The Case for some Irish Luck .... and Gold
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday, March 17th.
Gold was ripped down below its 200 dma with most of the price damage occuring in the NY paper gold market. Silver's price was dismantled briefly below $12 before staging an enthusiastic bounce. As with gold, most of the price drop occurred during NY trading hours. The Mining Stock Journal has noted that there's been a big disconnect in price between the physical and paper derivative markets. This is most pronounced in the market for silver bullion coins, which sport mininally a $7 premium over the spot price. This puts the silver coin market price at the same level including premium as when silver was trading at $18 3 weeks ago. The mining shares must've made note of this as the HUI index jumped 7.8% on Monday while the GDX was up 18%. The Mining Stock Journal noted that it expects even larger amounts of money to be printed by the Fed than was announced Sunday night and said that at some point the gold and silver price managers will lose most if not all of their ability to contain the price, especially as the availability of physically deliverable gold and silver become more scarce.
We’ll get to the news out of the miners and explorers here in just a quick moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by... Pacific Empire Minerals.
Pacific Empire Minerals Corp. is a junior exploration company focused on the discovery of gold-rich copper deposits in British Columbia, Canada. Pacific Empire trades on the TSX Venture Exchange under the symbol PEMC and on the OTCQB markets under the symbol PEMSF. The Company currently has a very tight share structure. Pacific Empires’ unique approach to the prospect generator business model incorporates the Company’s own reverse circulation drill to advance projects beyond that of typical prospect generators. More information on Pacific Empire can be found at pemcorp.ca.
And here’s what you need to know this morning out of the junior sector.
Ely Gold Royalties announced they have signed binding purchase agreement with a privateparty whereby will acquire a three and one half percent (3.5%) net profits interest on the Ren Property located in Elko, Nevada for a total of half a million dollars. The REN Property is part of the joint venture between Barrick Gold Corporation and Newmont Corp forming Nevada Gold Mines and consists of 86 contiguous unpatented lode mining claims covering 7.4 square kilometres of the Northern Carlin Trend. REN is centered along the northern Carlin Trend and has gold mining operations surrounding the property. Ely trades on the TSX Venture with ELY and on the OTCQB with ELYGF. News release
McEwen Mining reported their full year results this morning. For 2019, the company announced production of just under 175,000 gold equivalent ounces, down over approximately 1,000 ounces from the year before. The company says they invested $47.3 million on advanced projects and exploration in 2019, which contributed to the consolidated net loss of $59.7 million, or $0.17 per share. For more context into the statement, please read the full announcement found at the Junior Mining Network newsroom or join the McEwen’s conference call later today. McEwen Mining trades on the NYSE and the TSX with the symbol MUX. News Release
Hudbay Minerals and Waterton Global Resource Management announced yesterday they have agreed to amend certain provisions of the settlement agreement from last year which resulted in the nomination of new directors independent of Waterton and, at the time, Hudbay. The parties have agreed to increase the number of Company shares that may be acquired by Waterton from 15.0% to up to 19.99% during the standstill period. Hudbay trades on the TSX and the NYSE with the symbol HBM. News Release
Gran Colombia has acquired more than 1.2 million shares of Caldas Gold at an average price of $1.89 canadian on the open market. This brings the total number of shares owned by Gran Colombia to 74.4% of Caldas Gold. Gran Colombia says the common shares of Caldas Gold were acquired by Gran Colombia for investment purposes. Gran Colombia may from time to time in the future increase or decrease its ownership, control or direction over securities of the Caldas Gold, through market transactions, private agreements or otherwise. Gran Colombia trades on the TSX with GCM and on the OTCQX with TPRFF. News Release
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Have a wonderful day. Be well.
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