Gold Rises on Weak Dollar as Trade war Continues

NEW YORK, August 8, 2018 /PRNewswire/ --

Gold price climbed on Tuesday after being boosted by a weaker U.S. dollar. Gold Spot rose 0.34% to USD 1,211.70 per ounce during the Tuesday trading session, while U.S. Gold future for December delivery was up 0.19% to USD 1,220 per ounce. Gold price had dropped nearly 12% since mid-April. Some analysts think that the recent slump in gold price has sparked some buying. According to BusinessDay, a Sydney-based trader said, "There's some very light demand from China and Southeast Asia. We're just seeing some buying ahead of the first technical support around USD 1,205." Makena Resources Inc. (OTC: CANSF), Eldorado Gold Corporation (NYSE: EGO), Asanko Gold Inc. (NYSE: AKG), Golden Star Resources Ltd. (NYSE: GSS), Comstock Mining Inc. (NYSE: LODE)

The price of the precious metal is affected by the recent political uncertainty, including tension over the U.S.-China trade war and the impact of U.S. sanctions on Iran. Expectations of higher U.S. interest rates this year will also play an important role on the change of gold price. According to Reuters, ANZ analysts said in a note, "We believe a reversal in gold prices is in the offing, as speculation of a trade war and Iranian sanctions are turning into reality. Further, record short investors positions in gold strengthen our conviction of a price recovery in H2."

Makena Resources Inc. (OTC: CANSF) is also listed on the Canadian Securities Exchange under the ticker (CSE: MKNA). Today, the Company announced breaking news that, "it has purchased a 100% interest in the Moosehead Northeast claims in the vicinity of Sokoman Iron Corp. ("Sokoman") (SIC: TSXV) and their recent discovery hole at their Moosehead Gold project in Central Newfoundland.

The 600-hectare Property is made of 25 claims and is located 3.5 kilometers ("km") east from the eastern boundary of the Sokoman Moosehead Property and approximately 6.2 km east-northeast from the discovery drilling location. Three logging trails may provide north and south access to the Property that is also located 1.3 km south of trans-Canada highway.

The claims were staked to cover a gold anomaly in one till sample in the eastern area of the Property.  Additional work will be required to find the source of the gold anomaly. The Property also covers a regional magnetic high which is most likely caused by the mafic intrusions on the Property.  The Company will further investigate the potential for gold in quartz veins and will also perform a compilation of historical data to better define anomalies on the Property.

Sokoman's first hole of its 2018 15-hole drill program, MH-18-01, intersected a mineralized zone that returned 11.90 meters ("m") at 44.96 grams Au per tonne from 109.00 m and 120.90 m, including 1.35m at 385.85 grams Au per tonne (See Sokoman's news release dated July 24th, 2018).

The terms of the acquisition are as follows: Under the terms of the agreement, Makena has agreed to purchase a 100-per-cent interest in the Moosehead North East claims by paying a cumulative total of USD 10,000 cash and issuing 9,250,000 shares to arm's-length vendors."

Makena's Chief Executive Officer, Spencer Smyl stated, "SIC.V's encouraging drill results have garnered a great deal of attention and it is very exciting to see Eric Sprott and Palisade Global finance Sokoman for approximately USD 3.0 Million. The activity has created significant staking in the area which Makena's management decided merited an entry into the district."

Eldorado Gold Corporation (NYSE: EGO) is a gold and base metals producer with mining, development and exploration operations in Turkey, Greece, Romania, Serbia, Canada and Brazil. Eldorado recently reported the Company's financial and operational results for the second quarter ended June 30th, 2018. Second quarter highlights include: Gold production of 99,105 ounces, including 3,134 ounces of pre-commercial production from Lamaque; Full-year production guidance increased to 330,000-340,000 ounces of gold from 290,000-330,000 ounces of gold due to expected higher production at Kisladag; Key permitting milestones achieved, including confirmation that construction of a mill at Kisladag could proceed under the existing Environmental Impact Assessment (EIA) and receipt of the mining concession at Tocantinzinho; Cash generated from operating activities was USD 36.7 Million; cash generated from operating activities before changes in non-cash working capital was USD 23.5 Million; The Company held USD 429.8 Million in cash, cash equivalents and term deposits, and had USD 250.0 Million in undrawn lines of credit at the end of the quarter; Gold revenues from continuing operations of USD 121.3 Million on sales of 94,224 ounces of gold at an average realized gold price of USD 1,287 per ounce.

Asanko Gold Inc. (NYSE: AKG) vision is to become a mid-tier gold mining company that maximizes value for all its stakeholders. Asanko recently announced that it has completed the required transactions with subsidiaries of Gold Fields Limited for a 50% joint venture interest in Asanko's 90% interest in the Asanko Gold Mine ("AGM") and its associated properties in Ghana, West Africa. Upon closing of the Transaction, Asanko received USD 165 Million in cash from Gold Fields, with the remaining USD 20 Million receivable in cash upon the achievement of an agreed Esaase development milestone but in any event by no later than December 31st, 2019. As previously announced, the Transaction will impact the recognition, presentation and measurement of assets and liabilities associated with Asanko's Ghanaian operations. The Company expects to record a non-cash loss associated with the loss of control of the AGM and associated properties in Q2 2018, which is expected to be approximately USD 0.60 to USD 0.80 per share.

Golden Star Resources Ltd. (NYSE: GSS) is an established gold mining company that owns and operates the Wassa and Prestea mines in Ghana, West Africa. The Company recently announced that it has entered into a long-term, strategic relationship with La Mancha Holding S.à r.l., a Luxembourg-incorporated private gold investment company. "We are delighted to welcome La Mancha as a long-term, strategic investor. We share the vision of building a leading, Africa-focused gold producer and this transformative deal clearly endorses the potential of Golden Star's assets. La Mancha has a strong track record of creating sustainable shareholder value and their previous investments demonstrate their ability to identify compelling growth opportunities at an early stage. La Mancha's USD 125.7 Million investment will allow Golden Star to fast track our exploration and expansion programs at both Wassa Underground and Prestea Underground. The transaction also de-risks our balance sheet and lends us a platform to participate actively in the consolidation of the African gold mining industry.  I am very encouraged by the professional approach of the La Mancha team and with our experience of building and operating mines, together we have the expertise and funding to grow across Africa."

Comstock Mining Inc. (NYSE: LODE) is a Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District and is an emerging leader in sustainable, responsible mining. Comstock recently provided an update on its progress towards, and additional plans for, advancing its Dayton project, which contains the Company's second largest gold and silver mineral resource. The Company has retained the independent mining advisory firm of Behre Dolbear to produce a National Instrument 43-101 compliant technical report for the Dayton resource area, followed by a Preliminary Economic Assessment during the fourth quarter of 2018. This report is expected to include a robust resource estimate, and to provide a plan to further develop the resource. It will also be the basis for the subsequent PEA, which will assess the preliminary economic feasibility for the project. Behre Dolbear authored the Company's previous, January 2013 Technical Report for the Comstock Mine Project, which included a resource estimate for the Dayton resource area. The 2013 estimate included 8.33 Million tons of Measured and Indicated resources, containing 238,000 ounces of gold and 1,770,000 ounces of silver, at a cutoff grade of 0.007 ounces of gold per ton. The estimate included an additional 8.59 Million tons of Inferred resources, containing 206,000 ounces of gold and 1,130,000 ounces of silver. The new report will be the first stand-alone, NI 43-101 compliant report for the Dayton resource area. Corrado De Gasperis, Executive Chairman and Chief Executive Officer of the Company, commented, "We have always planned for the Dayton to be our second operating mine, and have been working diligently to increase our understanding of this important area. The new technical report and PEA will confirm the value we have placed on the Dayton."

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