PALM BEACH, Fla., Jan. 21, 2021 /PRNewswire/ -- Historically, in times of global crises, gold, as a safe haven, has performed positively, and2020 was no exception. An article in CNBC said that Gold… rallies could continue into the new year… The precious metal closed (its) best year since 2010… following a year of unprecedented volatility brought on by the Covid-19 pandemic. It said: "Barring some minor hurdles, the new year could bring new records for(gold), Matt Maley, chief market strategist at Miller Tabak, told CNBC's "Trading Nation". IBISWorld added: "Since the first COVID-19 (coronavirus)-related death was recorded in January 2020 in China, many investors have sought protection in safe haven assets to protect their portfolios from market volatility. As a result, gold prices have risen to historic levels...The Gold Mining industry's performance may still be uncertain in the short term, but remains largely optimistic as higher gold prices bolsters revenue… Industry operators in Nevada and Alaska, the two prime locations for industry establishments, have largely been able to remain operational. Profit is expected to rise on higher precious metal prices and persistently low oil prices, which represents one of the industry's most substantial costs. Active stocks in the mining markets this week include Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Newmont Corporation (NYSE: NEM) (TSX: NGT), Kinross Gold Corporation (NYSE: KGC) (TSX: K), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM), Pretium Resources Inc. (NYSE: PVG) (TSX: PVG).
Yet another article (from Capital.com) addressed gold's potential for 2021 saying: "During times of monetary easing, investors tend to switch from the US dollar to gold as the hedge against inflation, also adding to the value of the precious metal. Another important factor that will determine gold prices in the future, at least in the near term, is the coronavirus itself. The second wave has already hit the world, with the number of cases rising daily and many countries reinstituting lockdowns; this, in turn, weighs negatively on already struggling economies. If governments decide on a fresh dose of fiscal and monetary stimulus, the yellow metal could continue being the big beneficiary of the Covid-19 crisis." It concluded: "In their gold price forecast published recently, analysts at Goldman Sachs maintained their bullish outlook for the upcoming year, setting their price target for the metal at $2,300 per ounce: "In our view, the structural bull market for gold is not over and will resume next year as inflation expectations move higher, the US dollar weakens."
Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) BREAKING NEWS: GOLDEN INDEPENDENCE INTERSECTS 1.11 G/T GOLD AND 7.8 G/T SILVER OVER 20 FEET AT INDEPENDENCE PROJECT - Golden Independence (the "Company") is pleased to announce initial drill results from its recently completed 2020 resource expansion drill program at the Independence project, south of Battle Mountain, Nevada. Results from the first 3 reverse circulation (RC) holes drilled include:
>> 0.45 g/t gold and 3.3 g/t silver over 110 feet (33.5 metres) including 1.11 g/t gold and 7.8 g/t silver over 20 feet (6.1 metres)
>> 0.57 g/t gold and 3.1 g/t silver over 55 feet (16.8 metres)
>> 0.42 g/t gold and 6.8 g/t silver over 80 feet (24.4 metres)
"The initial assay results fall in range with Company expectations and historic results," commented Golden Independence President Tim Henneberry. "Longer intervals of + 0.5 g/t gold, containing sub-intervals of + 1 g/t gold meet the objective of expanding the mineralized footprint at Independence to increase the historic oxide resource," he continued.
"These initial assay results support our belief that we will be able to significantly expand the historic oxide resource at the Independence project in the near term." remarked Golden Independence CEO Christos Doulis. "During Q1 2021, we anticipate receiving assay results from an additional 20 RC holes recently drilled at the Independence project culminating in an NI 43-101 complaint resource for the Independence project at the end of the quarter." Read this entire release for the Golden Independence news at: https://www.financialnewsmedia.com/news-igld/
Other recent developments in the mining markets include:
(NYSE: NEM) (TSX: NGT)
its Board of Directors has approved a share repurchase program for up to $1.0 billion of common equity, to be completed over the next 18 months. The program will be executed at the Company's discretion, utilizing open market repurchases to occur from time to time throughout the authorization period, and is in addition to Newmont's industry-leading dividend framework.
Newmont's capital allocation philosophy balances steady reinvestment in the business, maintaining financial strength and flexibility, and providing leading returns to shareholders. Recently, the Company announced an industry-leading dividend framework, which includes a sustainable base dividend and additional returns at higher gold prices. The share repurchase program builds on the $1.0 billion 2020 program, which retired 22 million shares at an average price of $45 per share.
Kinross Gold Corporation (TSX: K) (NYSE: KGC) will release its 2020 fourth-quarter and full-year financial statements and operating results on Wednesday, February 10, 2021, after market close. The Company will also provide its full-year 2021 guidance, mineral reserve and mineral resource statement as of December 31, 2020, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 11, 2021 at 8 a.m. ET to present the results, followed by a question-and-answer session.
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) and TMAC Resources Inc. (TSX: TMR) ("TMAC") recently announced that they have entered into agreements pursuant to which Agnico Eagle has agreed to acquire all of the outstanding common shares of TMAC (the "Transaction") at a price of C$2.20 per share (the "Offer Price") in cash, which represents an increase of C$0.45 per share as compared to the offer price of C$1.75 offered by Shandong under the original Arrangement Agreement, as further described below.
The Transaction is being effected by way of assignment to Agnico Eagle of the arrangement agreement dated May 8, 2020 (the "Arrangement Agreement") among TMAC, Shandong Gold Mining (HongKong) Co., Limited and its affiliate Streamers Gold Mining Corporation Limited (collectively, "Shandong") and Shandong Gold Mining Co., Ltd. (together with Shandong, the "Shandong Parties") in accordance with an assignment, assumption and novation agreement among the Shandong Parties, TMAC and Agnico Eagle dated January 4, 2021 (the "Assignment Agreement") and the amendment of the Arrangement Agreement under an amending agreement between Agnico Eagle and TMAC dated January 4, 2021 (the "Amending Agreement"). The arrangement was approved by 97.08% of the votes of TMAC shareholders that were represented at the special meeting held on June 26, 2020; there will be no further shareholders' meeting in connection with the Transaction.
Pretium Resources Inc. (NYSE: PVG) (TSX: PVG) recently announced the results of the 2020 regional grassroots exploration program, including a discovery at the Hanging Glacier Zone, and plans for the Company's 2021 exploration programs.
The 2020 regional grassroots exploration program included 25,350 meters of diamond drilling completed in four mineralized zones across the 1,200-square kilometer property that surrounds the Brucejack Mine. The highlight from the program was the discovery of epithermal-style gold mineralization in the Hanging Glacier Zone, located four kilometers northwest from the Brucejack Mine. This new zone of gold mineralization demonstrates the district-scale potential at Brucejack. See Table 1 below for assays from the 2020 program.
"This exciting discovery at Hanging Glacier, only four kilometers from the Brucejack Mine, shows the district-scale potential at Brucejack," said Jacques Perron, President and Chief Executive Officer of Pretivm. "We will significantly increase our resource expansion and exploration efforts in 2021 so we can surface value by extending mineral resources and pursuing the prospects for additional gold mineralization immediately surrounding the Brucejack Mine."
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