Gold Prices Affected by Upcoming Catalysts This Week

PR Newswire

NEW YORK, March 14, 2017 /PRNewswire/ --

Gold prices pared its early gains on Monday as investors are anticipating the FOMC meeting and the Netherlands elections on this Wednesday. The yellow metal was under pressure as recent comments from the Fed officials and a solid jobs report data last Friday boosted the odds of a rate hike at the upcoming meeting this week. Gold prices are correlated and highly sensitive to interest rate change, as higher rates will increase opportunity cost of holding non-yielding gold. Yet, despite the confidence projected by the FOMC, uncertainties surrounding the elections in the Netherlands and France will have gold investors eyeing the key level support of $1,200 an ounce. Vanstar Mining Resources Inc. (TSX-V: VSR), IAMGOLD Corp. (NYSE: IAG) (TSE: IMG.TO), Nevsun Resources (NYSE: NSU) (TSX-V: NSU), Golden Star Resources Ltd. (NYSE: GSS) (TSE: GSC.TO)

Investors will turn their attention to Wednesday's Dutch parliamentary elections. Recent polls suggested that the risk of a Eurosceptic party to come into power is small, but investors still remain cautious over the possibility of a surprising result. Meanwhile, the expectations for a rate hike this week are high. Investors are looking for clues on the pace of rate hikes in the future, which remains unclear. "A Fed hike on Wednesday is fully discounted by the market...the only thing that might prompt a surge in the dollar and rates is if the FOMC members lift the number of rate hikes they expect this year," ICBC Standard Bank said in a note, CNBC reported.

Earlier today Vanstar Mining Resources Inc. (TSX-V: VSR) announced that, "According to the final drilling results obtained by Vanstar Mining Resources Inc. from the 2016 autumn drill program, the management is able to confirm the occurrence of an extensive hydrothermal gold system in the northern sector of the Nelligan project, located in the Chapais-Chibougamau area of the province of Quebec.

Final assay results from the November 2016 diamond drilling program completed by project manager IAMGOLD Corporation ("IAMGOLD") in the North Sector and totaling 2,225 metres from 5 diamond drill holes are now received.

The drilling done during the 2016 winter and autumn drill programs shows that gold is found in an extensive gold anomalous, silicified, alteration zone of several hundred meters width. The presence of pyrite is constant in the alteration zone and varies from 1% to more than 15% locally. The north sector appears to be associated with a low magnetic anomaly of more than 4 kilometres in length, as well as locally with induced polarization (IP) geophysical anomalies.

"Assay results from last autumn's drilling program have returned very encouraging results from the extension to the west of this gold-bearing alteration system. These results continue to extend the mineralization and further drilling is required to assess the economic potential of this new discovery. The constant presence of gold in three closely related environments such as Liam, Dan and the Northern Sector clearly demonstrates the gold potential that the Nelligan Project can contain. The current campaign is going very well. Main targets on the east side are met and we expect to publish results as soon as possible," commented M. Guy Morissette, CEO of Vanstar Mining Resources Inc.

IAMGOLD Corp. (NYSE: IAG) (TSE: IMG.TO) is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. The Company's gold mine segment is divided into geographic segments, such as Burkina Faso - Essakane mine; Suriname-Rosebel mine; Canada-Doyon division, which includes the Westwood mine and the Doyon mine, and Joint ventures (Mali)-Sadiola mine (41%) and Yatela mine (40%).

Nevsun Resources (NYSE: NSU) (TSX-V: NSU) is the 100 percent owner of the high-grade copper-gold Timok Upper Zone in Serbia and 60 percent owner of the high-grade copper-zinc Bisha Mine in Eritrea. The Timok Project is located in eastern Serbia near the Bor mining and smelting complex. The Timok Project is focused on the Cukaru Peki deposit which includes the high grade Upper Zone and the Lower Zone. The Upper Zone has an extremely high copper and gold content consisting of 1.7 million tonnes of indicated resource grading 13.5% copper and 10.4 g/t gold and 35.0 million tonnes of inferred resource grading 2.9% copper and 1.7 g/t gold.

Golden Star Resources Ltd. (NYSE: GSS) (TSE: GSC.TO) is an established gold mining company with two producing mines on the prolific Ashanti Gold Belt in Ghana. Both of the Company's mines, Wassa and Prestea, are expanding to develop underground mines below existing open pit operations. This will enable Golden Star to transform into a high grade, low cost gold producer with strong exploration upside potential. The Wassa Underground Gold Mine commenced commercial production in January 2017 and the Prestea Underground Gold Mine is expected to achieve commercial production in mid-2017. Gold production in 2017 is expected to be 255,000-280,000 ounces with cash operating costs of $780-860 per ounce.

Gold Standard Ventures Corp. (NYSE: GSV) (TSX-V: GSV) is an advanced stage gold exploration company focused on district scale discoveries on its Railroad-Pinion Gold Project, located within the prolific Carlin Trend. The Pinion and Dark Star gold deposit acquisitions offer Gold Standard a potential near-term development option and further consolidates the Company's premier land package on the Carlin Trend. The Pinion deposit now has an NI43-101 compliant resource estimate consisting of an Indicated Mineral Resource of 31.61 million tonnes grading 0.62 grams per tonne (g/t) gold (Au), totaling 630,300 ounces of gold and an Inferred Resource of 61.08 million tonnes grading 0.55 g/t Au, totaling 1,081,300 ounces of gold, using a cut-off grade of 0.14 g/t Au.

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