Gold Prices Rise on Continued Trade Tensions With China

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Apr 09, 2018, 09:00 ET

NEW YORK, April 9, 2018 /PRNewswire/ --

Gold rose last Friday on raising trade tensions and disappointing jobs report. Gold Spot rose 0.54 percent to $1,335.73 per ounce during last Friday's trading session, while U.S. Gold future for June delivery was up 0.54 percent to $1,335.7 per ounce. According to the Bureau of Labor Statistics, the U.S. economy adds 103,000 payrolls in March, falling short of Wall Street expectations of 193,000. This is also marked as the smallest gain in six months. The unemployment rate remained at a low level of 4.1 percent and jobs numbers were closely watched by Federal Reserve policymakers. The Fed raised benchmark rates in March. Investors expected two more rate hikes this year. Gold is highly sensitive to the changes in U.S. interest rates as a higher rate will increase the opportunity cost of holding non-yielding bullion. Bonterra Resources Inc. (OTC: BONXF), AngloGold Ashanti Limited (NYSE: AU), Kinross Gold Corporation (NYSE: KGC), Barrick Gold Corp (NYSE: ABX), Goldcorp Inc (NYSE: GG)

Concerns over a trade war between the two biggest economies in the world also help lift gold price higher. According to a statement released by the White House, the U.S. president has asked the U.S. Trade Representative to consider an additional tariff on $100 billion Chinese products. Gold is considered as a safe-haven asset during times of political uncertainty. According to Reuters, Saxo Bank's head of commodity strategy Ole Hansen said: "It's also been a week where the dollar has shown its teeth a bit, bond yields have moved a tad higher and stocks at this stage are still trading up on the week. That has been a counter to the underlying geopolitical uncertainty we're seeing."

Bonterra Resources Inc. (OTCQX: BONXF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: BTR). Just earlier today the company announced breaking news that, "the first significant intersections of a new "sixth parallel" gold zone at the Gladiator Gold Deposit. This newly discovered gold zone, located approximately 50 m south of the Barbeau Zone, is parallel to and geologically similar to the other five mineralized zones currently modelled at the expanding deposit. Additional drilling is now underway to test further to the south to intercept and expand this new zone. The ongoing drilling campaign, which will total ~70,000 m in 2018, includes infill and expansion drilling at the Gladiator Gold Deposit. Multiple drill holes are in the lab with assays pending. Highlights and Observations:

A new gold zone was recently discovered in Hole BA-18-09, at the Gladiator Gold Deposit, with 11.8 g/t Au over 2.6 m intercepted south of the Barbeau Zone, increasing the number distinct mineralized gold zones to six.
Infill drill results continue to demonstrate the continuity of the deposit, highlighting the predictability of the mineralized zones.
Hole BA-18-12 intersected 16.3 g/t Au over 3.4 m at the South Zone at 266 m depth. This intersection continues to confirm the continuity of the South Zone on the western side of the Gladiator Deposit.
Hole BA-18-11 intersected high-grade gold in five mineralized zones, including 10.1 g/t Au over 2.4 m in the Barbeau Zone. This highlights the predictability of multiple mineralized zones and validates the geological model.
Hole BA-18-10A intersected 16.5 g/t Au over 2.2 m in the Main Zone and confirms the continuous nature of the modelled mineralized zones.
To date, continuity of mineralization is now confirmed over a total drilled strike length on at least four horizons (North, Footwall, Main and South) of 1,200 m, as well as a drilled depth of 1,000+ m.

Please see http://www.bonterraresources.com/en/gladiator/maps-sections for updated maps including long sections and cross sections. Bonterra Resources Quick Facts:

Well financed with approximately $60 million raised in past 12 months.
Strong Shareholder Base including: Eric Sprott, Van Eck, Kirkland Lake Gold

Gladiator Gold Deposit:

Deposit extension and resource expansion underway with 60,000 m completed in 2017 and 70,000 m planned for 2018.
Advancing to the completion of an updated NI 43-101 Mineral Resource Estimate in the second half of 2018.
Drilled dimensions of the Gladiator Gold Deposit are currently outlined to a depth of 1,000 m below surface, and a strike length of 1,200 m.
Gladiator remains open in all directions, where at least six distinct sub-parallel zones or mineralized horizons have been identified.
Drilling is currently focused on the continued expansion of Gladiator Gold Deposit and exploration targets within the 10,541-hectare Urban-Barry property.
Larder Lake Gold Property: 100% controlled 2,221-hectare in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource). - Excellent access to three high grade gold deposits between Kirkland Lake and Virginiatown."

AngloGold Ashanti Limited (NYSE: AU) earlier in February announced that it has achieved guidance for the fifth straight year in 2017 as it achieved a 4% increase in production, progressed the restructuring of its South African portfolio and advanced its brownfield projects according to plan - all whilst generating $125m in free cash flow before growth investment. Its outlook for 2018 sees improvements across key metrics and also a decision to move ahead with redevelopment of its Obuasi Gold Mine in Ghana, subject to Parliamentary ratification. "We delivered a strong production and cost performance, which ultimately funded our reinvestment and restructuring programme," Chief Executive Officer Srinivasan Venkatakrishnan said. "In ensuring we maintain focus on our long-term strategy, our portfolio improvement projects were again executed on time and on schedule, and we continued to make progress on improving safety."

Kinross Gold Corporation (NYSE: KGC) recently has provided updates to its organic development projects, exploration program and its estimated mineral reserves and resources. Tasiast Phase One project development is progressing well, and continues to be on time and on budget, with full commercial production expected by the end of June. Plant construction is now 93% complete and the remaining work is now focused on electrical, instrumentation and controls installations. Paul Rollinson, President and CEO, made the following comments in relation to Kinross' organic development projects: "Our five development projects and three development opportunities all made great progress in 2017 and are proceeding on schedule and on budget. We achieved key project milestones during the year and are in a strong position to continue executing according to our plan. These projects are expected to increase production or extend life of mine in our portfolio and are the foundation of our future growth."

Barrick Gold Corp (NYSE: ABX) last month has announced reported that Moody's Investors Service ("Moody's") has upgraded the senior unsecured ratings of Barrick and all rated subsidiaries to Baa2 from Baa3, with a stable outlook. In a news release announcing the upgrade, Moody's cited Barrick's low adjusted leverage, large scale, diverse and low-cost gold assets, free cash flow generation and favorable geopolitical risk profile, noting Barrick's liquidity is excellent, which provides significant flexibility to maneuver through gold price volatility. "We are pleased that Moody's has recognized our efforts to significantly reduce the Company's total debt, while substantially improving liquidity and free cash flow generation," said Barrick President Kelvin Dushnisky. "Over the past three years, we have reduced our total debt by more than 50 percent, from $13.1 billion at the end of 2014, to $6.4 billion today."

Goldcorp Inc (NYSE: GG) on March 29^th announced that it has deposited the first gold onto Tradewind's blockchain, known as VaultChain™, as the "genesis block". A genesis block is the first block in a blockchain and represents a tremendous milestone for blockchain technology. Goldcorp's 3,000 ounce gold deposit, valued at US$4 million, originated from the storied Red Lake Gold Mines complex and is the first example of blockchain technology being used to record and manage physical precious metals in an institutional setting. "We are excited to be an investor in Tradewind and participate in the launch of VaultChain, a cutting-edge technology that integrates physical gold into a blockchain," said David Garofalo, President and CEO at Goldcorp. "We believe physical gold stored on a blockchain will increase the utility of the commodity and, ultimately, drive value in the price of gold. We are thrilled to be an early adopter of this 21st century platform and deposit its first bar of gold."

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