Latest Mergers and Acquisitions Propelling Gold & Precious
Metals To New Heights In 2016 Despite Economic Uncertainty in Other
Sectors
Coral Springs, FL -- February 24, 2016 -- InvestorsHub NewsWire
-- Improving forecast for gold in particular as mining stocks have
been on a recent tear, which is expected to continue to soar due to
a combination of mergers, current developments, recent discoveries
and financial uncertainty in other sectors of the market.
Mining stocks with recent achievements of note in the industry are
NuLegacy Gold Corporation (OTCQX:NULGF),
Kinross Gold Corporation (NYSE:
KGC), Barrick Gold Corporation (NYSE:
ABX), YAMANA GOLD INC. (NYSE:
AUY) and Goldcorp Inc. (NYSE:
GG)
NuLegacy Gold Corporation (NUG:
TSXV) (OTCQX:NULGF)
("NuLegacy") is pleased to announce that it has entered into an
agreement with Barrick Gold Corporation ("Barrick") pursuant to
which NuLegacy has agreed to acquire Barrick's 30% working interest
in the 23 sq. mile Redhill property (the "Property") in Nevada
which hosts the Iceberg gold deposit. As of the date hereof,
NuLegacy holds a 70% working interest in the Property through a
joint venture with Barrick. In exchange, NuLegacy will issue
32 million shares to Barrick at a deemed price of C$0.125 per
share, and grant a 2% net profits interest royalty from commercial
production on the Property.
Read the full NuLegacy Gold Corp (NULGF)(NUG.V)
Press Release at: http://www.financialnewsmedia.com/profiles/nulgf.html
Barrick has the right to nominate one director to NuLegacy's
board and participate pro rata in all future issuances of shares or
convertible securities. Barrick has agreed to provide NuLegacy with
certain stand still and voting restrictions in favour of NuLegacy
in respect of the shares for a period of two years, subject to
certain conditions. "We are pleased that Barrick has
entrusted the advancement of this exciting undeveloped gold
prospect in Nevada to NuLegacy," says NuLegacy Director Alex
Davidson. On closing, Barrick will become NuLegacy's
largest shareholder.
In additional Gold news and recent developments: Kinross
Gold Corporation (NYSE:
KGC) (TSX:K.TO)
announced last month that it has completed its acquisition of 100%
of the Bald Mountain gold mine, which includes a large associated
land package, and 50% of the Round Mountain gold mine in Nevada
from Barrick Gold Corporation for $610 million in cash1 under the
previously announced definitive asset purchase agreement. "The
addition of these quality assets adds to our production profile,
delivers free cash flow and is expected to lower costs while
preserving our balance sheet strength," said J. Paul Rollinson,
Kinross President and Chief Executive Officer. "The acquisition
expands our existing portfolio in Nevada, one of the best mining
jurisdictions in the world, and provides clear upside
potential."
Barrick Gold Corporation (NYSE:
ABX)(ABX.TO)
(Barrick or the "company") also reported this week the results of
four studies on projects that have the potential to add or
accelerate gold production at Cortez, Goldrush, Lagunas Norte and
Turquoise Ridge. Based on our current asset mix and subject
to potential divestments, we expect to maintain annual gold
production of at least 4.5 million ounces of gold through 2020.
These projects represent attractive opportunities to maintain and
grow free cash flow beyond 2020.
YAMANA GOLD INC. (NYSE:
AUY) (TSX:
YRI) reported its financial and operating results for the
fourth quarter and full year 2015, and its mineral reserve and
mineral resource estimate for the year ended December 31, 2015,
with some highlights provided as follows. Record total
production of 1.28 million ounces of gold, including 345,788 ounces
of gold in the fourth quarter of 2015, with record annual gold
production from Canadian Malartic, Gualcamayo and Minera Florida;
and Fourth quarter production increases compared to the prior year
of 18% at Chapada, 10% at Canadian Malartic, 15% at Gualcamayo and
37% at Jacobina. Read the full report at http://finance.yahoo.com/news/yamana-gold-announces-fourth-quarter-012738695.html
Goldcorp (NYSE:
GG) shares jumped 2.65% to $15.52 on Tuesday as gold
futures rebounded after equities turned negative, fueling investors
to seek safe haven assets. The precious metal was lifted by
European and U.S. shares falling on weak earnings updates and lower
oil prices, CNBC reports. Additionally, stocks extended losses
after the consumer confidence index dropped to 92.2 in February,
compared to 97.8 in January, Reuters said.
SOURCE: TheStreet.com
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