PALM BEACH, Florida, November 9, 2017 /PRNewswire/ --
Precious Metals coverage - Gold and silver prices posted decent gains Wednesday, with gold reaching a three-week high. A power struggle in Saudi Arabia last weekend coupled with an attempted missile strike on Saudi Arabia from Iran-backed terrorists has stirred up a rising amount of uncertainty into the markets this week, which has prompted investors to generate a safe-haven demand for gold and silver in particular. Here in the U.S., there are rising doubts that the Fed will actually hike U.S. interest rates as much as policymakers think, leaving many analysts bullish on gold heading to the end of the year and into 2018. Active companies this week in the mining industry include: Prize Mining Corporation (TSX-V: PRZ) (OTC: PRZFF), IAMGOLD Corporation (NYSE: IAG) (TSX: IMG), Northern Dynasty Minerals Ltd. (NYSE: NAK) (TSX: NDM), Kinross Gold Corporation (NYSE: KGC) (TSX: K), Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM).
Prize Mining Corporation (TSX-V: PRZ.V) (OTCQB: PRZFF) (MQSP:GR:FRANKFURT) is pleased to provide a corporate update and project summary on its Kena Project located near Nelson in southeastern British Columbia. Prize acquired the Kena Project in April 2017 and concurrently completed an equity financing for proceeds of $6 million. The current Kena Project resource estimate is set out below and was calculated using a base-case cut-off grade of 0.3 grams per tonne gold.
• Indicated mineral resources of 24.89 million tonnes at 0.6 grams per tonne Au for 481,000 ounces Au;
• Inferred mineral resources of 85.79 million tonnes at 0.48 grams per tonne Au for 1,318,000 ounces Au.
The resource estimation used gold intercepts from 176 drill holes in the Gold Mountain, Kena Gold and high-grade zones of the Kena Project and was prepared according to CIM 2014 guidelines. The Kena Project also has a copper porphyry target that remains untested by exploration. Read this and more news for Prize Mining at: http://www.marketnewsupdates.com/news/przff.html
The Company's 1,550-hectare contiguous Daylight Property which is located on the northwest corner of Prize's Kena Project, has various high-grade gold showings and four historical mines. This land package is referred to as the Daylight Property (see map link). https://www.prizemining.com/site/assets/files/1792/kena-daylight-tougnhut-map.jpg
With the intent of employing a district wide exploration approach, the Company acquired the Toughnut Property in June 2017. The 1,010-hectare Toughnut Property lies contiguous on the west side of Prize's Daylight Property. The Toughnut claims strategically cover over a 3.5-kilometre strike length of the Silver King shear structure, including most of the mineralized land between Prize's Daylight claim block and Prize's Sand claim block to the northwest. This was a strategic acquisition for Prize as it now controls what management believes to be the most significant part of the mineralized Silver King shear zone.
In other industry developments and happens from around the market:
IAMGOLD Corporation (NYSE: IAG) (TSX: IMG.TO) last week announced assay results from the summer 2017 drilling program completed at its Monster Lake joint venture project located 50 kilometres southwest of Chibougamau, Quebec, Canada. The company is reporting the assay results from three drill holes, totaling 1,836 metres, completed at the end of July. Read the entire report at: https://finance.yahoo.com/news/iamgold-provides-monster-lake-project-110000313.html
Northern Dynasty Minerals Ltd. (NYSE: NAK) (TSX: NDM.TO) announced this week that its wholly-owned Alaska -based subsidiary Pebble Limited Partnership ("Pebble Partnership") has hired retired Major General, US Army & President Emeritus of the University of Alaska Mark Hamilton to serve as its Executive Vice President of External Affairs. "Mark Hamilton is among Alaska's best known and most highly respected residents, in large part for his tremendous accomplishments and service to the state over 12 years as President of the University of Alaska ," said Pebble Partnership CEO Tom Collier. "We fully expect Mark's vision, his leadership and his credibility to materially advance our efforts to re-position the Pebble Project, to ensure it provides meaningful and enduring benefits to the people of Bristol Bay and Alaska, and to help create the social and political conditions necessary to permit this project in the years ahead."
Kinross Gold Corporation (NYSE: KGC) (TSX: K.TO) late on Wednesday announced its results for the third-quarter ended September 30, 2017. "Kinross delivered strong third quarter results, bolstered by outperformance at our two Nevada mines and at Tasiast. We are on target to meet our annual guidance range for the sixth consecutive year, and are tracking towards the high end of our production and the low end of both our cost of sales and all-in sustaining cost guidance. We also generated solid cash flow and maintained one of the best balance sheets among our peers. Read the full announcement at: https://finance.yahoo.com/news/kinross-reports-2017-third-quarter-220000497.html
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM.TO) recently reported quarterly net income of $71.0 million, or $0.31 per share, for the third quarter of 2017. This result includes non-cash foreign currency translation gains on deferred tax liabilities of $5.7 million ($0.03 per share), unrealized gains on financial instruments (net of tax) of $5.3 million ($0.02 per share), non-cash foreign currency translation losses of $4.3 million ($0.02 per share) and various mark-to-market and other adjustment losses (net of tax) of $2.2 million ($0.01 per share). Excluding these items would result in adjusted net income1 of $66.5 million or $0.29 per share for the third quarter of 2017. In the third quarter of 2016, the Company reported net income of $49.4 million or $0.22 per share. Not included in the third quarter of 2017 adjusted net income is non-cash stock option expense of $3.7 million ($0.02 per share). For the first nine months of 2017, the Company reported net income of $208.8 million, or $0.91 per share. This compares with the first nine months of 2016 when net income was $96.2 million, or $0.43 per share. Financial results in the 2017 period were positively affected by higher gold sales volumes (approximately 3%) and lower depreciation expense partly offset by lower realized gold prices.
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