PALM BEACH, Fla., June 8, 2021 /PRNewswire/ -- When the word 'Gold" comes up in discussions, it is usually about the metal's current price per ounce and whether is going up… or down. What investors should be looking at is… how much gold is being mined. It's the supply and demand aspect that is sometimes overlooked. In times like the pandemic, while demand soared so did the price… and some industry insiders also believe that even with increased supply, the price will continue to hold firm if not continue to rise, albeit at a more moderate pace. A recent article in Reuters reporting that industry insider Metals Focus said that "Gold mines will produce more than ever in 2021. They said: "The world's mines will produce 3,368 tonnes of gold this year, down 4.6% from 2019 and the lowest in 5 years, but high bullion prices will help to push up output by 8.8% to a record 3,664 tonnes in 2021, consultancy Metals Focus said on Wednesday… Demand for gold, meanwhile, will fall 25% this year to about 3,000 tonnes before recovering 17% in 2021, the consultant's head of mine supply, Adam Webb, said in a webinar." Active stocks in the mining markets this week include Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB), GoldMining Inc. (NYSE: GLDG) (TSX: GOLD), Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL), YAMANA GOLD INC. (NYSE: AUY) (TSX: YRI), Kinross Gold Corporation (NYSE: KGC) (TSX: K).
"The coronavirus pandemic forced many mines to close temporarily and curtailed sales of gold jewelry, but it also triggered a rush to buy gold for its perceived safe-haven status. These investors pushed prices above $2,000 an ounce earlier this year, the highest level on record, and Metals Focus said prices are likely to average more than $2,000 in 2021. It said mining companies' earnings per ounce in the second quarter of 2020 were on average $739 higher than their costs, up from about $350 in mid-2019. Production of gold by artisanal and small-scale (ASM) miners using basic technology will decline slightly this year before increasing 13% to more than 600 tonnes in 2021, the most on record, Metals Focus said."
Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB) BREAKING NEWS: CALIBRE MINING INTERCEPTS 13.83 G/T GOLD OVER 4.4 METRES, 11.37 G/T GOLD OVER 5.4 METRES AND 16.78 G/T GOLD OVER 2.8 METRES WITHIN 10 KILOMETRES OF THE LIBERTAD MILL - Calibre Mining Corp. ("Calibre" or the "Company") is pleased to provide an update on the Company's 80,000 metre, 2021 drilling program, highlighting results of exploration and resource expansion drilling at the Company's Libertad concessions.
- 11.37 g/t Au over 5.4 metres ETW ("Estimated True Width") from 61.4 metres (VN-21-026)
- 9.26 g/t Au over 1.7 metres ETW from 76.9 metres (VN-21-030A)
- 2.37 g/t Au over 6.2 metres ETW from 67.2 metres (VN-21-032)
- 16.78 g/t Au over 2.8 metres ETW from 41.9 metres (TR-21-039)
- 13.83 g/t Au over 4.4 metres ETW from 127.7 metres (TR-21-052)
- 3.27 g/t Au over 4.1 metres ETW from 107.1 metres (TR-21-031)
2021 Calibre Drill Program
- 16 drill rigs currently active on Calibre's 100% owned properties
- Calibre is guiding 170,000 – 180,000 ounces of gold production for the year, generating strong cash flows to self-fund new growth opportunities and an extensive 80,000 metre exploration and infill drilling program
Darren Hall, President & Chief Executive Officer of Calibre, stated: "We are excited to see some new high-grade zones emerging at Libertad. The district has produced over 1.9 million ounces of gold and we continue to identify opportunities for additional ore sources close to the to the Libertad mill. We are very encouraged by the initial results of our first pass drilling campaign along the Volcán trend where we've confirmed the presence of high-grade gold mineralization in at least two zones along a 1.5 kilometre vein system that to date remains largely unexplored".
"Drilling at Tranca continues to delineate a zone of near surface gold mineralization with good potential for an open pit mineral resource. At the Rosario step-out drilling is testing the potential to extend the current gold resource another 200 metres along strike to the southwest. Currently three rigs are operating at Libertad plus one at the Amalia satellite concession located 35 kilometres away."
"In addition to the drilling programs at our 100% owned properties, our partner Rio Tinto recently commenced its 2021 exploration drilling campaign targeting large porphyry style copper + gold targets as part of Borosi joint venture project in which Calibre is the current operator. Currently we have one drill operating at Borosi and plan to add a second drill within the coming weeks." CONTINUED…. Read this entire release for the Calibre Mining Corp. news at: https://www.calibremining.com/news/2021
FOR ADDITIONAL INFORMATION, PLEASE ALSO VISIT: https://www.equedia.com/calibre-mining-price-target-shows-170-upside/
Other recent developments in the mining markets include:
GoldMining Inc. (NYSE American: GLDG) (TSX: GOLD) recently announced that it is initiating a preliminary economic assessment on its 100% owned São Jorge Gold Project in Pará State, Brazil and announces the results of an updated Mineral Resource Estimate.
Highlights were: Indicated Mineral Resources of 0.71 million ounces gold (14.27 million tonnes grading 1.55 g/t gold) (see Table 1); Inferred Mineral Resources of 0.72 million ounces gold (17.58 million tonnes grading 1.27 g/t gold) (see Table 1); The MRE utilizes an optimized pit shell to constrain resources, a database of 145 drill holes totaling more than 37,000 metres and uses modernized cost and pricing assumptions including a US$1,600/oz gold price; and GoldMining has initiated work on a PEA at São Jorge to further evaluate the economic potential of an open-pit operation and advance opportunities to upgrade and expand the current resource base.
Sandstorm Gold Ltd. (NYSE: SAND) (TSX: SSL) recently announced the release of the 2020 Sustainability Report, the acquisition of 21 royalties on properties primarily in Nevada, and provide an update of recent developments from the Company's royalty portfolio.
Sandstorm is pleased to announce the release of its 2020 Sustainability Report. The Company is committed to the responsible development of mineral projects and the sustainable extraction of metals and recognizes its influence on projects through its financial investments. This report is designed to provide shareholders and interested parties with a clear understanding of Sandstorm's corporate responsibility practices and educate stakeholders in the Company's approach to investment due diligence, mining partnerships, and employee engagement.
FIRST QUARTER HIGHLIGHTS WERE: Net earnings of $54.7 million or $0.06 per share basic and diluted compares well to net earnings of $45.0 million or $0.05 per share basic and diluted a year earlier; Adjusted net earnings were $67.2 million or $0.07 per share basic and diluted compared to adjusted net earnings of $47.2 million or $0.05 per share basic and diluted a year earlier; Cash flows from operating activities were $160.2 million and net free cash flow was $123.5 million, in line or above the averages of the preceding three quarters, further demonstrating the strength and resilience of the cash flow generation capacity of the Company; Cash flows from operating activities before net change in working capital were $183.4 million, and free cash flow before dividends and debt repayments was $76.0 million; As at March 31, 2021, the Company had cash and cash equivalents of $678.1 million, and available credit of $750.0 million, for total available liquidity of approximately $1.4 billion. Cash balances include $222.8 million available for utilization by the MARA Project. The remainder of cash and cash equivalents of $455.3 million, along with further liquidity and incoming cash flows, is more than sufficient to fully manage the Company's business and available for the Company's capital allocation objectives; and The Company's quarterly dividend rate of $0.02625 per share (annual $0.105 per share) is 110% higher than the same quarter in 2020 and 425% than the same quarter in 2019.
2021 first-quarter highlights were: The Company is on track to meet 2021 annual guidance; Production1 of 558,777 attributable gold equivalent ounces (Au eq. oz.); Production cost of sales was $756 per Au eq. oz. and largely in line with Q1 2020, while all-in sustaining cost decreased to $975 per Au eq. oz. sold year-over-year; Attributable margins3 increased 25% to $1,031 per Au eq. oz. sold compared with Q1 2020, and outpaced the rise in average realized gold price; Adjusted operating cash flow2 of $399.6 million, operating cash flow of $279.8 million and free cash flow of $75.6 million; Reported net earnings increased 22% to $149.5 million, or $0.12 per share, with adjusted net earnings increasing 51% to $192.8 million, or $0.15 per share, compared with Q1 2020; Cash and cash equivalents of $1,056.1 million, and total liquidity of $2.6 billion at March 31, 2021; and Kinross' Board of Directors declared a quarterly dividend of $0.03 per common share payable on June 17, 2021 to shareholders of record at the close of business on June 3, 2021.
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