Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that it has acquired an option to earn a 100% ownership in the former Minto Gold Mine, Olympic and Kelvin gold prospects contained within a parcel of crown grants and mineral claims (the "Olympic Claims"). The Olympic Claims are located immediately adjoining and contiguous with the Company's previously owned Reliance Gold Property (the "Reliance Property") in southern British Columbia. The enlarged road-accessible Reliance Property, including the Olympic Claims, is located 4 kilometers ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.

Endurance Gold Announces Closing of Over Subscribed Non-Brokered Private Placement
Endurance Gold Corporation(TSXV: EDG) ("Endurance or the "Company") is pleased to announce that it has closed its non-brokered private placement financing (the "Financing"). The Financing was originally announced on January 31, 2022 for gross proceeds of up to $2,500,000 through the sale of 6,250,000 units (each, a "Unit") at a $0.40 per Unit. After receiving expressions of interest that exceeded the originally announced Financing amount, the Company announced on February 7, 2022 that the Financing would be increased to $3,000,000 on the same terms.
The Company closed the Financing on February 11th and issued a total of 7,637,500 Units at a price of $0.40 per Unit for gross proceeds of $3,055,000 which exceeded the increased amount announced on February 7th. Each Unit is comprised of one common share (each, a "Share") and one-half non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at an exercise price of $0.55 per Share until February 12, 2024. The proceeds from the Financing will be used to fund the Company's exploration activities and for general corporate purposes.
"We look forward to another productive exploration year at the Reliance Property using the proceeds from this Financing," stated Robert T. Boyd, President & CEO. "We are also pleased to welcome new shareholder Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which subscribed to about 50% of the Offering."
Insiders of the Company purchased an aggregate of 937,500 Units in the Financing. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
In connection with the Financing, the Company has paid aggregate cash finders' fees of $132,000 and issued an aggregate of 165,000 finder warrants (the "Finder Warrants") to eligible finders, consisting of Agentis Exempt Market Dealer Limited Partnership and MPartners Inc. Each Finder Warrant will entitle the finder to purchase one Share at an exercise price of $0.40 per Share until February 12, 2024. All securities issued in connection with the closing of the Financing (including the Finder Warrants) are subject to a statutory hold period of four months plus one day expiring on Monday, June 13, 2022. The Financing remains subject to the final approval of the Exchange. None of the Shares or Warrants have been or will be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any jurisdiction in which such offer, solicitation or sale would require registration or otherwise be unlawful.
ENDURANCE GOLD CORPORATION
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com - www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
Endurance Doubles The Size of The Reliance Gold Property, B.C.
Highlights of the transaction include:
- More than doubles the size of the Reliance Property and adds a portfolio of relatively under-explored orogenic gold prospects that have not been evaluated with modern exploration methods.
- Delivers additional excellent exploration potential without distracting from the Company's priority in advancing the Eagle Area discoveries along the Royal Shear Trend on the Reliance Property.
- Offers the owner of the Olympic Claims the opportunity to unlock unrealized value of the Olympic Claims, to participate in potential future exploration success at the combined Reliance Property, and an option to equity fund any success at a fixed price.
- Acquisition of 100% ownership with the option for the Company to purchase the entire retained royalty.
- The Olympic Claims and the Reliance Property location map is attached below and on the Company website.
The Olympic Claims are owned by Avino Silver & Gold Mines Ltd. ("Avino") and are located on the north and south shores of BC Hydro's Carpenter Lake Reservoir in the Bridge River Valley, east of the Royal Shear trend and the Company's current drilling focus. The year-round road-accessible acquisition increases the size of the Reliance Property to approximately 2,475 hectares, more than doubling the mineral rights controlled by the Company.
The Olympic Claims are underlain by "epizonal" orogenic-type gold targets that include the former producing Minto Mine that has produced 17,500 ounces of gold at an average grade of 6.3 grams per tonne ("gpt") gold prior to World War II. In addition, there are eleven historic government-documented mineral occurrences on the Olympic Claims which include the Minto North, Dauntless, Kelvin and Olympic gold prospects, many of which have also been explored with small underground workings prior to World War II. These prospects are associated with regional-scale structural deformation and/or iron carbonate alteration with analogies to the recent discoveries by the Company at the Eagle and Imperial zones, but on sub-parallel regional structures.
As examples of the gold potential of the Olympic Claims, in 2005 Avino reported 14.76 gpt gold over 9.0 metres ("m") (estimated true width of 4.5 m) from chip samples in trenching on the Minto North target. At the Olympic Target, 1988 drilling reportedly intersected 8.2 gpt gold over 3.48 m. As part of the Option, the Company intends to initiate an early-stage 2022 exploration program of systematic biogeochemical and soil sampling to help prioritize targets for future work.
Under the terms of the letter agreement with Avino, the Company can earn a 100% interest in the Olympic Claims for:
- A total cash consideration in the aggregate amount of $100,000;
- the allotment and issuance of up to a total of 1,500,000 common shares ('Shares') of the Company; and
- exploration expenditures in the aggregate amount of $300,000.
- all to be incurred by December 31, 2024.
On vesting its ownership interest, the Olympic Claims will be subject to a 2% net smelter return royalty ("NSR"), of which 1% NSR can be purchased by the Company for $750,000 and the remaining balance of the NSR can be purchased for $1,000,000.
As part of the final requirement to earn its interest, the Company agreed to grant to Avino 750,000 share purchase warrants ("Warrants") by December 31, 2024 that offer Avino the option to purchase additional shares in the Company for a period of three years from the date of issuance. The exercise price of the Warrants will be set at a 25% premium to the 20-day VWAP share price at the issuance date. During the Option, if the Company is successful in defining a compliant mineral resource of at least 500,000 gold-equivalent ounces on the Olympic Claims then the Company will be obliged to pay Avino a $1,000,000 discovery bonus.
The Option agreement is subject to the TSX Venture Exchange acceptance, and any Shares or Warrants to be issued will be subject to a four-month hold period on issuance as per the policies of the TSX Venture Exchange.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
The Reliance Property B.C. - Location of Olympic Claims and the Original Reliance Option
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Endurance Commences Drilling Program at the Reliance Gold Property, B.C.
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is pleased to announce that drilling has commenced at the Reliance Gold Property (the "Property") in southern British Columbia with the first drill rig arriving on April 20. A second rig is anticipated to commence in about five weeks. The road accessible Property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
The planned 2022 program consists of reverse circulation ("RC") and diamond drilling designed to expand the 2021 drill discovery at Eagle South which returned 15.70 grams per tonnes ("gpt") goldover 24.8 metres ("m") at shallow depth in DDH21-020 (reported January 12, 2022),and at the Eagle Zone which returned 8.62 gpt gold over 24.4 m from DDH21-006 (reported December 29, 2021). At the Eagle Zone, recent drilling results by the Company have defined a near-surface, shallow dipping zone of 250 m by 150 m in size with a weighted average grade of 5.13 gpt gold and average estimated true width of 11.2 m. The Eagle mineralized zones continue to be open to the southeast and to depth. Soil sampling, biogeochemical sampling, and surface grab samples of up to 21.2 gpt gold (reported January 5, 2022) indicate the potential to expand the combined Eagle mineralized zones to a minimum 400 m strike length. Channel sampling of these new surface prospects discovered in November 2021 will be completed in the next few weeks.
The 2022 RC drilling program is budgeted to complete about 40 holes, with a planned drilling depth of 70 m at each hole, over a six-week period. The diamond drilling program is budgeted for a minimum 8,000 m program. In addition to expanding the Eagle Zones, the 2022 program will drill test several targets along the Treasure Shear and the 2.0 km long Royal Shear. RC drilling has commenced at the Bona prospect on the Treasure Shear where channel sampling returned 4.43 gpt gold over 8.5 m (reported September 13, 2021).
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporationwww.endurancegold.com
Toll Free: (877) 624 2237, info@endurancegold.com
Diamond drill core is logged and evaluated on the Property and samples designated for collection under the supervision of a geologist at the property. Drilling is completed with NQ size tools capable of collecting 4.76 cm diameter core. Diamond drill core is cut using a diamond drill saw with one half of the core sent for analysis and the remaining kept for future studies. Sample intervals are typically 2 metre core length and intervals are shortened for lithology or alteration changes. For drilled and sampled intervals of poor average core recovery, the complete core is sampled and sent to the laboratory for assay analysis. RC samples are collected under the supervision of a geologist at the drilling rig. Drilling is completed using a 3.5 inch hammer bit and rock chip samples are collected using a cyclone. Sample size are reduced to 1/8th size with a riffle splitter at the drilling rig. A second duplicate split and coarse chips are collected for reference material and stored.
All core and RC samples are submitted to ALS Global in North Vancouver, BC, an ISO/IEC 17025:2017 accredited laboratory, where they are crushed to 70%
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
Reliance Property B.C. - RC22-001 - The Initial 2022 RC Drill Hole on the Treasure Structural trend
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Endurance Gold Announces DTC Eligibility for its Common Shares and Berlin Open Market Acceptance
Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (BE: 3EG) ("Endurance or the "Company") is pleased to announce that its common shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States. DTC eligibility will enable an accelerated settlement process and the Companies shares to be economically transferred between brokerage accounts electronically within the United States. The company's common shares trade on the OTC Pink under the ticker symbol ENDGF.
In addition, the Company was sponsored by a German financial institution and has been accepted for listing of its shares on the Berlin Open Market with the Company's common shares trading in Germany under the ticker symbol 3EG.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be "DTC eligible". DTC eligibility is expected to simplify the process of trading and enhance liquidity of the Company's common shares in the United States.
With the DTC eligibility existing US-resident investors benefit from potentially greater liquidity and faster execution speeds. This also opens the door to new US investors that may have been previously restricted from purchasing the Company's common shares and simplifies the process of trading them in the United States.
European and German investors have been showing interest in the Company. Thus, including the Company for trading on the Berlin Open Market offers European and German investors the possibility to trade in the Company shares within a local and familiar legal environment. Inclusion in the Berlin Open Markets is not considered an admission to trading or a formal German exchange listing.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits. The companies core funding focus is the Reliance Gold Project located near Gold Bridge, BC in the Bralorne Gold Camp.
Robert T. Boyd, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com - www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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Endurance Gold Increases Non-Brokered Private Placement to $3 Million
Endurance Gold Corporation (TSXV: EDG) ("Endurance or the "Company") is pleased to announce plans to increase the size of the non-brokered private placement previously announced on January 31, 2022 with about 50% participation by Evanachan Limited, a company controlled by Robert McEwen.
The Company intends to increase the non-brokered private placement of 6,250,000 units (each, a "Unit") to up to 7,500,000 Units for increased gross proceeds of up to $3.0 million (the "Offering"). Each Unit remains at a price of $0.40 per Unit. Other than the size of the Offering increase, all the terms remain the same as announced on January 31, 2022. Each Unit will consist of one common share (each, a "Share") and one-half non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share of the Company at an exercise price of $0.55 for a period of two years from the date of issuance thereof. Proceeds raised from the sale of the Units will be used by the Company for exploration activities and for general corporate purposes.
The Offering is made to accredited investors within the meaning of National Instrument 45-106 and the completion of the Offering is subject to the receipt of acceptance by the TSX Venture Exchange (the "Exchange"). All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months plus one day from the Closing. Finders' fees may be payable in connection with the sale of the Units in accordance with the policies of the Exchange.
"We have received significant interest in our financing from sophisticated investors and, amongst others, are very pleased to welcome Evanachan Limited, a corporation controlled by Mr. Robert McEwen, which committed to subscribe for 3,750,000 Units, about 50% the increased Offering," stated Robert T. Boyd, President & CEO.
Certain insiders of the Company intend to participate in the private placement and their holdings of securities of the Company will increase as a result. Based on current commitments, Insiders are expected to subscribe to about 12.5% of the increased Offering. The Company will rely on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Robert T. Boyd
President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Endurance Invited And Exhibiting at AME Roundup Core Shack Featuring High-Grade Drill Intersections From The Reliance Gold Project BC
Endurance Gold Corporation (TSXV: EDG) (the "Company") is pleased to announce that the Company will be exhibiting, in-person and by special invitation, at the 2022 AME Roundup Conference Core Shack located at the Vancouver Convention Centre West on Monday, January 31 and Tuesday, February 1.
Display Drill Core will include representative core from the four best holes drilled by the Company at the Reliance Gold Property (the "Property") in 2021 from drill holes spread along a 750 m trend which returned 15.7 gpt gold over 24.8 m including 26.96 gpt gold over 4.1 m, 8.47 gpt gold over 24.9 m including 16.27 gpt gold over 10.5 m, 8.62 gpt gold over 24.4 m including 17.02 gpt gold over 4.3 m, and the most recent drill announced last week of 1.70 gpt gold over 62.1 m.
The Property is located in southern British Columbia. The road accessible property is located 4 kilometres ("km") east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold.
Following the Core Shack, on Wednesday February 2 and Thursday, February 3, the Company will then be exhibiting at the Project Generators' Hub and featuring the Company's 100% owned drill-stage Elephant Mountain Gold Project, Alaska and, 100% owned Bandito Rare- Earth Niobium Property, Yukon, as well as re-exhibiting some highlights from the Property.
Endurance Gold Corporation is a company focused on the acquisition, exploration and development of highly prospective North American mineral properties with the potential to develop world-class deposits.
Robert T. Boyd
FOR FURTHER INFORMATION, PLEASE CONTACT
Endurance Gold Corporation
(604) 682-2707, info@endurancegold.com
www.endurancegold.com
Please review prior press releases and presentations for sampling procedures and cautionary statements. The 2020 and 2021 work programs were supervised by Darren O'Brien, P.Geo., an independent consultant and qualified person as defined in National Instrument 43-101. Mr. O'Brien has reviewed and approved this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from the expected results.
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Pioneering Kibali Plans Further Partner-Based Development
All amounts in US dollars
Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) Since Kibali went into production 10 years ago it has not only grown into Africa's largest gold mine, it has also opened a new mining frontier in the DRC and stimulated the development of a thriving regional economy in the country's North-East province, says Mark Bristow, Barrick president and chief executive.
Speaking at a media visit to Kibali today, Bristow said the mutually beneficial partnership between the company and its local stakeholders, notably the government, contractors, service providers, employees and the community, had demonstrated that it was possible to build and operate a successful, world-class mine, run by host country nationals in one of Africa's remotest corners.
In the 13 years since the acquisition of the property which became Kibali, it has invested more than $4.6 billion in the DRC, with payments to: local contractors and suppliers alone amounting to almost $2.4 billion; $1.4 billion going to the government in the form of royalties, taxes and permits; salaries amounting to $621 million; and the investment of $196 million in infrastructure development and community support.
"Kibali has multiple partnerships with local businesses, many of which we have actively mentored, such as the all-Congolese team that built the mine's Azambi hydropower station," Bristow said.
"Kibali's three continuously upgraded hydropower stations and their battery back-up system have put it in the lead of the Barrick group's green energy drive. At present, approximately 80% of the mine's power requirement is provided by renewable energy sources and this will rise when the planned new solar plant is commissioned in 2025, further reducing Kibali's carbon footprint as well as its costs."
For the fourth successive year, exploration more than replaced the gold that Kibali mined in 2022, extending the mine's Tier One 1 production profile to 2033 and growing reserves to a level equivalent that in the original 2010 feasibility study, despite producing more than 6.4 million ounces of gold since commissioning 2 . It continues to explore for additional reserves to replace depletion at Kibali and for new growth opportunities elsewhere in the DRC.
The mine also continues to invest in the recruitment and training of Congolese nationals, who already account for 95% of its workforce and 76% of its leadership, with special emphasis on the skills development of potential managers and technicians.
The Barrick group is an industry leader in sustainability with a strategy that holistically links the management of challenges related to climate change, poverty and biodiversity loss. Kibali has a particular interest in the future of Africa's biodiversity and will write a new chapter in its long support for the DRC's Garamba National Park with the introduction of a sustainable population of white rhinos in partnership with African Parks and the DRC people.
Enquiries:
DRC country manager Cyrille Mutombo +243 812 532 441 | Investor and Media Relations Kathy du Plessis +44 20 7557 7738 Email: barrick@dpapr.com |
Website: www.barrick.com
Endnote 1
A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in the lower half of the industry cost curve.
Endnote 2
On a 100% basis. Refer to the Technical Report on the Kibali Mine, Democratic Republic of the Congo, dated March 18, 2022, and filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov on March 18, 2022.
Kibali Historical Total Mineral Reserves
Proven | Probable | Total | ||||||||||||
100% Basis | Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | Tonnes | Grade | Contained ozs | |||||
Year | Gold Price Assumption | Project | (Mt) | (gm/t) | (Moz) | (Mt) | (gm/t) | (Moz) | (Mt) | (gm/t) | (Moz) | |||
2009 | $700/oz | Kibali | - | - | - | 42 | 4.03 | 5.5 | 42 | 4.03 | 5.5 | |||
2010 | $800/oz | Kibali | - | - | - | 74 | 4.21 | 10.1 | 74 | 4.21 | 10.1 | |||
2011 | $1,000/oz | Kibali | - | - | - | 79 | 4.04 | 10.2 | 79 | 4.04 | 10.2 | |||
2012 | $1,000/oz | Kibali | 3.6 | 3.24 | 0.4 | 79 | 4.14 | 10.5 | 83 | 4.10 | 10.9 | |||
2013 | $1,000/oz | Kibali | 5.5 | 2.28 | 0.4 | 84 | 4.15 | 11.2 | 89 | 4.04 | 11.6 | |||
2014 | $1,000/oz | Kibali | 5.4 | 1.76 | 0.3 | 78 | 4.28 | 10.7 | 83 | 4.12 | 11.0 | |||
2015 | $1,000/oz | Kibali | 4.0 | 1.84 | 0.2 | 76 | 4.25 | 10.4 | 80 | 4.13 | 10.6 | |||
2016 | $1,000/oz | Kibali | 4 | 1.90 | 0.3 | 66 | 4.17 | 8.9 | 71 | 4.03 | 9.2 | |||
2017 | $1,000/oz | Kibali | 19 | 4.07 | 2.5 | 47 | 4.10 | 6.2 | 66 | 4.09 | 8.7 | |||
2018 | $1,000/oz | Kibali | 20 | 4.15 | 2.7 | 42 | 4.12 | 5.6 | 63 | 4.13 | 8.3 | |||
2019 | $1,200/oz | Kibali | 21 | 4.13 | 2.7 | 48 | 4.23 | 6.5 | 68 | 4.20 | 9.2 | |||
2020 | $1,200/oz | Kibali | 20 | 4.34 | 2.8 | 56 | 3.66 | 6.6 | 76 | 3.84 | 9.4 | |||
2021 | $1,200/oz | Kibali | 32 | 3.76 | 3.9 | 51 | 3.50 | 5.8 | 83 | 3.60 | 9.6 | |||
2022 | $1,300/oz | Kibali | 32 | 3.47 | 3.6 | 65 | 3.15 | 6.6 | 97 | 3.26 | 10.2 |
As of January 1, 2019, Barrick owns 45% of Kibali as the operator, with AngloGold Ashanti owning 45% and Congolese parastatal Société Miniere de Kilo-Moto SA UNISARL (SOKIMO) held by the Minister of Portfolio of DRC owning 10%.
For 2019 onwards, estimated in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. Complete mineral reserve and resource data, including tonnes, grades, and ounces, as well as the assumptions on which the mineral reserves and resources for Barrick are reported (on an attributable basis), can be found on pages 37-46 of Barrick's 2022 Annual Information Form / Form 40-F on file with the Canadian provincial securities regulators on SEDAR at www.sedar.com and the Securities and Exchange Commission on EDGAR at www.sec.gov . Historical reserves for years prior to 2019 were estimated by Randgold Resources in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code"). The JORC Code reporting standards are functionally equivalent to National Instrument 43-101.
Kibali Historical Production
100% Basis | ||||
Year | Tonnes Milled (kt) | Head Grade (g/t) | Gold Produced (oz) | Recovery (%) |
2013 | 808 | 3.87 | 88,199 | 91.5 |
2014 | 5,546 | 3.81 | 526,627 | 79.0 |
2015 | 6,833 | 3.55 | 642,720 | 83.8 |
2016 | 7,299 | 3.10 | 586,530 | 79.8 |
2017 | 7,621 | 2.87 | 596,226 | 83.6 |
2018 | 8,218 | 3.45 | 807,251 | 88.6 |
2019 | 7,513 | 3.80 | 814,027 | 88.7 |
2020 | 7,632 | 3.68 | 808,134 | 89.4 |
2021 | 7,783 | 3.62 | 812,152 | 89.8 |
2022 | 7,815 | 3.39 | 749,589 | 88.4 |
Total | 67,068 | 3.41 | 6,431,455 | 86.0 |
As of January 1, 2019, Barrick owns 45% of Kibali as the operator, with AngloGold Ashanti owning 45% and Congolese parastatal Société Miniere de Kilo-Moto SA UNISARL (SOKIMO) held by the Minister of Portfolio of DRC owning 10%.
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "pioneer", "continue", "growth", "opportunities", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Kibali's potential to continue to replace reserves net of depletion; production guidance and performance, including the extension of Kibali's production profile to 2033; opportunities for further growth at Kibali including potential new exploration targets for the Kibali underground; the potential to grow the mine's mineral resource base; Kibali's renewable power strategy and the timeline for the completion of a new solar plant and anticipated benefits from those initiatives; the anticipated benefits from Kibali's local recruitment and training initiatives, including the development of local managers and technicians; Barrick's sustainability strategy and investment in Africa's biodiversity including through the reintroduction of white rhinos to the Garamba national park; and Barrick's commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; steps required prior to the distribution of cash and equivalents held at Kibali in banks in the Democratic Republic of Congo; risks associated with projects in the early stages of evaluation, and for which additional engineering and other analysis is required; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the ongoing business and social disruption caused by the spread of Covid-19. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
AGNICO EAGLE FILES TECHNICAL REPORT FOR THE LARONDE COMPLEX
Stock Symbol: AEM (NYSE and TSX)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (" Agnico Eagle " or the " Company ") today announced that it has filed an updated Technical Report for the LaRonde Complex in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects .
The technical report is available on SEDAR ( www.sedar.com ) and on the Company's website ( www.agnicoeagle.com ).
About Agnico Eagle
Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada , Australia , Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
View original content: https://www.prnewswire.com/news-releases/agnico-eagle-files-technical-report-for-the-laronde-complex-301781416.html
SOURCE Agnico Eagle Mines Limited

View original content: http://www.newswire.ca/en/releases/archive/March2023/24/c2285.html
News Provided by Canada Newswire via QuoteMedia
Top Stories This Week: Gold Price Breaks US$2,000 Twice, Fed Hikes Again
The gold price broke the US$2,000 per ounce mark twice this week as investors looking for a safe haven gravitated toward the yellow metal. Gold has only passed this key level a couple of times in the past — first in July 2020 amid global COVID-19 pressures, and next in February 2022 on the back of Russia's invasion of Ukraine.
This week's rise came as market turmoil continued after the collapse of Silicon Valley Bank and Signature Bank. Credit Suisse (NYSE:CS) was also in the headlines after news hit that it will be bought by rival UBS (NYSE:UBS) in a deal worth US$3.25 billion.
Meanwhile, back in the US, First Republic Bank (NYSE:FRC) appears to have narrowly avoided a similar fate after a group of Wall Street banks banded together to contribute US$30 billion in deposits. First Republic is down close to 90 percent year-to-date.
Many of the experts we speak with at the Investing News Network have been saying for months that the US Federal Reserve's aggressive rate hikes may "break something," and I asked Will Rhind of GraniteShares if we've reached that moment. His answer was, "Yes, absolutely" — and he thinks it's perfectly natural that gold has responded in the way it has.
"The short answer is yes, absolutely. Bank runs are something that you really don't see often, and clearly when you have a situation where you have not just bank runs, but bank failures, that tells you that something is broken" — Will Rhind, GraniteShares
"There's nothing that influences (gold) more than fear, and what we've seen this week is fear," he explained during the interview, adding that gold "is not going to do a Silicon Valley Bank on you."
Fed hikes rates by 25 basis points
The other key event investors were watching this week was the Fed's meeting. Prior to the recent banking problems, a hike of 25 basis points was widely expected, with some market participants even looking for a 50 basis point increase. A 25 basis point boost still looked possible after those issues came to the fore, but some experts were calling for a pause or even a cut.
Ultimately the Fed opted for a 25 basis point rate hike, saying that it remains committed to its 2 percent target for inflation. The central bank also indicated that it sees the US banking system as "sound and resilient," echoing recent comments from Treasury Secretary and former Fed Chair Janet Yellen, who said the US banking system is stabilizing.
"We’ll be looking to see how serious is this and does it look like it’s going to be sustained. And if it is, it could easily have a significant macroeconomic effect, and we would factor that into our policy decisions" — Jerome Powell, US Federal Reserve
This story is still developing, so stay tuned as we speak with experts about what the Fed's actions mean for the general markets and of course for gold. We'll be posting interviews on our YouTube channel, so stay tuned.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Trailbreaker Resources: Grassroots Exploration with Blue-Sky Potential
Trailbreaker Resources (TSXV:TBK)) explores new opportunities to expand its portfolio, acquiring assets with strategic potential to bring significant shareholder value. The company’s business strategies are guided by a highly-skilled team of geologists and prospectors with a track record of discoveries.
The company focuses on underexplored and overlooked regions with significant upside potential. Maintaining this focus has led to acquiring a portfolio of assets with blue-sky potential as exploration continues.
The flagship Atsutla gold project is a new high-grade gold discovery in a region in BC with no previous gold exploration. The land package covers 400 square kilometers of ground, and the company has already defined five gold zones over 26 kilometers, while the majority of the asset remains unexplored. The company is awaiting its 43-101 Technical Report and moving towards its maiden drill campaign.
Company Highlights
- Trailbreaker Resources is a Canadian exploration company focused on prospective precious metals assets located throughout BC and the Yukon.
- The company’s expert team of explorers and geologists continually evaluate potential acquisitions to expand its portfolio.
- Trailbreaker’s portfolio contains gold and precious metal assets that have received minimal exploration attention yet demonstrate blue-sky potential.
- The company’s flagship Atsutla gold project is a new high-grade gold discovery that has never received exploratory drilling. Trailbreaker has identified five gold zones for additional exploration.
- Trailbreaker’s Eakin Creek project is in an unexplored region of the Quesnel tectonic terrane and is drill-ready as the company awaits permitting.
- The company’s Eagle Lake copper-gold project was acquired in 2022, and historical drilling produced promising results indicative of prospective future discoveries.
- Trailbreaker has several additional pipeline projects to explore or pursue partnerships for in the future.
- A highly-skilled team of prospectors and managers with a proven record of success guide the company’s strategy to provide value to shareholders.
This Trailbreaker Resources profile is part of a paid investor education campaign.*
Click here to connect with Trailbreaker Resources (TSXV:TBK) to receive an Investor Presentation
Mexican Federal Economic Competition Commission Approves Pan American Silver's Arrangement With Yamana and Agnico Eagle
Pan American Declares Dividend with Respect to the First Quarter of 2023
Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (" Pan American ") and Yamana Gold Inc. (TSX: YRI; NYSE: AUY; LSE: AUY) (" Yamana ") are pleased to provide an update on the status of Pan American's proposed acquisition of all of the issued and outstanding common shares of Yamana, following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships which hold Yamana's interests in the Canadian Malartic mine, to Agnico Eagle Mines Limited, all by way of a plan of arrangement (the " Arrangement ") under the Canada Business Corporations Act .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230324005121/en/
On March 23, 2023, the Mexican Federal Economic Competition Commission approved the Arrangement. All required regulatory, shareholder and court approvals, including the final court order, have now been received and the Arrangement is anticipated to be completed on or about March 31, 2023.
In addition, Pan American has declared a cash dividend of $0.10 per common share, payable on or about May 12, 2023, to holders of record of Pan American's common shares as of the close of markets on April 14, 2023. The dividends are eligible dividends for Canadian income tax purposes.
Pan American has selected this record and payment date to harmonize its dividend with respect to the first quarter of 2023 with Yamana's normal course dividend timing for payment of a first quarter dividend. Subsequent dividends to be declared by Pan American are expected to follow Pan American's previous schedule of dividend payments.
About Pan American Silver
Pan American Silver owns and operates silver and gold mines located in Mexico, Peru, Canada, Argentina and Bolivia. We also own the Escobal mine in Guatemala that is currently not operating. Pan American Silver provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 29-year history of operating in Latin America, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
About Yamana
Yamana Gold Inc. is a Canadian-based precious metals producer with significant gold and silver production, development stage properties, exploration properties, and land positions throughout the Americas, including Canada, Brazil, Chile and Argentina.
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things, that the Arrangement is anticipated to be completed on or about March 31, 2023; and the record date of April 14, 2023, and the anticipated payment date of May 12, 2023, with respect to the dividend of Pan American.
These forward-looking statements and information reflect Pan American's and Yamana's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American and Yamana, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. Pan American and Yamana caution the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American and Yamana have made assumptions and estimates based on or related to many of these factors. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability of the parties to consummate the Arrangement; changes in laws, regulations and government practices in the jurisdictions where we operate; the possibility that transactions contemplated by the Arrangement Agreement will not be completed in the expected timeframe or at all; and those risk factors (i) identified under the heading "Risk Factors" in Pan American's management information circular dated December 20, 2022, (ii) identified under the heading "Risk Factors" in Yamana's management information circular dated December 20, 2022, (iii) identified under the heading "Risks Related to Pan American's Business" in Pan American's most recent annual report on form 40-F and annual information form dated February 22, 2023, and (iv) discussed or referred to Yamana's most recent annual report on form 40-F and annual information form dated March 28, 2022, filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, as applicable. Although Pan American and Yamana have attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Pan American and Yamana do not intend, nor do they assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230324005121/en/
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
Investor Relations
416-815-0220
1-888-809-0925
Email: investor@yamana.com
FTI Consulting (UK Public Relations)
Sara Powell / Ben Brewerton
+44 7974 201 715223 / +44 203 727 1000
News Provided by Business Wire via QuoteMedia
Gold Price Breaks Through US$2,000 for Second Time in a Week
For the second time in a week, the price of gold reached and briefly surpassed a price per ounce of US$2,000.
The precious metal cleared through that mark on Thursday (March 23) around 2:00 p.m. EDT, just three days after it reached US$2,000 for the first time in 2023. The initial instance came on Monday (March 20), when gold rose as high as US$2,003.58. The yellow metal stayed there only briefly, and dipped back down to about the US$1,935 level mid-week.
Gold has been on the rise due to recent market volatility, led by the collapse of Silicon Valley Bank (SVB) in the US. Since the institution's failure on March 10, gold has jumped in value by approximately 10 percent.
What is the major reason for the Silicon Valley Bank crisis?
Gold thrives during uncertainty, and SVB's demise helped kick off its recent rally. The yellow metal's price increase came as the bank faced instability when it needed to raise US$2.25 billion to maintain its balance sheet.
“This was a hysteria-induced bank run caused by venture capitalists (VCs),” Ryan Falvey, a fintech investor at Restive Ventures, told CNBC in an interview. “This is going to go down as one of the ultimate cases of an industry cutting its nose off to spite its face.” The bank was popular for acting as a lender for the booming tech industry and VCs.
The uncertainty caused by SVB began spilling over to other banking institutions and firms associated with the bank. On the day of SVB's crash, over US$10 billion worth of deposits were withdrawn by “spooked” customers of New York-based Signature Bank. By March 12, US regulators had stepped in to take over the bank’s assets and guarantee customers' money.
These two crashes represent the second and third biggest banking failures in the history of the US, based on financial assets.
“Clearly when you have a situation where you have not just bank runs, but bank failures, that tells you that something is broken,” Will Rhind, founder and CEO GraniteShares, recently told the Investing News Network.
Watch the full interview with Rhind above.
Why is UBS buying Credit Suisse?
While US bank catastrophes have dominated the conversation in North America, Europe has its own chaotic situation unfolding as investors monitor the case surrounding Credit Suisse.
Concerns about the bank's health grew last weekend following the crash of American lenders.
“A liquidity backstop by the Swiss central bank midweek failed to end a market drama that threatened to send counterparties fleeing, with potential ramifications for the broader industry,” a report from Bloomberg indicates.
A deal was brokered for UBS to acquire its competitor in an all-stock transaction worth 3 billion francs.
“This was the only possible solution,” Bloomberg quotes Swiss Finance Minister Karin Keller-Sutter as saying.
The deal is being incentivized by the Swiss National Bank, which is offering 100 billion francs in liquidity assistance to UBS. The government will also set aside a 9 billion franc reserve for “potential losses.”
The agreement is being presented as a crisis negotiation done to prevent a critical banking knockout in Europe. But while entities like the Fed and European Central Bank have celebrated the transaction, investors are not as impressed.
Shares of both Credit Suisse and UBS reacted poorly in Monday’s trading session, although the former faced a much steeper drop off. Credit Suisse AT1 bondholders will effectively see their investments erased as part of the deal.
A report from the Financial Times shows several investment managers who traded or held the AT1s decrying the decision by the authorities to allow these bonds to be taken out.
How did the gold price react to the latest Fed rate hike?
Despite continued turmoil, gold fell off midway through the week as market participants waited for the results of the US Federal Reserve's latest meeting. The central bank made a unanimous decision on Wednesday (March 22) to enact a quarter percentage point interest rate increase, and gold began to pick back up after that announcement.
The Fed's move came despite the banking issues. “The U.S. banking system is sound and resilient,” the Fed said in a statement after the Federal Open Market Committee’s scheduled two-day gathering. The committee will officially reconvene again in early May.
In a press conference following the meeting, Fed Chair Jerome Powell said the committee no longer anticipates that ongoing rate increases “will be appropriate to quell inflation,” and instead expects to see policies firming.
Responding to questions about the recent failure of SVB and Signature Bank, Powell said it is “too soon” to determine the exact effects these recent struggles will have on the US economy.
It took nearly no time for the price of gold to offer an initial reaction to hike — the price of the precious metal rose as high as US$1,972 on Wednesday.
What does the Fed think about the current banking crisis?
The Fed continues to stress its intention to achieve an inflation rate of 2 percent “over the longer run.” While this week's hike represents the ninth enacted by the banking agency since March 2022, representatives of the central bank said further increases are not a guarantee at the moment and will largely depend on future data.
The new language from the financial agency goes against its own previous announcements, including comments that it would use “ongoing increases” as a way to combat inflation in the country.
While economic turmoil on a global scale continues to affect broad market performance, it’s clear the recent banking crisis in the US has played a role in the new statement by the Fed.
“Recent developments are likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation,” the Fed said. “The extent of these effects is uncertain.”
In a press conference, Powell stressed the importance of nipping banking issues in the bud.
“Serious difficulties at a small number of banks have emerged. History has shown that isolated banking problems if left unaddressed can undermine confidence in healthy banks and threaten the ability of the banking system as a whole,” he said.
Powell added the Fed is “committed to learning lessons from this episode” in order to prevent another string of banking failures.
Gold pushes back above US$2,000 again
Gold's rise continued on Thursday, briefly passing the US$2,000 mark as mentioned.
Meanwhile, stocks performed relatively well, with the S&P 500 (INDEXSP:.INX) and the Dow Jones Industrial Average (INDEXDJX:.DJI) seeing marginal percentage increases a few hours before the markets closed for the day.
Some experts now think gold has a pathway toward stabilizing above US$2,000 in the near future. As Rhind explained, fear has a real impact on gold, and that's what many investors have been feeling thanks to the recent banking catastrophes.
“And that means that people have come out buying gold, aggressively looking for hedges — trying to preserve capital, protect capital in this particular environment,” he said. “In those circumstances, that to me is just the most important role that gold has. It is that hedge, it is that asset of the highest quality with no credit or counterparty risk. Gold is not going to do a Silicon Valley Bank on you, and that's important to remember."
Investor takeaway
As major financial events trigger momentum for gold, it will be crucial for investors to monitor their portfolios and adjust accordingly to the shockwaves going through the market.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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