULL YEAR HIGHLIGHTS are: Capital: As at December 31, 2020, Sandstorm had a strong balance sheet with over $110 million in cash and over $60 million in equity and debt investments. When combined with an undrawn revolving credit facility of $225 million, strong operating cash flows, and the sale of non-core investments, Sandstorm expects to have significant capital available to propel the Company into the next phase of growth.
YAMANA GOLD INC. (NYSE: AUY) (TSX: YRI) recently reported its financial and operational results for the fourth quarter and full year 2020, providing three-year mine-by-mine guidance, and updating mineral reserve and mineral resource estimates as at December 31, 2020.
The Company is also announcing a positive construction decision for the Odyssey underground project at the Canadian Malartic mine following the impressive results of the technical study, which outlines robust economics, a significant increase in mineral resources, and a mine life extension to at least 2039. Further, as a continuation of Yamana’s climate change actions, the Company today is also announcing that it has formally adopted a climate strategy, approved by the Board of Directors, to demonstrate the Company’s commitment to the transition to a low-carbon future. The strategy is underpinned by adoption of two targets: a 2° C science-based target (“SBT”) and an aspirational net-zero 2050 target. Fourth quarter net earnings were $103.0 million or $0.11 per share basic and diluted compared to net earnings of $14.6 million or $0.02 per share basic and diluted a year earlier.
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