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Classified in: Mining industry, Business
Subject: INO

Gold Price up as Dollar Weakens

NEW YORK, October 5, 2017 /PRNewswire/ --

Gold price was traded higher on Wednesday as U.S dollar weakened. Gold Spot rose 0.22 percent to $1,274.40 per ounce during Wednesday trading session. U.S. Gold futures for December delivery increased 0.18 percent to $1,277 per ounce. The U.S. dollar dipped against a basket of major currencies on speculation that a less hawkish candidate may be appointed for the next Federal Reserve Chair. Current chair Janet Yellen's term will expire in February. Gold is highly sensitive to the changes in U.S. interest rates as a higher rate will increase the opportunity cost of holding non-yielding bullion. Magellan Gold Corporation (OTC: MAGE), Eldorado Gold Corporation (NYSE: EGO), Harmony Gold Mining Company Ltd (NYSE: HMY), Asanko Gold Inc. (NYSE: AKG), Golden Star Resources Ltd. (NYSE: GSS).

Gold had gained nearly 10 percent year-to-date, boosted by global geopolitical uncertainties. The trading of the yellow metal may also be impacted by the long Chinese holiday. MKS PAMP trader Sam Laughlin said in a note: "Asian trade on Wednesday saw a modest recovery to bullion on the back of dollar weakness. The yellow metal looks to be settling in for a period of consolidation around current levels as interest out of Asia remains muted due to the Chinese holiday period."  

Magellan Gold Corporation (OTCQB: MAGE) on September 29th announced that, "its purchase of the SDA Mill, Nayarit State, Mexico, from Rose Petroleum plc (AIM: ROSE) is on track to close by the end of October 2017. The SDA Mill is a fully permitted and operational mineral processing plant and includes all associated assets, licenses and agreements. Major milestones towards closing were achieved on September 11, 2017, when Magellan and Rose announced the execution of a definitive purchase agreement, and on September 18, 2017, when Rose obtained its shareholder approval required for the sale. The final major item, restructuring of Mexican ownership of the SDA Mill, is in process and is expected to be concluded in October 2017."

"Acquisition of the SDA Mill will transform Magellan into a production company and will be an exciting development for our shareholders," stated CEO Pierce Carson. "Our strategy following the acquisition will be to resume processing operations, build production and increase cash flow."

Total consideration for the SDA Mill purchase is US$1.5 million, consisting of $1.0 million in cash and $500,000 in Magellan stock, of which $100,000 in cash already has been paid. As announced August 16, 2017, Magellan has arranged $900,000 in irrevocable bridge loans in support of its option to purchase the mill. The bridge loans are sufficient to complete the cash component of the purchase price. Although the parties anticipate closing to occur in October 2017, there can be no assurance that the purchase of the mill will be concluded.

Eldorado Gold Corporation (NYSE: EGO) is a leading mid-tier gold producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia, Canada and Brazil. The Company's success to date is based on a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with the communities where it operates. On September 21, 2017, the company announced that it has entered into constructive dialogue with Greece's Ministry of Energy and Environment in respect to the development of the Company's subsidiary, Hellas Gold S.A.'s, Kassandra Mine assets in Halkidiki, Northern Greece. The Kassandra assets, which include the Skouries and Olympias projects and the Stratoni mine, were permitted under one single Environment Impact Study approved in 2011 by the Greek State.

Harmony Gold Mining Company Ltd (NYSE: HMY), a gold mining and exploration company, conducts its activities in South Africa, one of the world's best-known gold mining regions, and in Papua New Guinea, one of the world's premier new gold-copper regions. Harmony was South Africa's third largest gold producer and the twelfth largest in the world in FY16. In FY16, the company's South African operations accounted for 93% of total production of 1.08Moz, with the remaining 7% coming from Papua New Guinea. At the same time, the company's South African holdings represented 55% of its mineral resource base, while those in Papua New Guinea represented 45%. In terms of gold equivalent ounces, 62% of total mineral reserves are gold and 38% copper.

Asanko Gold Inc. (NYSE: AKG) vision is to build a low cost, mid-tier-gold mining company through the delivery a three pronged strategy: phased production, competitive operating and capital costs and growth, both organic and M&A. On September 22, 2017, the company announced it has acquired ownership of the Miradani Mining Lease, which is adjacent to the Asanko Gold Mine in Ghana, West Africa from AngloGold Ashanti. Covering an area of approximately 15 km2, the Miradani Project is on an existing mining lease which will enable potential mineral resources to be accelerated to production. The northern boundary of the concession is located approximately 5.5 km south of the AGM's processing plant on the NE-SW Asankrangwa structural corridor. The underexplored Asankrangwa Gold Belt is about 7 km wide and over 50 km long.

Golden Star Resources Ltd. (NYSE: GSS) has recently reported the first four results from the 2017 extension drilling program at its Prestea Underground Gold Mine in Ghana. The Company also announces seven results from the 2017 in-fill drilling program. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented, "We believe that Prestea Underground is one of the highest-grade gold development projects in West Africa1. These initial results from our extension drilling program indicate that the West Reef extends to the north of the existing Mineral Reserves, representing the potential to increase the annual production rate in the near term. The in-fill drilling results have also further increased our confidence in the grade, thickness and continuity of the currently defined West Reef Mineral Reserve. I look forward to releasing further extension drilling results during the fourth quarter of 2017 and gaining a stronger understanding of Prestea Underground's longer-term potential as the drilling program increases momentum in early 2018."

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