15.8.2016
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Topics:
Pershing Gold + Gold and Silver still stable – Uranium spot price weak, but how much longer? + EnWave + Klondex Mines + Caledonia Mining
Top-News of the week:
Pershing Gold gets Approval of Relief Canyon Mine Expansion plus new course aim of 6.90 US$!
Big milestone for Pershing Gold! A couple of days ago, the company announced that on August 3, 2016, the Winnemucca District, Humboldt River Field Office of the U.S. Bureau of Land Management approved the Environmental Assessment and Plan of Operations authorizing Pershing Gold to expand the Relief Canyon Mine. Securing BLM's authorization to expand the mine is the key permit needed for the Relief Canyon Mine to resume production. The successful acquisition of this permit significantly de-risks the project and is a critical milestone in the process to restart Relief Canyon.
Along with permitting expansion of the pit boundary and deepening of the pit, this permit modification increases permissible drilling areas, allowing the Company to drill high potential targets around the existing pits. The other key milestones on the path to production at Relief Canyon are a decision whether to utilize self or contract mining and obtaining full financing for the project. Pershing Gold is now working diligently to achieve these remaining objectives and continue to anticipate initial production within approximately six to nine months from the investment decision by the Board of Directors and obtaining full financing for the project.
After a couple of recommendations and higher course aims, set by some of the top-class analyst houses in the last few weeks, Euro Pacific Capital now set another course aim at 6.90 US$.
News: PGLC with major permit from BLM for production start
Research:  PGLC - Euro Pacific with buy recommendation and 6.90 USD target price
 

Market Watch:
Gold and Silver still stable – Uranium spot price weak, but how much longer?
Gold and silver showed again some more stable days within the last week. Despite relatively good US-employee data in July (255,000 new jobs), which were clearly worse than in June (292,000), but way higher than expected (180,000 – whereupon we are asking ourselves, why the expectations for a summer month were that low?!) and therefore a high price decline on Friday, the 5th, the leading precious metals were able to recover and stabilize at a high level. Especially the fact, that the job expectations were set at such a low level, which inevitably led to an overcompliance of these expectations, tricked the investors for only a short time. Well, gold and silver do not show any signs of weakness, what may be associated with the fact, that the likelihood for another increase in the US interest rates within this year dropped to below fifty-fifty.   
A complete opposite picture at the uranium market. The uranium spot price quotes at a relatively low level at around 26 US$ per pound. If we believe the majority of CEOs of leading uranium producers and developers, the uranium price doesn’t play a significant role at the moment, because the majority of deals between producers and operators of nuclear plants consists of long-term supply contracts with mostly fixed prices of 50 US$ per pound and higher. However, the majority of these contracts will run out in about two or three years, because producers do not have an interest in selling their production at such conditions, while production costs run at about 40 US$ or higher. This fact should lead to an increase in the uranium spot price into the 40 or 50 US$ range. A big chance for uranium companies like Uranium Energy, Fission Uranium, Skyharbour Resources, Plateau Uranium, NexGen, Forum Uranium and Energy Fuels and their shareholders! More to come within the next weeks.
Video 1: UEC - Company presentation Commodity-TV
Video 2: FCU - Company presentation Commodity-TV
 

Company News:
EnWave: Technology Evaluation and License Option Agreement with Major European Food Processor signed!
EnWave did it again! After the company already announced a couple of profitable deals within the last few weeks, it signed another Technology Evaluation and License Option Agreement with a Major European Food Processor a few days ago to explore the potential for dried meat and dairy snack products processed by the Company’s patented Radiant Energy Vacuum (“REV™”) dehydration technology. The Research Partner will have the exclusive option to license the use of REVTM technology for the production of meat and dairy snack products within an agreed European territory for a period of six months. EnWave has entered into similar agreements with several leading meat and dairy processors in the United States, Canada, Mexico, Australia, New Zealand and Europe. The Company has signed two commercial royalty-bearing licenses with meat processing companies, eight commercial royalty-bearing licensed with dairy processing companies and continues to vigorously pursue additional commercial royalty-bearing licensing agreements in a number of other verticals.  
News: EnWave with new TELOA with major European Dairy and Meat producers
 
Klondex Mines with Record Revenue and Operating Cash Flow in Q2/2016 – Production decision for True North in Q3/2016!
A short time ago, Klondex Mines announced the results for the second quarter of 2016. According to this, the company sold 37,914 gold equivalent ounces (“GEOs”), consisting of 32,499 gold ounces and 408,316 silver ounces, which lead to a revenue of 48.0 million US$ from average selling prices per gold and silver ounce of 1,266 US$ and 16.78 US$, respectively. The company recorded a net income of 7.1 million US$.
Klondex Mines also announced some good news on True North. According to this, the drilling and rehab activities have been completed and it is expected that the company will make a production decision in the third quarter of 2016. There will be an anticipated recovery of 8,000 - 12,000 gold ounces in the second half of 2016 should the company proceed with a production decision.
News: KDX strong results Q2-2016 with record numbers
Video: Site visit at KDX properties

Caledonia Mining raises production and reduces All-In-costs drastically!
A couple of days ago, Caledonia Mining announced its operating and financial results for the second quarter of 2016. According to this, the gold production in the quarter was 15.6 per cent higher than in the first quarter of 2016 due to the increased tons mined and milled and the improved grade. The average feed grade in the quarter was 3.47 grams per ton compared to 3.16 grams per ton in quarter 1 and 3.25 grams per ton in 2015. The higher grade was as planned and reflects the commencement of production from the AR South and Blanket ore bodies below 750 meters.  In future quarters the company expects, that the grade will improve towards 4 grams per ton as production from higher grade, deeper ore bodies increases.
Higher production results in a lower average cost per ounce as fixed costs are spread over more production ounces. The All-In Sustaining cost for the quarter was 936 US$ per ounce - 9.5 per cent lower than in the comparable quarter of 2015. Costs at Blanket and Caledonia remain well-controlled and the company expects to see further reductions in the average cost per ounce as production increases in terms of the production plan.
The results for the second quarter represent a substantial improvement on previous quarters as the company begins to see the benefits of the continued investment at Blanket. Adjusted earnings per share in the second quarter were 144 per cent higher than in quarter 1 of 2016 and over 300 per cent higher than in the second quarter of 2015. Caledonia remains confident of meeting market expectations for the remainder of 2016.
News: CAL - Superb Q2-2016 results +144% profit compared to Q1-2016
 
 
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Hinweis gemäß §34 WpHG (Deutschland) und gemäß § 48f Abs. 5 BörseG (Österreich) sowie Art. 620 bis 771 Obligatorenrecht (Schweiz) zu bestehenden Interessenskonflikten der Swiss Resource Capital AG und der Autoren der Swiss Resource Capital AG:
Sowohl die Swiss Resource Capital AG, als auch die Autoren der Swiss Resource Capital AG halten aktuell Aktien von Unternehmen, die in dieser Publikation erwähnt wurden. Es besteht somit ein Interessenskonflikt nach oben genannten Paragraphen. Ferner beabsichtigen sowohl die Swiss Resource Capital AG, als auch die Autoren der Swiss Resource Capital AG in naher Zukunft, sich von Aktienbeständen zu trennen und damit von steigenden Kursen und/oder erhöhter Liquidität der jeweiligen Aktie zu profitieren. Zudem behalten sich sowohl die Swiss Resource Capital AG, als auch die Autoren der Swiss Resource Capital AG vor, jederzeit Aktien von Unternehmen, die in dieser Publikation erwähnt wurden zu kaufen oder zu verkaufen, auch unabhängig von einer Berichterstattung in Publikationen der Swiss Resource Capital AG. Auch hieraus ergibt sich ein entsprechender Interessenskonflikt nach §34 WpHG (Deutschland) und gemäß § 48f Abs. 5 BörseG (Österreich) sowie gemäß Art. 620 bis 771 Obligatorenrecht (Schweiz).
Ferner machen wir darauf aufmerksam, dass die Swiss Resource Capital AG IR-Beratungsverträge (Übersetzungen, Organisieren von Roadshows, Unterstützung bei der Suche nach Investoren bei Kapitalerhöhungen etc.) mit, in dieser Ausgabe erwähnten Unternehmen geschlossen hat und daraus ebenfalls Interessenskonflikte nach §34 WpHG (Deutschland) und gemäß § 48f Abs. 5 BörseG (Österreich) sowie gemäß Art. 620 bis 771 Obligatorenrecht (Schweiz) bestehen.
 
Die Swiss Resource Capital AG sowie die Autoren der Swiss Resource Capital AG halten aktuell Aktien an folgenden, in dieser Ausgabe erwähnten Werten: TerraX Minerals, MAG Silver, Cyprium Mining, Inca One Gold, EnWave, Endeavour Silver.
Die Swiss Resource Capital AG hat mit folgenden, in dieser Ausgabe erwähnten Unternehmen IR-Beratungsverträge geschlossen: TerraX Minerals, MAG Silver, Cyprium Mining, Inca One Gold, EnWave, Endeavour Silver.

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