NEW YORK, January 25, 2017 /PRNewswire/ --
http://www.Financialbuzz.com - Demand for gold recently continued to
rise as overall investor sentiment raised concerns about volatility in the financial markets during the newly elected
administration. On the other hand, weaker dollar continued to weight on gold price, as a falling dollar will increase the prices
of gold. Gold price hit $1,219.43 an ounce on Monday, the highest level since Nov.22. Gold is
always considered as safe-haven asset in times of geopolitical and financial turmoil. Rise Resources Inc. (OTC: RYES) (CSE:
UPP.CN), Red Eagle Mining Corporation (OTC: RDEMF), Golden Star (NYSE: GSS), Vista Gold
Corporation (NYSE: VGZ), Entree Gold Inc. (NYSE: EGI)
Uncertainty about the newly elected administration's policy on the economy drives demand for gold, following the formal end of
negotiations regarding he Trans-Pacific Partnership trade deal on Monday. A lack of details on future plans from the newly
elected administration raised investors' concerns about the risk of protectionist trade policies. In addition, the dollar fell to
the weakest level in more than six weeks after U.S. Treasury Secretary Nominee Steven Mnuchin said that an excessively strong
dollar could have negative short-term effect on the economy. The inverse relationship between gold price and U.S. dollar make
gold price benefit from a weaker dollar.
Rise Resources Inc. (OTC: RYES) (CSE: UPP.CN) is a junior mining company. The Company's principal asset is the historic
past producing Idaho-Maryland Gold Mine located in California, USA, and its focus is on advanced
mineral projects with demonstrated continuity and the majority of its value in precious metals. Rise also has several exploration
properties in British Columbia, Canada. Rise was incorporated in Nevada, USA in 2007 and maintains its head office in Vancouver, British
Columbia, Canada.
Rise Resources Inc. just earlier today announced, "that it has purchased the Idaho-Maryland Gold Mine (the "I-M Mine") located
near Grass Valley, California, USA. The I-M Mine is a major past producing high grade gold mine.
The acquisition represents the exercise of the Company's option to purchase the I-M Mine first referenced in the Company's news
release dated October 6, 2016.
Based on historic records, the I-M Mine produced a total of 2.4M oz gold at a grade of 15g/t after mining dilution and
recovery. The I-M Mine was reportedly the second largest gold mine in the United States in
1941,(1) producing up to 129,000 oz gold per year(2) before being forced to shut down by the U.S. government in 1942. At that
time, the government deemed gold mining as non-essential to wartime production and shut down almost all gold mines in order to
reallocate miners, equipment, and supplies to increase production of base metals necessary for the war effort.
(1) Clark, Jack. Gold in Quartz: The Legendary Idaho Maryland Mine (2005).
(2) U.S. Bureau of Mines. Minerals Yearbook 1941 (1942). Pg.252.
The Company has purchased fee simple land upon which the I-M Mine is situated (the "Property"), which includes approximately
93 acres of surface land and approximately 2,750 acres of mineral rights, for a purchase price of US$2,000,000. The Property includes all of the mineral rights assembled by Errol
MacBoyle, a highly regarded mining engineer and a then-prominent mining executive in the United
States, and the Idaho Maryland Mines Corporation ("IMMC") over a thirty-year period from 1920. The Property includes the
surface rights at the Brunswick vertical shaft, which extends to over 3,000 ft depth and was the
main production shaft for the historic mining operation. The Company owns a 100% interest in the Property and there are no
royalties on future gold production.…Emgold Mining Corporation held an option on the I-M Mine Property from approximately 1991 to
2013 and completed a mineral resource calculation which is displayed in Table 1. The Company believes this historic resource
estimate is relevant but the Company has not verified the mineral resource calculation. A full analysis of all historic
production and sampling data will be required in order to verify the historic mineral resource.
Benjamin Mossman, CEO of Rise, commented "We have been extremely fortunate to acquire what we
believe is a Tier 1 gold deposit. The I-M Project was forced to shutdown due to WWII just when it was reaching its full
potential. While other great gold deposits have been discovered and mined out over the last 70 years the I-M Mine has been frozen
in time. We are excited by this unique opportunity and feel privileged to be a part of the rich history of the Idaho-Maryland
Gold Mine." The Company's immediate plans are to commence work on the historical data from the I-M Mine. Company engineers and
geologists will process all of the relevant historical data into a digital database and model. The Company intends to complete a
NI 43-101 technical report as soon as possible to analyze and consolidate historic production and exploration work and define
priority exploration targets. The Company will also commence preliminary engineering studies to define a strategy towards longer
term permitting and production goals."
Red Eagle Mining Corporation (OTCQX: RDEMF) operations updated its Santa Rosa
project. "We are very pleased to have completed commissioning of the plant and producing 1,850 ounces of gold since start-up,"
comments Bob Bell, Chief Operating Officer. "Ramp up of the mine continues to progress and
we look forward to announcing commercial production by the end of Q1 2017." Some achievements to date are: over 19,000 tonnes of
ore mined, gold recoveries have reached 93% - on track to design rate of 96%, and 1,850 ounces of gold produced since
pre-commercial start-up.
Golden Star (NYSE: GSS) has announced its production results for the fourth quarter and
full year of 2016 and its guidance for 2017. The company produced 194,054 ounces of gold in 2016, in the top half of its 2016
production guidance range of 180,000-205,000 ounces. The fourth quarter of 2016 represented the Company's strongest
quarterly production of the year, with gold production of 53,403 ounces. Golden Star's production
guidance for 2017 represents an increase of 31% to 44% compared to full year production in 2016. The full year guidance is:
255,000-280,000 ounces of gold production, $780-$860 per ounce cash operating cost, $970-$1,070 per ounce All-In Sustaining Cost, 255,000-280,000 ounces of gold production, $780-$860 per ounce cash operating cost, and $970-$1,070 per ounce All-In
Sustaining Cost.
Vista Gold Corporation (NYSE: VGZ) had adjusted its flowsheet to generate better gold recoveries and lower operating
costs at its gold project located in Northern Territory, Australia, known as Mt Todd. The
economic improvements are the result of process flowsheet changes that are anticipated to produce more gold recoveries and lower
process area operating costs. Testing shows that these objectives can be accomplished through selectively screening and rejecting
sub-economic, coarse crusher product prior to grinding; resulting in opportunities for enhanced gold recovery through finer
grinding and improved operating costs down-stream of the grinding circuit. Vista's President and CEO, Frederick H. Earnest commented, "The process improvements that we have identified have the potential to
generate lower operating costs and better gold recoveries without adding materially to the capital costs of the project. These
improvements, coupled with the current US dollar to Australian dollar exchange rate have the potential to produce a significant
improvement in project economics. We are now evaluating an update of our preliminary feasibility study."
Exploration-stage resource company, Entree Gold Inc. (NYSE: EGI) principal business activity is the exploration of
mineral property interests. It operates through the business segment being the exploration of mineral property interests. The
Company is engaged in exploring mineral resource properties with interests in development and exploration properties in
the United States, Mongolia, Australia and Peru. Its two principal assets are Ann Mason Project in
Nevada and interest in over two of the Oyu Tolgoi project deposits in Mongolia, through the Entree/Oyu Tolgoi JV Property. The Ann Mason Project located in the Yerington District of Nevada covers an area of over 12,735 hectares. The
Entree/Oyu Tolgoi JV Property in Mongolia includes the Hugo North Extension copper-gold deposit
and the Heruga copper-gold-molybdenum deposit.
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