Gold Continues Strong Start For 2016 Leading to Industry's Best
Month In Nearly 20 Years - Mining Company Closes Acquisition
Coral Springs, FL (March 3, 2016) -- The gold sector has lived
up to expectations thus far in 2016 fueled by joint ventures,
mergers, debt reductions and overall strong performance on
the market. Mining companies with recent developments of
interest in the gold sector / precious metals market are NuLegacy
Gold Corporation (OTCQX: NULGF), Barrick Gold Corp. (NYSE: ABX),
Freeport-McMoRan Inc. (NYSE: FCX), Kinross Gold Corporation (NYSE:
KGC) (TSX: K) & Gold Standard Ventures
Corp. (NYSE: GSV) (TSXV: GSV)
NuLegacy Gold Corporation (TSXV: NUG.V) (OTCQX: NULGF) reports that it has closed the
previously announced transaction with Barrick Gold Corporation
(Barrick) whereby NuLegacy has acquired Barricks 30% working
interest in the Redhill property (the Property) in Nevada hosting
the Iceberg gold deposit. - Barrick Becomes NuLegacys Largest
Shareholder at 16.7%
Read the full NuLegacy Gold Corp (NULGF) (NUG.V) Press Release
at http://www.financialnewsmedia.com/profiles/nulgf.html
In exchange, NuLegacy has issued 32 million shares (the NUG
Shares) to Barrick and granted a 2% net profits interest royalty
from commercial production on the Property. Barrick now has the
right to nominate one director to NuLegacy's board and to
participate pro rata in all future issuances of shares or
convertible securities. Barrick has provided NuLegacy with certain
stand still and voting restrictions in favour of NuLegacy in
respect of their shares for a period of two years, subject to
certain conditions. NuLegacy now owns 100% of the Property, subject
to the underlying royalties. The Iceberg gold deposit,
located in the Cortez gold trend of Nevada, is adjacent to
three of Barrick`s multi-million ounce Carlin-type gold deposits
that are its lowest cost and politically safest gold assets , and
has an established exploration target of 90-110 million tonnes of
0.9 to 1.1 grams of gold per tonne
In other mining news and developments: Shares of Barrick Gold
Corp. (NYSE: ABX) increased by 1.66% to $13.49 on yesterday
morning, as gold prices trade in the green. For April delivery,
gold is up by 0.74% to $1,239.90 per ounce on the COMEX this
morning. The price of the precious metal is advancing today as
global equities moved lower after oil prices declined, Reuters
reports. SOURCE: TheStreet.com
Freeport-McMoRan Inc. (NYSE: FCX) announced recently that it has
entered into a definitive agreement to sell a 13 percent ownership
interest in its Morenci unincorporated joint venture to Sumitomo
Metal Mining Co., Ltd. (SMM) for $1.0 billion in cash. Richard C.
Adkerson, FCXs President and Chief Executive Officer, said: We are
pleased to expand our partnership at Morenci with Sumitomo. This
transaction represents an important initial step toward our
objective to accelerate debt reduction and restore our balance
sheet, while retaining a portfolio of high quality assets and
resources.
Kinross Gold Corporation (NYSE: KGC) (TSX: K) announced recently that it has entered into
an agreement with a syndicate of underwriters led by TD Securities
Inc. and Scotiabank for a bought deal public equity offering of
83,400,000 common shares of Kinross at a price of US$3.00 per
common share for gross proceeds of approximately US$250 million.
The Company has granted the underwriters an option, exercisable at
the offering price for a period of 30 days following the closing of
the offering, to purchase up to an additional 15% of the offering
to cover over-allotments, if any. The offering is expected to close
on or about March 4, 2016 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the Toronto Stock
Exchange, the New York Stock Exchange and the securities regulatory
authorities.
Gold Standard Ventures Corp. (NYSE: GSV) (TSXV: GSV) recently reported that it has closed its
previously announced private placement financing (the "Financing")
with a wholly owned subsidiary of OceanaGold Corporation (TSX: OGC) ("OceanaGold") for 13,831,931 common
shares of Gold Standard (the "Purchased Shares") at a price of
C$1.00 per share for gross proceeds of C$13,831,931. OceanaGold now
owns approximately 19.9% of the Company's issued and outstanding
shares on an undiluted basis.
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