NEW YORK, October 18, 2017 /PRNewswire/ --
Gold price has gained about 12 percent this year due to global geopolitical uncertainties. The yellow metal is considered as a safe-haven asset during times of political and economic turmoil. According to a recent article from Bloomberg, Goldman Sachs Group Inc., wrote in a report saying that Gold is better than Bitcoin due to some key characteristic of money. "Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield," analysts including Jeffrey Currie and Michael Hinds wrote. "They are neither a historic accident or a relic." Lucky Minerals, Inc. (OTC: LKMNF), Golden Star Resources Ltd. (NYSE: GSS), McEwen Mining Inc (NYSE: MUX), Eldorado Gold Corp (NYSE: EGO), Kinross Gold Corporation (NYSE: KGC).
Goldman Sachs said fear and wealth are the main drivers of gold price. The investment bank also indicated that gold is better than cryptocurrencies in several characteristics, including durability, Intrinsic value and Unit of account. Compared with cryptocurrencies, gold is not vulnerable to hacking through the Internet. The yellow metal will also have higher intrinsic value due to its limited supply and have much lower daily volatility due to its purchasing power. However, gold is more expensive to transfer due to its weight and need for a high level of security.
Lucky Minerals, Inc. (OTCQB: LKMNF) also listed on the TSX Venture Exchange under the ticker symbol "LJ". Just announced breaking news this morning that it is, "pleased to announce that is has contracted industry leading Eagle Geophysics to perform an airborne geophysical survey on the Company's Emigrant Project in southcentral Montana.
The survey will be conducted using the latest generation of high precision equipment to locate and map hydrothermal alteration and various important geological structural features. The highly advanced equipment and proprietary software used in this geophysical survey is considered state of the art and is extremely well suited to locate porphyry type systems. The survey is expected to take a week to perform and will cover a distance of approximately 500 linear Kilometers.
The data compiled from this geophysical survey will provide the company with a highly comprehensive model of the mineralized zones, and will greatly assist in determining the extent and scope of further exploration activities on what could very well be a world-class size porphyry deposit.
About Lucky Minerals: - Lucky Minerals Inc.'s Emigrant Project is focused on the exploration and development of several targets located in the core of the mineralized and intensely altered Emigrant Mining District, an historically important mining region with exploration and mining activities stretching back to the 1800's. Lucky Minerals shares trade on the TSX Venture Exchange under the trading symbol 'LJ' and through the OTCQB under the symbol LKMNF."
Golden Star Resources Ltd. (NYSE: GSS) earlier in September reported the first four results from the 2017 extension drilling program at its Prestea Underground Gold Mine ("Prestea Underground") in Ghana. The Company also announces seven results from the 2017 in-fill drilling program. Prestea Underground is expected to achieve commercial production in the fourth quarter of 2017. The mine has Mineral Reserves of 1.09 million tonnes at 13.93 grams per tonne of gold. It is expected to produce 90,000 ounces of gold per annum at a cash operating cost1 of $468 per ounce and an All-In Sustaining Cost of $615 per ounce over an initial mine life of 5.5 years. Exploration drilling is underway at the mine with the objective of increasing the annual production rate and extending the mine life.
McEwen Mining Inc (NYSE: MUX) is a growing gold and silver producer in the Americas. On October 6th the company announced the closing of the purchase of the Black Fox Complex ("Black Fox") from Primero Mining Corp. The initial purchase price for Black Fox was US$35 million, subject to closing adjustments. The transaction that closed today consists of a cash payment of US$27.5 million after making certain price adjustments. Sam Coetzer, President and Chief Executive Officer of Golden Star, commented, "I am delighted to announce that stoping has commenced at Prestea Underground. We believe that this is the first time that a production stope has been blasted since 2001 and it is a historical achievement for both Golden Star and the Prestea community in Ghana. I would like to thank Martin Raffield, our SVP of Project Development & Technical Services, Jerry Agala, the General Manager of the Prestea mine, and the development team for all of their hard work and dedication in transforming a century old mine to a completely modern mine."
Eldorado Gold Corp (NYSE: EGO) is a Canadian mid-tier gold producer with over 20 years of experience building and operating mines in Europe, Asia and the Americas. received the approval of the Technical Study for the Old Olympias Mine Closure and the Installation Permit for the paste plant at Olympias. George Burns, President and CEO for Eldorado Gold said: "This is another positive step forward; however, we are still waiting on the other matters, which we continue to believe can be resolved through good faith negotiations. We again invite the Ministry to engage with us to resolve these matters."
Kinross Gold Corporation (NYSE: KGC) announced an update to the Round Mountain mineral reserve and resource estimates. The updates are primarily the result of the prior omission of stockpile information in the mineral reserve estimates. As a result of the Phase W feasibility study, estimated proven and probable mineral reserves at Round Mountain increased from 1.3 million Au oz. (as of December 31, 2016) to 3.1 million Au oz, net of depletion. Approximately 2.0 million Au oz. were converted from indicated mineral resources to mineral reserves, and the corresponding decrease to the mineral resource estimate was largely offset by the addition of 1.96 million Au oz. of new indicated mineral resources.
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