Gold Prices Rise as Dollar Weakens

NEW YORK, January 18, 2018 /PRNewswire/ --

Gold price slightly green on Wednesday after it hit a four-month high on Monday. Gold Spot traded 0.12 percent higher at $1,339.95 per ounce during the Wednesday trading session, while U.S. Gold future for February delivery rose 0.17 percent to $1,339.40 per ounce. The price of the yellow metal hit $1,344.44 per ounce on Monday, which is the highest level since September. Recent weakness in U.S dollar has helped boost gold prices. On Monday, the dollar hit its lowest against other currencies in three years. Gold price is sensitive to the U.S. dollar, as a weaker dollar makes other currencies holders cheaper to buy dollar-denominated commodities. Gold is up 2.52 percent year to date. Nevada Exploration Inc. (OTC: NVDEF), Yamana Gold Inc. (NYSE: AUY), Kinross Gold Corporation (NYSE: KGC), IAMGOLD Corp (NYSE: IAG), Alamos Gold Inc (NYSE: AGI) 

According to Kitco News, Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a research note Monday, "Gold has now rallied by [$110] from the December low and apart from an [$18] correction last week and despite being overbought (RSI), the metal is currently targeting the next area of resistance starting from $1350/oz and going up to the September high at $1357/oz…Despite overstretched momentum indicators, a correction remains elusive at this stage with gold being supported by continued dollar weakness and steady real yields amid rising inflation focus"

Nevada Exploration Inc. (OTCQB: NVDEF) is also listed on the TSX Venture Exchange under the ticker symbol 'NGE'. Earlier this week the company announced breaking news that, "the results of the Company's Scorpion drill program have confirmed that the hydrothermal system that was active at Kelly Creek is gold-bearing over larger areas than previously known, with discrete zones of enriched gold in groundwater anchored to at least two clusters of >0.1 g/t gold in bedrock covering areas consistent in size with the geochemical footprints of the nearest major gold deposits, Lone Tree (5 Moz) and Marigold (8 Mozs). When combined with the results of earlier drilling, NGE's updated geologic model suggests that the gold-bearing hydrothermal system at Kelly Creek is likely the extension of the system responsible for Lone Tree and Marigold, and is of a size to support major additional mineralization.

A comprehensive technical presentation accompanying this news release is available at: http://www.nevadaexploration.com/_resources/presentations/Kelly_Creek_Technical_Presentation_January_2018.pdf

Summarizing the results, Wade Hodges, CEO: "We have specifically built an exploration program to look for large gold deposits. Being the first to open-up Nevada's covered basins to systematic gold exploration, we are not looking for one to two million ounce deposits, we are on the hunt for five to ten million ounce deposits, and bigger. Big deposits are the product of big mineralized systems, which create big footprints, and so that is what we are exploring for. With our Scorpion drilling results at Kelly Creek, along with an improved geologic model supported by historic drilling and a comprehensive package of geophysics, we have successfully established that the mineral system we've identified at Kelly Creek was pregnant (gold-bearing) over a significant area, and that the system had active fluid pathways that both intersected and affected large volumes of favourable host rock at a scale consistent with what you see at Nevada's largest gold deposits.

"We have found exactly what we are looking for: a big mineralized gold system with a big footprint. Our results at Kelly Creek combine all the critical components necessary to source a world-class gold deposit. Just as importantly, the 3D groundwater results have defined discrete, parallel zones of gold enrichment that cut through this otherwise large system, giving us clear and focused targets to test for the final variable: are there places where the pregnant fluids and the suitable host rock units and deposition conditions came together to result in higher-grade mineralization? Answering this question will be the specific goal of our next round of deeper drilling at the Project.

"This is what systematic exploration looks like, and this is how big deposits are found. We are sticking to our plan, and we are excited by the results - especially as Kelly Creek is just the first of three projects we're advancing using the same workflow" …

Next Phase of Work - The next phase of work at Kelly Creek will consist of deeper drilling to test for areas where gold-bearing hydrothermal fluids were able to exploit favourable structural and permeability conditions to impregnate favourable iron-rich host rocks (all of which are now known to exist) at the scale required to source a major deposit. This deeper drilling will target the discrete lineaments of enriched gold in groundwater defined by the 3D Scorpion program suggestive of possible Riedel shear structures that could provide the confluence of critical components needed to host higher-grade mineralization. By integrating 3D geochemistry with conventional project-scale geology, the results highlight how NGE is using a combination of low-cost drilling and hydrogeochemistry (groundwater chemistry) to provide an otherwise missing crosshair to focus and advance this large, blind, gold-bearing system with clear next-stage drill targets."

Yamana Gold Inc. (NYSE: AUY) is a Canadian-based gold producer with significant gold production gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chileand Argentina. Earlier in December the company announced announce it has entered into an agreement to sell certain jointly owned exploration properties of the Canadian Malartic Corporation including the Kirkland Lake and Hammond Reef properties. The Transaction is structured as a sale of assets by CMC (in which Yamana holds a 50% indirect interest) pursuant to which Agnico Eagle Mines Limited("Agnico Eagle") will acquire all of Yamana's indirect 50% interest in the Canadian exploration assets of CMC in consideration of cash proceeds to Yamana of $162.5 million. 

Kinross Gold Corporation (NYSE: KGC) announced last month that it has gained mineral rights to a 287-hectare (709-acre) parcel of land known as Gilmore located immediately west of its Fort Knox mine in Alaska. As a result, Kinross added 2.1 million gold ounces in estimated measured and indicated resources and 300 koz in estimated inferred resources at Fort Knox. The results of the drilling program, engineering work and the acquisition of the mineral rights resulted in the update of the Fort Knox mineral reserve and resource estimates, including additions to measured and indicated resource estimates and inferred resource estimates1. The Company also converted approximately 260 koz of mineral resources, which was mainly from the East wall of the Fort Knox pit, to proven and probable reserves. The conversion offset some of the reserve depletion in 2017 and resulted in an increase to Fort Knox's estimated mine life by approximately one year.

IAMGOLD Corp (NYSE: IAG) earlier this week announced preliminary operating results for 2017 and guidance for 2018. "As indicated by the preliminary numbers, we had another year of solid operating performance," said IAMGOLD's President and CEO, Steve Letwin. "Annual production of 882,000 ounces was at the top end of our target range, all-in sustaining costs are expected at the low end of guidance, and we ended the year with $1 billion in liquidity. In 2017 we achieved milestones that have ignited our major growth projects, and now as we head into 2018 it's all about execution. Our capital spending plan this year includes the development of Saramacca, the heap leaching project at Essakane, and the Côté Gold feasibility study. Our continued success in building our growth pipeline is expected to drive production to 1.2 to 1.3 million ounces by 2022, with all-in sustaining costs below $850 an ounce."

Alamos Gold Inc (NYSE: AGI) reported last month results from the positive feasibility study conducted on its Lynn Lake Gold Project ("Lynn Lake"), located in Manitoba, Canada. All amounts are in United States dollars, unless otherwise stated. "We acquired the Lynn Lake project in 2016 for $20 million and with the completion of the feasibility study, have outlined solid base case economics for the project with an after-tax net present value over $120 million. As we advance the project through permitting over the next two years, we see excellent potential to further enhance its overall economics through a number of avenues, including incorporating recent exploration success. We expect stronger economics prior to making a construction decision. With its location in one of the best mining jurisdictions in the world, Lynn Lake is an important piece of our longer term growth strategy," said John A. McCluskey, President and Chief Executive Officer.

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