Palm Beach, FL – April 14, 2021 – Last year was a great year for gold… and experts expect more of the same in 2021 and beyond. Experts say the factors why it gained were: risk, rates and momentum. Gold was one of the best performing major assets of 2020 driven by a combination of: high risk; low interest rates; and positive price momentum – especially during late spring and summer. An article in Gold.org said that Economic recovery and low interest rates set the tone. The article said: “The COVID-19 pandemic raised uncertainty by compounding existing risks and creating new ones. But by the end of last year, investors were optimistic that the worst was over… Looking ahead, we believe that investors will likely see the low interest rate environment as an opportunity to add risk assets in the hope that economic recovery is on the immediate horizon. That said, investors will likely also be navigating potential portfolio risks including, ballooning budget deficits, inflationary pressures and market corrections amid already high equity valuations. In our outlook for gold, we believe investment demand will remain well supported while gold consumption should benefit from the nascent economic recovery, especially in emerging markets.” Active stocks in the mining markets this week include St. James Gold Corp. (OTCQB: LRDJF) (TSX-V: LORD), Eldorado Gold Corporation (NYSE: EGO) (TSX: ELD), Victoria Gold Corp. (OTCPK: VITFF) (TSX: VGCX), Kinross Gold Corporation (NYSE: KGC) (TSX: K), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM).
The Gold.org article concluded: “Investors’ preference for physical and physical-linked gold products last year further supports anecdotal evidence that, this time around, gold was used by many as a strategic asset rather than purely as a tactical play. The results of the analysis suggest that, in general, gold may see a positive, though more subdued, performance in 2021. This may be driven primarily by a recovery of consumer demand relative to 2020 as economic conditions improve. In addition, gold’s performance may be boosted further by the prolonged low interest rate environment which would all but remove the opportunity cost of investing in gold.”
St. James Gold Corp. (OTCQB: LRDJF) (TSX-V: LORD) BREAKING NEWS: St. James Gold Corp. Is Pleased to Announce Updated Resource on the Florin Gold Project, Yukon, With an Inferred Resource of 2,474,000 Oz of Gold – St. James Gold Corp. (the “Company” or “St. James Gold “) is pleased to announce that it has received a technical report prepared in accordance with National Instrument 43-101 entitled Florin Gold Project NI 43-101 Technical Report, Mayo and Dawson Mining Districts, Yukon Territory , by Ronald G Simpson, P.Geo. of GeoSim Services Inc., dated April 6 , 2021 (the “Technical Report”).
The Florin Gold Project contains an inferred resource of 2,474,000 oz gold contained in 170,993,000 tonnes grading 0.45 g/t with a cutoff of 0.30g/t, at a $1,650 gold price. This represents a 27% increase in total ounces of gold over the historical 2012 inferred resource (Cole, 2012). In addition, the resource has been upgraded from a block model and now includes a pit whittle shell.
St. James Gold recently announced entering into an Option and Joint Venture Agreement (the “Transaction”) with Florin Resources Inc. (“Florin”), effective April 1, 2021 to acquire up to a 100% interest in the Florin Gold Project, covering approximately 22,000 contiguous acres (the “Property”) in the historic Tintina Gold Belt in the Yukon Territory , Canada. The Transaction remains subject to the approval of the TSX Venture Exchange.
The Property lies within the Tintina Gold Belt where several major intrusive related gold deposits have been delineated and produced over the past few decades. These include Kinross Gold Corporation’s Fort Knox Project proven and probable reserves of 3.37 m . ounces gold in 155 m . tonnes grading 0.37 g/t gold, plus past production of 7.5 m . oz gold: (J. Sims 2017 NI 43-101 Report); and Victoria Gold Corp.’s Eagle and Olive deposits with mineral resource estimates, (inclusive of proven and probable reserves of 3,261,000 oz gold in 155 m . tonnes grading 0.65 g/t gold at $1,275 /oz gold), which stand for Eagle at: measured and indicated 4,397,000 oz gold, in 217.4 m . tonnes grading 0.63 g/t gold, and inferred 361,000 oz gold in 21.5 m . tonnes grading 0.52 g/t gold; and for Olive measured and indicated 329,000 oz gold, and 645,000 oz silver, in 9.5 m . tonnes grading 1.98 g/t gold, and inferred 210,000 oz gold and 400,000 oz silver in 7.3 m . tonnes grading 0.89 g/t gold (2019 NI 43-101 Report).
The Florin Gold Property consists of 22,000 acres of contiguous mineral claims straddling the Mayo and Dawson Mining District boundaries and is located approximately 55 km northwest of the town of Mayo and 130 km east-southeast of Dawson City. The Property is accessible via a network of roads from the Klondike Highway and is close to power infrastructure via the Mayo Hydro Dam and Victoria Gold’s operations located 29 km due east.
The Property was expanded subsequent to the 2012 report to cover gold geochemical anomalies located during several soil geochemical surveys over the length of the 5 km property. These geochemical anomalies extend over much of the 22,000 acres of gold-mineralized Tombstone intrusive rock complex, as outlined in the current Technical Report. CONTINUED…. Read this entire release for the St. James Gold at: https://www.financialnewsmedia.com/news-lord
Other recent developments in the mining markets include:
Victoria Gold Corp. (OTCPK: VITFF) (TSX: VGCX) recently provided production and cost guidance for 2021, the Company’s first full year of commercial production at the Eagle Gold Mine in Yukon Territory, Canada. 2021 Guidance Highlights: Gold production is estimated between 180,000 and 200,000 ounces (“ozs”); and All-in Sustaining Costs (“AISC”) are estimated to be between US$1,050 and US$1,175 per oz “Successful achievement of commercial production and operational ramp up were major milestones for Victoria in 2020 and were completed while navigating the additional challenges brought on by COVID-19,” stated John McConnell, President and CEO. “Since January 2021, and coincident with the seasonal no stacking period, we have completed a significant maintenance and upgrade program within the Eagle crushing circuit and mobile stacking system which will improve material handling. With this work complete, we are set up for a successful 2021 and significant increases in gold production, coupled with decreased operating costs and strong free cash flow.”
Production at the Eagle Gold Mine for 2021 is estimated to be between 180,000 to 200,000 ozs. Mining, crushing and ore stacking on the heap leach pad are all expected to operate at full capacity during 2021 while gold production, which lags mining and stacking activities in heap leach operations, will continue to build up through the first half of 2021 reaching full capacity in the second half of 2021. Gold production will be strongly weighted to the second half of the year due to the seasonal stacking of ore on the Eagle leach pad, which is curtailed for the 90 coldest days of the year, January through March. During this no stacking period, mining operations, primary crushing and stockpiling of ore continues with ongoing leaching and gold production. Subject to favorable weather conditions ore stacking may be resumed ahead of schedule.
Kinross Gold Corporation (NYSE: KGC) (TSX: K) recently provided updates on its development projects, exploration program and its estimated mineral reserves and resources.
- Paul Rollinson, President and CEO, made the following comments in relation to Kinross’ development projects: “In 2020, we made excellent progress advancing our high-quality and diversified project pipeline and added 5.7 million gold ounces to our mineral reserve estimates after depletion. We extended mine life at Chirano by three years, and by one year at Kupol and Paracatu, and we continue to focus on opportunities for further mine life extensions. Our successful track record in project development, mine plan optimization and exploration underpins our robust production profile, which is expected to grow by 20% over the next three years.
“The Tasiast 24k and La Coipa projects, which are currently under construction, remain on schedule and are proceeding well. First gold was produced from the Fort Knox Gilmore project’s new heap leach pad, while study and development work at Lobo-Marte, Udinsk and Peak advanced well. We are looking forward to significant project milestones in 2021 and are ramping up our exploration efforts as we continue to strengthen our global portfolio.”
Eldorado Gold Corporation (NYSE: EGO) (TSX: ELD), recently announced that today the Greek Parliament voted to approve and ratify the amended Investment Agreement (the “Agreement”) that was signed on February 5, 2021 between the Hellenic Republic and Eldorado’s wholly-owned subsidiary, Hellas Gold S.A. The Agreement amends the 2003 Transfer Agreement and provides a modernized legal and financial framework for the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece (collectively the “Kassandra Mines”).
The amendments in the Agreement take effect once published in the Greek Government Gazette, which is expected shortly. The Agreement is mutually beneficial to Eldorado and the Hellenic Republic. For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece. For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits, and community development opportunities.
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently reported quarterly net income of $205.2 million, or net income of $0.85 per share, for the fourth quarter of 2020. This result includes non-cash mark-to-market gains on warrants of $29.3 million ($0.12per share), foreign currency translation gains on deferred tax liabilities of $28.8 million ($0.12 per share), derivative gains on financial instruments of $21.7 million ($0.09 per share), losses on environmental remediation of $16.6 million ($0.07 per share), non-cash foreign currency translation losses of $11.0 million ($0.04per share) and various other adjustment losses of $9.1 million ($0.04 per share). Excluding these items would result in adjusted net income1 of $162.1 million or $0.67 per share for the fourth quarter of 2020. For the fourth quarter of 2019, the Company reported net income of $331.7 million or $1.39 per share.
Included in the fourth quarter of 2020 net income, and not adjusted above, are non-cash stock option expense of $3.0 million ($0.01 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $2.3 million ($0.01 per share).
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