-Further Enhances the Company’s One World of Citrus™ Initiative-
Limoneira Company (the “Company” or “Limoneira”) (LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, announced today that it has entered into an agreement with FGF Trapani (“FGF”), a multi-generational, family owned citrus operation in Argentina. Beginning in 1937 with Ignacio Trapani, Ricardo Trapani (3rd generation) and his sons, Fabricio, Gabriel, and Franco (4th generation) have grown FGF into an enterprise of over 3,200 acres of lemons and oranges in the Provinces of Salta, Jujuy and Tucuman as well as owning and operating a juice processing facility in the Province of Tucuman.
As part of the agreement, Limoneira will create a subsidiary in Argentina under the name Limoneira Argentina S.A.U. (“Limoneira Argentina”) and will acquire 25% of the parcels of Finca Santa Clara, approximately 1,200 acres of planted lemons, upfront with an additional 25% to be acquired over a three-year period. Limoneira Argentina and FGF’s agreement will operate under the name Trapani Fresh, with Limoneira Argentina as the managing partner and responsible for all fresh fruit sales, holding a 51% interest and FGF holding a 49% interest. The agreement is expected to close in the middle of March 2019. FGF Trapani will maintain 100% ownership and control of the juice processing facilities and operations.
Alex Teague, Senior Vice President, stated, “It’s very exciting for us to expand our global footprint into Argentina and thereby strengthen our ability to become a 365-day, 24/7 global supplier of fresh citrus to our valued customers around the world. This joint venture fits in nicely with our One World of Citrus™ initiative and we are looking forward to welcoming FGF’s family owned business to the Limoneira team. This relationship will provide Limoneira with access to new markets and distribution networks, increase production and technical capacity and also reduce impact on operating results.”
Harold Edwards, President and Chief Executive Officer, added, “We are excited to add FGF’s rich supply of citrus to our global production and increase our competitive position. Our two companies have a long history with a combined 205 years in the business and this joint venture is bringing together years of industry knowledge and expertise. We expect the deal to be accretive in fiscal year 2019 and we will provide more information on our first quarter call in early March.”
About Limoneira Company
Limoneira Company, a 125-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (pronounced lē mon΄âra) is a dedicated sustainability company with 14,500 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, and Chile. The Company is a leading producer of lemons, avocados, oranges, specialty citrus and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.
Forward-Looking Statements
This press release contains forward-looking statements, including guidance for fiscal year 2018 and 2019, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.
Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings which are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.
Vancouver, British Columbia–(Newsfile Corp. – February 4, 2019) – Contact Gold Corp. (TSXV: C) (the “Company” or “Contact Gold”) is pleased to announce the terms of a non-brokered private placement (the “Offering”) of up to 6,896,552 common shares of the Company (“Common Shares”) at a price of $0.29 per Common Share (the “Offering Price”) for gross proceeds of up to $2,000,000. The Offering Price represents an approximate 9.4% discount to the closing price of the Common Shares on February 1, 2019 (the “Current Market Price”).
Each Common Share shall be accompanied by one right (a “Right”) which shall entitle the holder thereof to a certain number of additional Common Shares upon conversion of the Right, with such number of additional Common Shares to be determined based on completion of the first of specific milestones as detailed in this release.
Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold’s Pony Creek project located in Elko County, Nevada, and for general working capital.
Pony Creek Project:
The Pony Creek project is located on Nevada’s prolific Carlin Trend, immediately south of Gold Standard Venture’s Railroad project and 20 km south of Newmont Mining’s Rain and Emigrant gold mines. Pony Creek totals 107 km2 of prospective mineral tenure and hosts multiple Carlin Type gold occurrences, including the Bowl and West Zones, and multiple untested exploration targets.
In 2018 Contact Gold made a new gold discovery at Pony Creek’s West Zone, with near surface oxide gold mineralization in drilling over a 2.3 kilometre strike length.
During 2019, the Company anticipates continuing exploration on the Pony Creek property. The Company plans to grow the new discovery at the West Zone, expand the footprint at North Zone and follow-up on the Pony Spur, Moleen and Elliott Dome targets.
Details of the Offering:
Each Common Share shall be accompanied by one Right which shall automatically convert and entitle the holder thereof to additional Common Shares on the date which is the earlier of: (i) the closing of a public offering by the Company pursuant to a registration statement or offering statement filed with the United States Securities Exchange Commission (a “Qualified Offering”) under the United States Securities Act of 1933, as amended (the “Securities Act”); (ii) a change of control of the Company (a “Change of Control”); or (iii) the date which is one year following the Closing Date (the “Time Deadline”).
Qualified Offering: In the event the Common Shares are offered at a price (the “Qualified Offering Price”) which is greater than the Offering Price, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective price per Common Share in the Offering is equal to a 5% discount to the Offering Price. Alternatively, in the event the Qualified Offering Price is equal to or lower than the Offering Price, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective Offering Price is equal to a 10% discount to the Qualified Offering Price, provided that, in no circumstances, would the additional number of Common Shares issued result in an implied discount greater than that which is prescribed pursuant to the rules of the TSX Venture Exchange (the “TSXV”).
Change of Control: In the event of a transaction resulting in a change of control of the Company, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective price per Common Share is equal to a 5% discount to the Offering Price, provided that, in no circumstances, would the additional number of Common Shares issued result in an implied discount greater than that which is prescribed under the rules of the TSXV.
Time Deadline: In the event that the Rights are exercised at the Time Deadline each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective Offering Price is equal to the maximum allowable discount prescribed pursuant to the rules of the TSXV.
Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission.
The offered securities have not been, nor will they be, registered under the Securities Act or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or any “U.S person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. Offers and sales in the United States will be limited to institutional accredited investor. This press 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 state in which such offer, solicitation or sale would be unlawful.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period and are deemed to be “restricted securities” under Rule 144 of the Securities Act, which generally requires a one-year hold period. Completion of the Offering is also subject to the receipt of all necessary approvals, including the approval of the TSXV.
Closing of the Offering is expected to occur as soon as possible.
About Pony Creek:
Pony Creek is an early stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define a mineral resource estimate at Pony Creek. It is uncertain if further exploration will result in targets at Pony Creek being delineated as a mineral resource. There are no assurances that the geological similarities to projects mentioned herein (or documents referenced herein) operated by Gold Standard Ventures or Newmont, or any other project along the Carlin Trend, will result in the establishment of any resource estimates at any of the Company’s property interests including Pony Creek, or that the Pony Creek can be advanced in a similar timeframe.
Additional information about Pony Creek is summarized in the NI 43-101 Technical Report entitled “NI 43-101 Technical Report on the Pony Creek Project, Elko County, Nevada, USA” prepared for Contact Gold, with an effective date of October 16, 2018, and dated October 22, 2018, as prepared by Vance Spalding, C.P.G; VP Exploration of Contact Gold, and can be viewed under Contact Gold’s issuer profile on SEDAR at www.sedar.com.
About Contact Gold Corp.
Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold’s extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Contact Gold’s land position comprises approximately 212 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.
Additional information about the Company is available at www.contactgold.com.
For more information, please contact: +1 (604) 449-3361
Matthew Lennox-King – President & CEO
E-mail: info@ContactGold.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated closing of the Offering, the anticipated participation of Waterton therein, the use of proceeds therefrom, the ability to complete a Qualified Offering and there timing thereof, the probability and timing thereof of a change of control, receipt of applicable regulatory approvals, and proposed exploration activities of the Company on the Pony Creek property and the results thereof.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include; receipt of applicable regulatory approvals; availability of financing; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; 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 and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Vancouver, British Columbia, February 4, 2019 (Globe Newswire) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has recently acquired two new gold projects in Hokkaido, Japan. Shimokawa Gold Project
Irving recently filed applications for 15 mineral prospecting licenses totaling 48.50 sq km (4,850 hectares) at Shimokawa, an area prospective for hot spring epithermal gold mineralization (Figure 1). All applications have been accepted by the Ministry of Economy, Trade and Industry (“METI”), Hokkaido Bureau, and a multi-step review now begins for final approval. Mitsui Mineral Development Engineering Co., Ltd. (“MINDECO”) is assisting the Company throughout the process.
Irving identified this area as prospective upon discovery of extensive, stacked hot spring silica terraces. The exceptional continuity of these terraces suggests they may have formed in a shallow lake or bay, and Irving believes the feeder structures that generated these deposits are a potential target for high-grade gold-silver veins like those found at the Company’s Omu project 25 km northeast of Shimokawa. Irving plans to undertake stream sediment sampling as well as preliminary mapping and prospecting at Shimokawa during the 2019 field season. Engaru Gold Project
Near the town of Engaru, Irving recently filed applications for 25 mineral prospecting licenses totaling 84.42 sq km (8,442 hectares) covering an area a few km south of the historic Konomai gold field. All applications have been accepted by METI, and a multi-step review now begins for final approval.
Reconnaissance prospecting near Engaru by Irving geologists in November, 2018, led to discovery of several areas of epithermal quartz vein float within a sub-basin of Miocene intermediate and felsic volcanic rocks. Hot spring silica sinter deposits, some with fossilized wood, are also present at Engaru. Like Shimokawa, Irving believes the feeder structures that fed these deposits are a potential target for high-grade gold-silver veins. Irving plans to undertake stream sediment sampling as well as preliminary mapping and prospecting at Engaru during the 2019 field season. Omu Gold Project Additions
Irving recently filed applications for five mineral prospecting licenses totaling 16.26 sq km (1,626 hectares) extending its Omu gold project further west. The Omu gold project now encompasses 168.29 sq km (16,829 hectares). These tenements cover prospective areas west of the recently discussed Hokuryu West high grade vein float samples (please refer to the Company’s news release dated October 19, 2018 for further details). All applications have been accepted by METI, and a multi-step review now begins for final approval.
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and director of Irving Resources Inc. About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, Project Venture Agreements with Japan Oil, Gas and Metals National Corporation (JOGMEC) for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.
Additional information can be found on the Company’s website: www.IRVresources.com. Akiko Levinson, President & Director
For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 641-1214 info@IRVresources.com Forward-looking information
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry as well as Irving having sufficient cash to fund any planned drilling and other exploration activities. THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE. (Figure 1: Map showing Irving’s Hokkaido mineral prospecting licenses.)
I have never met anyone who succeeds in speculating in commodities. Most commodity speculatorscome to believe in the bright future of a certain commodity using oft-repeated slogans and soundbites entering a sort of trance and calling themselves contrarians while staying in the emotional “safety” of their echo chamber. And then the situation gets worse, much worse. They then “invest” in mining companies for leverage. This is a very dangerous cocktail, something that is responsible for so many people losing their homes and making the mining industry a loss-making sector of the economy.
I spoke on the above at the recently held Vancouver Resource Investment Conference (VRIC). Here is a discussion, I had with Fergus Hodgson on the same theme:
On investments…
Maritime Resources (MAE; C$0.09) has done a pre-feasibility study (PFS) on a small, high-grade deposit they have in Newfoundland. Last year, Anaconda Mining made a failed attempt to takeover MAE. In the same area as that of MAE is another company, Rambler Metals. According to their PFS, MAE is expected to use the process plant of Rambler Metals.
A few months back, Sprott Capital Partners and Dundee Resources financed MAE at C$0.11 per unit. Since then the index of early-stage mining companies has gone up nicely, but MAE has stagnated.
MAE has a market capitalization of C$12 million. It has C$2.5 million in cash. Based on my calculations there is an easy 50% upside in owning MAE. There is also enough evidence that the project can be looked at differently than it has been in the PFS, to improve the economics. Moreover, the company changed its management last week, an event that went unnoticed by the market. The new management will likely find it easier to give another look at a merger with Anaconda. Perhaps they should also invite Rambler to the negotiation table.
The combined market capitalization of the above three companies is less than C$100 million. There should be a lot of synergies—operational, scheduling, tax-related, and in terms of financing required for the projects—in combining the three companies. Just the savings in administrative expenses will be huge. If such a merger happens, there is extra money to be made in owning MAE.
On other matters…
In my view, the US is lucky to have Trump as its President. The US is one of the best countries in the world, but there are forces at play—given democracy and the resulting rapid rise of culturally Marxist values in the institutions—that means that Trump can succeed in only delaying the degradation of the US. As Doug Casey says “America” is an idea whose home has so far been the US.
Next month, I will be speaking at PDAC, on how East Asia is the future of humanity. This is not just about economic growth, which I see continuing to happen, but more importantly about how the idea of America and the western civilization is setting its roots in East Asia.
Warm regards,
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Vancouver, British Columbia–(Newsfile Corp. – February 1, 2019) – Maritime Resources Corp. (TSXV: MAE) (“Maritime”) announced that effective January 31, 2019 the following board and management changes have occurred to reflect the continued evolution and development of Maritime as it works to further advance the high-grade Hammerdown gold project and its Whisker and Orion exploration projects in Newfoundland:
Mr. Douglas Fulcher will no longer serve as Maritime’s President and Chief Executive Officer and has resigned as a member of the board;
Mr. Andrew Pooler will no longer serve as Maritime’s Chief Operating Officer and has resigned as a member of the board; and
Mr. Garett Macdonald, currently a member of the board, will serve as Maritime’s President and Chief Executive Officer.
Maritime’s Chairman, Mr. John Hayes, stated, “I would like to thank Doug and Andrew, on behalf of Maritime and Maritime’s board, for their service as Maritime’s President and Chief Executive Officer and as Maritime’s Chief Operating Officer, respectively. The company has benefited from Doug’s efforts in guiding Maritime’s operations and has also benefitted from Andrew’s technical expertise as reflected in the progress the company has made to date on its projects.”
Mr. Hayes continued, “On behalf of Maritime and Maritime’s board, I would like to take this opportunity to welcome Garett as Maritime’s President and Chief Executive Officer. With his diverse and extensive engineering experience in project development and mine operations, including both open pit and narrow vein underground settings, the board believes that Garrett will provide the necessary technical and corporate leadership to Maritime as the company examines and advances development opportunities at Hammerdown. His innovation and commercial focus have earned him the reputation for producing results which will benefit Maritime at this important stage in its history and in the development of the company’s projects.”
About Maritime Resources Corp:
Maritime Resources holds a 100% interest in the Green Bay Property, located near Springdale, Newfoundland and Labrador, Canada.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
Recently there’s been growing attention surrounding Venezuela’s attempts to repatriate its gold from the Bank of England. To which so far the Bank of England has refused to return.
Which creates some interesting dynamics that anybody invested in gold, or any of the financial markets, would be well-served to be aware of.
Primarily in that if the Bank of England is refusing to return Venezuela’s gold, reportedly because of sanctions that the U.S. has placed on Venezuela, how safe would you feel if you were another country that had less-than-ideal relations with the United States and had its gold stored at the Bank of England as well?
“The Bank of England’s decision to deny Maduro officials’ withdrawal request comes after top U.S. officials, including Secretary of State Michael Pompeo and National Security Adviser John Bolton, lobbied their U.K. counterparts to help cut off the regime from its overseas assets, according to one of the people, who asked not to be identified.”
The article also goes on to mention that “U.S. officials are trying to steer Venezuela’s overseas assets to Guaido to help bolster his chances of effectively taking control of the government.”
While the Wall Street Journal is reporting how “the Trump administration’s attempt to force out the president of Venezuela marked the opening of a new strategy to exert greater U.S. influence over Latin America, according to administration officials.”
Keep in mind that in today’s world, it’s often a challenge to discern reporting fact from fiction. Yet certainly given the U.S. government’s history of regime change, there are legitimate questions raised by the current available details of the situation.
If the U.S. government is now essentially intervening in a transaction that’s between the bank of England and Venezuela, what other international transactions might U.S. sanctions attempt to intervene with in the future?
Certainly an expert on the political dynamics of the Venezuelan government I am not. And my guess is that Venezuelan president Nicolás Maduro is probably as likely to be involved in the same sort of government shenanigans that have become commonplace in many governments around the globe.
But aside from the idea that the United States could conceivably be getting gearing up for new areas of foreign intervention, while at the same time it just ran a $1 trillion deficit for the second year in a row, the entire situation creates a risky dynamic in the international trade and precious metals markets.
The freezing of Venezuelan gold by the Bank of England is a signal to every country that has or may have difficulties with the US, [that they had] better get their money out of England and out of London because it’s not the safe place as it once was,” he said.
“One of the few things left for Britain is to be the financial center that London has been for so long. And one of the ways you stay a financial center is if you don’t play games with other people’s money,” he said.
“You can be sure that every government in the world is going to rethink putting any money in London, as they used to do, when they are watching this political manipulation with the money that they entrusted to the British. It is very dangerous for the world but for Britain particularly,” said Wolff.
He explained: “What the British are showing is that they can’t continue apparently to be the neutral place where you can safely put your money.”
Especially in the context where other foreign nations like Russia have continued to express their displeasure with U.S. sanctions and dollar devaluation. Which made it interesting to hear that:
“Russia vowed to “do everything” to protect Maduro against U.S. efforts to oust him as the Trump administration issued new sanctions against Venezuela on Monday, without elaborating what steps it would take.”
All of which is rather unfortunate. Because underneath all of the political sanctions and actions, is a country whose people appear to really be struggling with the collapse of the local currency.
“Losing the gold would be a significant blow to the country’s finances, undermining its ability to obtain hard currency crucial to importing items ranging from food and medicine to auto parts and consumer electronics.
Venezuela is struggling under hyperinflation now approaching 2 million percent annually. A broad economic collapse has fueled an exodus of some three million people since 2015.”
And now when Venezuela could most use the protection of its gold, the Bank of England has reportedly turned the cold shoulder and won’t even communicate with its client who entrusted it to ensure safe keeping of its savings.
“But those talks were unsuccessful, and communications between the two sides have broken down since. Central bank officials in Caracas have been ordered to no longer try contacting the Bank of England. These central bankers have been told that Bank of England staffers will not respond to them, citing compliance reasons, said a Venezuelan official, who asked not to be identified.”
“This is a decision for the Bank of England, not for government,” Foreign Office Minister Alan Duncan told Parliament Monday during an urgent question on Venezuela. “It is they who have to make a decision on this, but no doubt they will take into account when they do so, that a large number of countries across the world are now questioning the legitimacy of Nicolas Maduro.”
While I suppose it’s possible that this would lead some to question the legitimacy of Nicolas Maduro, as an investor and financial market analyst, it leads me to question the legitimacy of holding gold at the Bank of England.
Simply because it creates a dangerous precedent. Wherein any nation that does something that the U.S. government doesn’t approve of faces the possibility of losing its gold.
Rumors have circulated for years that the gold supply is tight, as metal has shifted from west to east. And that when any large international transactions are done, it’s often a scramble to source the physical metal.
Whether there is something deeper going on with the supply of gold that is leading the Bank of England to refuse the repatriation will only be known in time. If that does turn out to be the case, then we could be looking at a situation where the gold shorts will really be pressured.
Yet even if that’s not the case, just the precedent of this situation alone creates a new dynamic to further pressure the market. Because at least if I was a central banker of another nation with my gold stored at the bank of England, I would certainly be wanting it back ASAP.
It will be interesting to see how this situation unfolds. If you have any questions about this article or what’s going on in the gold market, as always you’re welcome to email me here.
The dynamics are stunning, and all continue to indicate a future with a substantially higher gold price. It will be fascinating to see how the path between now and that outcome unwinds, but this news comes as the latest data point that the existing structure of the gold market is on shakier ground than ever.
Miles Franklin was founded in January, 1990 by David MILES Schectman. David’s son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin’s primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.
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VANCOUVER, British Columbia, Feb. 01, 2019 (GLOBE NEWSWIRE) — Granite Creek Copper Ltd. (GCX.V) (“Granite Creek” or the “Company”) announces the appointment of Mr. Mathew Lee to the role of Chief Financial Officer (“CFO”), effective immediately.
Mr. Lee is a Chartered Accountant with a Bachelor of Commerce Degree from the University of British Columbia and is a member of the Chartered Professional Accountants of British Columbia. Mr. Lee brings broad depth of financial experience in both public and private company operations across various sectors, including mineral resources and financial services. Mr. Lee replaces Mr. Michael Rowley who has stepped down from his role as CFO for Granite Creek in order to concentrate on his responsibilities as President and CEO of fellow Metallic Group company, Group Ten Metals. Mr. Rowley will continue as a Director of Granite Creek.
Mr. Timothy Johnson, President and CEO, stated, “We are very pleased to have Mr. Lee join Granite Creek and to take another positive step forward in developing our corporate team. The Company anticipates release of substantive, project-related updates over the coming weeks and sustained news flow with respect to the Stu Copper project and operational fundamentals.”
Granite Creek further announces it has granted 2,900,000 incentive stock options (the “Options”) to Directors, Officers, employees and consultants of the Company. The Options are exercisable for up to five years, expiring on February 1, 2024, and each Option will allow the holder to purchase one common share of the Company at a price of $0.15 per share, being the closing price of the previous trading day.
About Granite Creek Copper
Granite Creek is a newly-launched copper-focused exploration company. The Company’s flagship project is the 111 square kilometer Stu Copper project located in the Yukon’s Carmacks copper district, adjacent to Capstone Mining’s high-grade Minto Cu-Au-Ag mine and Copper North’s advanced-stage Carmacks Cu-Au-Ag project. More information about the company and the Stu Copper project can be viewed on the Company’s website at www.gcxcopper.com.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade copper, silver, and platinum/palladium producers. Member companies include Granite Creek Copper (GCX.V) in the Yukon’s Carmacks copper district, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill Silver District, and Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts.
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 release.
State of the Union 2018. The White House from Washington, D.C. Wikimedia Commons.
The partial government shutdown barreled into Day 35 with no immediate end in sight. Airports in the northeastern U.S. announced major delays much to the dismay of travelers who meandered through the long lines at TSA checkpoints.
The FAA temporarily halted flights on the morning of Friday, Jan. 25, as regional air traffic control centers reported a staffing shortage. With more workers calling in sick at the nation’s airports, the threat of further disruption to the aviation system raised additional questions about security and the overall shutdown impact.
As furloughed federal employees missed their second paycheck, the worries mounted for many Americans. How long would the longest shutdown in history last? What are the long-term implications for the affected services? And will the strain on air travel result in perpetual delays?
The web sites for the affected federal agencies displayed the message: “Shutdown Due to Lapse of Congressional Appropriations.” As days extended into weeks, weeks surpassed a month, Americans were reminded of the extent of government involvement in the infrastructure of the nation.
The partial shutdown officially came to an end before the sun set on Friday, January 25. President Trump signed a bipartisan continuing resolution that concluded the longest shutdown in U.S. history. Yet, the action was a temporary stopgap measure that would reopen and fund the government until Feb. 15. CHIPPING AWAY AT SENTIMENT
According to the Congressional Budget Office (CBO), the shutdown cost the U.S. economy an estimated $3 billion while the overall damage totaled $11 billion – although the majority of the latter estimate is expected to be recovered as federal workers return to work. The CBO estimates that the economy will lose 0.4% from the annual growth rate in Q1 2019.
Separately, S&P Global Ratings says the shutdown cost the nation’s economy an estimated $6 billion. Some critics were quick to point out that the costs to the U.S. economy surpassed Trump’s request for border funding security.
Meanwhile, the State of the Union did not be take place as scheduled on Tuesday, Jan. 29. The Speaker of the House, Nancy Pelosi, invited Trump to deliver the SOTU on Feb. 5. With Trump’s acceptance, the annual event will take place a week later than originally scheduled.
Earlier this month, Danielle DiMartino Booth, CEO of Quill Intelligence, and former adviser to the President of the Dallas Federal Reserve, sat down with me. She weighed in on the partial U.S. government shutdown and its ramifications on the economy and stated that the drag on confidence and growth are detrimental:
FEDERAL RESERVE OUTLOOK
The central bank’s January meeting came and went with the Fed indicating that rates won’t be rising soon. The FOMC announced no change in its benchmark rate with a continued pledge to be “patient.” All eyes and ears were on the statement issued by Fed Chair Jerome Powell in the post-announcement press conference. When asked if the Fed is on pause, Powell stated that “This patient period is going to depend on incoming data and its implications for the outlook.”
Danielle DiMartino Booth also graded the performance of Fed Chairman Jerome Powell since he has taken the helm. There is nothing like a progress report from the author of “Fed Up: An Insider’s Take on the Why the Federal Reserve is Bad for America.”
With limited data being released by the government due to the partial shutdown it’s been difficult to assess the health of the economy. In January, several data points considered “primary” economic data were not published.
The Commerce Department’s Bureau of Economic Analysis did not release Q4 U.S. GDP data for 2018 as scheduled on January 30. The U.S. employment report for January is scheduled for release on Friday, Feb. 1.
One thing is for certain: disruption to “business as usual” is not favorable. But it is more concerning that this type of disruption does not seem to be backed by strategy for a new alternative order. As earnings season continues, the major technology and industrial companies are issuing guidance that are lower-than-expected. With bellwether firms easing back on forecasts it’s apparent that the shadows being cast on the global growth outlook could darken. GOFUNDME: CROWDFUNDING FOR THE MODERN ERA
In the era of social media, online fundraising platforms and convenient electronic payments, the stories of assistance for federal contractors and furloughed workers during the shutdown are plentiful. It’s difficult not to grimace when hearing dire stories of Americans struggling to make ends meet and listening to some of the tone-deaf responses coming out from politicians.
If you’ve been paying close attention to some of the GoFundMe campaigns, you’re aware of some of the obscure and bizarre pages that have popped up. Some of the campaigns could be deemed as extreme, leading to many late-night comedians and pundits mocking the huge donations and how one can raise funds for just about anything. Of course publicity and hype can help direct eyeballs to certain campaigns.
The shutdown pain was immediate for those who missed their second paycheck and the pain spilled over into the U.S. economy. It can be surprising to see how quickly donations poured in for some GoFundMe campaigns but it is also a sign of the changing times. Social media and crowdfunding platforms have changed how citizens voice their support as well as opposition. SHUTDOWN AFTERMATH
When the partial government shutdown finally came to an end, Americans let out a collective sigh of relief. Yet there are risk events on the horizon. The countdown clock is ticking for the major fiscal deadline of the debt ceiling on Mar. 1. Don’t forget that the that date also marks the hard deadline for a U.S.-China trade deal. The SOTU address may mark the dwindling days until another shutdown is avoided.
Many Americans hope that the 15th of February brings no surprises. There is nothing worse than the bite into the unexpected piece of unpalatable chocolate.
Forrest Gump is known for his famous quote, “My mom always said life was like a box of chocolates. You never know what you’re gonna get.”
Feb. 15 is the day after Valentine’s Day but love may not be in the air in Washington D.C. There are concerns that Shutdown 2.0 could become a reality. It is too soon to tell whether Trump and lawmakers will reach a compromise by the deadline or another standoff will commence. The President stated that if Democrats and Republicans can’t reach an agreement on border security, then he would bypass Congress for funding.
The stock market doesn’t like uncertainty and investors sure don’t like the accompanying instability. Yet, the Dow Industrials, S&P 500 and Nasdaq Composite settled higher in January. The major equity averages advanced over 7% for the month.
Shutdown 2.0 on the horizon? We will all have to wait and see if an agreement is negotiated and whether Congress passes another continuing resolution. Read in browser »
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Vancouver, British Columbia–(Newsfile Corp. – January 31, 2019) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) (“Miramont” or the “Company”) is pleased to announce that the non-brokered private placement previously announced on January 17, 2019 (the “Private Placement“) was oversubscribed and has now closed. Under the Private Placement, the Company issued an aggregate of 4,716,498 units (“Units“) at a price of $0.35 per Unit for gross proceeds of $1,650,774. Each Unit was comprised of one (1) common share (each, a “Common Share“) in the capital of the Company and one (1) transferrable Common Share purchase warrant (each, a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at a price of $0.50 per Common Share until January 31, 2021. All dollar amounts in this release are expressed in Canadian dollars, unless otherwise stated.
In connection with the Private Placement, the Company paid a total of $28,054 in cash and issued a total of 80,156 Warrants to eligible finders who introduced subscribers to the Private Placement.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring June 1, 2019.
The Company intends to use the net proceeds from the Private Placement for its planned drilling and other activities at Cerro Hermoso, advancing the Lukkacha project and general working capital purposes.
About Miramont Resources Corp.
Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont’s key assets are located in southern Peru. The Cerro Hermoso property hosts a 1.4km diameter breccia pipe targeting gold – polymetallic mineralization, while the Lukkacha property is targeting porphyry copper mineralization.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce it has received encouraging results from initial testing of mechanical rock sorting of gold-bearing conglomerate from its Karratha gold project.
As discussed in the Company’s news releases dated November 19 and December 20, 2018, the potential viability of mechanical rock sorting was tested by subjecting four bulk samples (see Figure 1 below for sample locations) to crushing, screening, and sorting using a TOMRA mechanical rock sorter. Sorted rock concentrates of very small volume were generated returning high gold contents.
Assays of the sorted waste material, undersize (-6 mm) fraction and oversize fraction (+63 mm) have returned allowing for further evaluation of this technique (please refer to Table 1 below).
Samples KX234 and KX237 generated 81.1% and 89.4% recovery of gold, respectively, from the 6-63 mm fraction that was sorted. These recoveries are considered very encouraging considering these tests are first pass and un-optimized. Interestingly, the best recovery is from the lowest grade sample, KX237.
Although samples KX235 and KX236 generated lower recoveries, the fine (-6 mm) unsorted fraction of each of these samples displays higher grade than the respective calculated head grade. Novo believes the well-oxidized, crumbly nature of the rock comprising these bulk samples may have played a role in lower recoveries. Gold particles appear to have preferentially reported to the fines rather than remain encapsulated in rock that was sorted. Such oxidation persists to about 1-2 m below surface at Karratha. Below this level, Novo believes the targeted conglomerate will be harder and less crumbly.
Sorter tailings commonly display gravity recoveries of gold of over 50% indicating significant coarse gold remains in this material. Novo believes crushing to somewhat finer size, perhaps 50 mm, may improve sorter recoveries because X-rays will more readily penetrate smaller rock particles making it easier for the mechanical sorter to identify gold particles.
Although testing was conducted on rock particles down to 6 mm size, further work is needed to determine the lowest range of particle size that can effectively be sorted. Further crush testing is also required in order to determine means of minimizing generation of fines and maximizing the fraction of material that can be sorted.
Gravity recoveries of gold from the undersize (-6 mm) fraction of the four bulk samples tested during this study range between 44%-64%. This data suggests gravity recovery of gold from unsorted fines may be a viable treatment option.
Novo considers mechanical sorting a potentially low cost means of concentrating gold that is particularly suitable for the nuggety conglomerates Novo is exploring in the Pilbara. Novo is currently undertaking a thorough review of recent mechanical sorting test data to determine means of optimizing crushing and sorting and what further testing is needed.
Table 1 – TOMRA mechanical rock sorting results from four Karratha bulk samples.
Sample
ID
Mass
(kg)
Size Fraction
Size Fraction as % of Total
Mass
Mass of Sorter Concentrate (kg)
Mass of Sorter Concentrate as % of Total Mass
Gold Grade of Sorter Concentrate (gpt)
Gold Grade of Unsorted Material
(gpt)
Gold Grade of Sorter Tails
(gpt)
Stage Recovery of Sorter
(%)
Gold Distribution to Sorter Concentrate (%)
Calculated Head Grade of Sample (gpt)
KX234
5460
greater than 63 mm
2.3%
–
–
–
5.18
–
2.97
6 to 63 mm
67.2%
13.5
0.25%
792.4
–
0.68
81.1%
66.0%
less than 6 mm
30.6%
–
–
–
1.43
–
KX235
3981
greater than 63 mm
19.3%
–
–
–
0.21
–
1.91
6 to 63 mm
64.8%
19.1
0.48%
188.8
–
1.01
58.1%
47.5%
less than 6 mm
15.8%
–
–
–
1.95
–
KX236
4205
greater than 63 mm
9.6%
–
–
–
0.57
–
1.40
6 to 63 mm
61.5%
13.0
0.31%
92.1
–
0.70
39.8%
20.3%
less than 6 mm
28.9%
–
–
–
2.19
–
KX237
4418
greater than 63 mm
9.2%
–
–
–
0.17
–
0.46
10 to 63 mm
41.5%
3.2
0.07%
377.8
–
0.08
89.4%
60.3%
less than 10 mm
49.3%
–
–
–
0.27
–
Size fractions in italics were too coarse or too fine to be sorted
Reported masses may be slightly different to those quoted in the Company’s news release dated December 20, 2018 because materials were re-weighed at the assay laboratory
“Novo is highly encouraged by initial mechanical sorting results,” commented Rob Humphryson, CEO and a Director of Novo. “Typically, mechanical sorting machines are utilized to upgrade mineralization by sorting out waste. In this case, gold is being directly and effectively concentrated. Novo expects that optimizations can be made to further enhance this means of gold recovery.”
Novo staff collected bulk samples discussed in this news release. Bulk samples were crushed at Cook Industrial Minerals in Perth, Australia prior to being shipped to TOMRA. Once rock sorting was completed, the concentrate and smaller mass tailings samples were submitted to MinAnalytical Laboratory Services Australia in Perth, Australia for analysis via Photon assay and fire assay. PhotonAssay methodologies are described in Novo’s news release dated December 20, 2018. Larger tailings samples were submitted to SGS Minerals in Perth, Australia where they were treated in a test plant detailed in Novo’s news releases dated February 6 and May 31, 2018. All assay certificates and head grade calculations were provided by SGS and MinAnalytical, with the calculations and head grades checked by Novo internal resources. There were no limitations to the verification process and all relevant data provided to date was verified.
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, Director, and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither 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.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
Figure 1 – Plan map showing the location of samples KX234, KX235, KX236 and KX237. Sample KX234 is material from the Lower Cannonball Conglomerate. The remaining samples are from the Upper Cannonball Conglomerate.
