NEW YORK, September 6, 2016 /PRNewswire/ --
Gold futures rebounded from two-month lows last week, after two
different economic reports. The first revealed data indicating a
fall in U.S. manufacturing activity, the second showed a slowdown
in job growth for the month of August. Both reports pressured the
dollar, pushing gold prices higher. Market Vectors Gold Miners
ETF (NYSEARCA: GDX), Brazil Resources Inc. (BRI.V),
Pretium Resources Inc. (PVG.TO), Franco Nevada Corp.
(FNV.TO), Torex Gold Resources Inc. (TXG.TO)
According to the National Bureau of Labor Statistics, the U.S.
economy added 151,000 jobs in August, falling short of analyst
estimates for 180,000. The unemployment rate was unchanged at 4.9%,
compared with expectations the unemployment rate will decline to
4.8%. Market Vectors Gold Miners ETF (NYSEARCA: GDX) surged
up 7% for two days in a row. The ETF increased in value by almost
100% year to date.
Shares of Brazil Resources Inc. (TSX-V: BRI) jumped 20%
after the disappointing economics data, and up roughly 514% year to
date. Brazil Resources is mineral exploration company with a focus
on the acquisition, exploration and development of projects in
Brazil, United States, Canada and other regions of the Americas. On
September 1st the company announced
it has completed the acquisition of Sunward Investments Limited,
which owns 100% of the Titiribi Gold-Copper Project, located in
central Colombia.
Brazil Resources Inc. Chairman, Amir Adnani, commented: "We are very pleased to
complete the acquisition of the Titiribi Project, which we
anticipate will deliver significant value accretion to our
shareholders. The Company continues to execute on its stated
mandate to uncover opportunities and acquire quality gold
assets."
Pretium Resources Inc. (TSX: PVG) is engaged in the
acquisition, exploration and development of precious metal resource
properties in the Americas. The Company's projects include
Brucejack Project and the Snowfield Project, both of which are
located in northwestern British
Columbia. The company's shares are up approximately 112%
from the beginning of the year.
Franco Nevada Corp. (TSX: FNV) a gold-focused
royalty and stream company. The Company's additional interests are
in platinum group metals and other resource assets. The Company
operates in the segment of resource sector royalty/stream
acquisitions and management activities. The company's shares have
surged up roughly 70% year to date.
Torex Gold Resources Inc. (TSE: TXG) mainly focuses on
exploration of and development in minerals generally in gold
deposits. It holds 100% of the Morelos Gold Property which is
roughly 29,000 hectares positioned in Guerrero State, Mexico.
Within the area, it consists of the El Limón-Guajes Mine, which
began their gold production December of last year, and the Media
Luna Project, an advanced stage of exploration, with a remaining
75% uncharted. Shares were up 12% after the announcement of the
economic reports and increased in value around 165% year to
date.
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