Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,189 and $1,197 so far today…as of 7:00 am Pacific, bullion is flat at $1,190…Silver is up a penny at $14.77…precious metal investors will be closely examining tomorrow’s Fed minutes while also keeping an eye on the central bank’s annual policy symposium at Jackson Hole, Wyoming, later in the week…base metals are starting to firm up…Copper, Nickel and Zinc are all modestly higher at $2.72, $6.17 and $1.10, respectively…Cobalt is steady at $29.26…Crude Oil has shot up $1.53 a barrel to $67.96…the full impact of the Iran sanctions is not yet clear…while most of Europe’s energy firms are likely to fall in line with Washington, China has indicated that it will continue to buy Iranian Oil…how that goes over with the Trump administration remains to be seen…the Dollar Index is off another one-tenth of a point to 95.59…
2. President Trump is getting his wish, at least for a day – the greenback is retreating, with the Dollar Index now back below 96, a day after he said he’s disappointed with the Federal Reserve’s intention to keep hiking interest rates…since assuming office in January of last year, Trump has expressed his preference for a weaker currency, believing it makes U.S. exports more attractive on a global stage while he’s trying to make progress at lowering the trade deficit…in remarks yesterday to Reuters, Trump again criticized the Fed and said he was hoping that Chairman Jerome Powell would have leaned more toward cheaper money…he took his position a step further by saying other nations are manipulating their currencies, a sign that the administration may get more aggressive with those trying to undercut the dollar…
3. Exchange-traded funds have posted inflows of Gold again while Russia added more metal to official reserves last month, according to Commerzbank.  âAfter Gold ETFs tracked by Bloomberg recorded outflows all of last week, they saw a marginal but noticeable inflow yesterday,â the bank says. âThe Russian central bank likewise appears to have taken advantage of the low Gold prices and bought more Gold in July than in the previous months.  By its own account, holdings were increased by 839,000 ounces or 26.1 tonnes. The last time the Russian central bank bought more Gold in one month was in November”…
4. BHP (BHP, NYSE, ASX), the worldâs biggest miner, declared a record final dividend today after its underlying earnings jumped by a third for the year ended in June…investors can expect another handsome payday soon – the company has pledged to return roughly $10 billion to them after completing the sale of its troublesome U.S. shale assets…3 major assets – Iron Ore and Coal in Australia and a giant Copper mine in Chile – contributed three-quarters of BHP’s earnings before interest, tax, depreciation and amortization last year as the company’s more focused approach pays off…BHP comfortably generated enough cash to reduce its net debt, fund its capital expenditure needs and pay that hefty dividend…meanwhile, the company is ploughing more investment into Nickel mine development and exploration in Western Australia, seeking to secure its own supply of a key material in batteries needed to meet booming demand for electric cars…BHP is building what is expected to be the worldâs largest battery-grade Nickel sulphate plant on the outskirts of Perth and is boosting output to be âas self-sufficient as possibleâ…as well as sourcing from its own mines, BHP also buys Nickel concentrate from other miners…the move to secure more of its own supply comes as anticipated EV demand encourages other miners to go into sulphate production themselves…BHPâs Perth Nickel sulphate plant is expected to come on line from April 2019 with capacity to produce 100,000 tonnes of Nickel sulphate, accounting for some 22,000 tonnes of Nickel…the miner is making plans to double capacity…
5. The Dow has jumped 88 points through the first 30 minutes of trading…if one assumes the bull market on Wall Street began on March 9, 2009, when the S&P closed at a bear market low of 676, tomorrow the bull market will turn 3,453 days old, making it the longest bull market of all time (1 day beyond the one that ran from October 1990 and ended with the bursting of the tech bubble in March 2000)…the S&P 500 has gained 300% since early March 2009…in Toronto, the TSX is 61 points higher while the Venture, aiming for its 4th consecutive winning session, is up 3 more points at 689 as of 7:00 am Pacific…Gold Standard Ventures (GSV, TSX) has released results from 24 core holes at the Pinion oxide Gold deposit in Nevada…among the better intersections were 15.6 m of 3.26 g Au/t, 14.9 m of 2.35 g Au/t, 20.1 m of 1.36 g Au/t, and 84.8 m of 0.86 g/t Au on 3 different holes…the results continue to confirm lateral continuity to oxide Gold mineralization and resource expansion potential on the east side of the deposit…
6. Superior Gold (SGI, TSX), one of the top performing Gold stocks in 2018, has reported record quarterly production of 25,608 ounces of Gold, an increase of 46% for the same period in 2017, along with its highest quarterly Gold recoveries averaging 90%, an increase from 76% for the same period in 2017…All-In-Sustaining-Costs decreased 23% to $1,098 per ounce sold whiled the realized Gold price was $1,303 per ounce sold…Chris Bradbrook, President and CEO of Superior Gold stated:  “We reached record production at the Plutonic Gold operations, since their acquisition in October 2016.  Production during the quarter also represented a material increase relative to the 1st quarter of 2018 as underground mining activities returned to higher grade zones and ramp up of production continued to progress well at the Hermes Gold mine.  Consequently, costs also decreased significantly relative to the prior quarter, resulting in a strong $5 million of cash flow from operating activities. Significantly, monthly production increased and costs decreased through the quarter”…
7. The National Post reported this morning that Canadian doctors remain divided about whether recreational cannabis should be legalized, with those opposed holding deep reservations over addiction and mental health, according to a survey of family physicians…the Post’s Derrick Penner wrote that at the cusp of the October 17 deadline for legalization, 47% of general practitioners oppose legalization, 32% support it and 21% remain neutral according to the survey of 235 family doctors conducted by MD Analytics. “It’s interesting that (the results were) so polarized,” said Rahim Shah, Vice-President of client services at MD Analytics. “The other interesting thing is that regionally, we didn’t notice any significant differences.  That level of support, that level of opposition was relatively consistent across the country”…the results appear to mirror the concerns raised by the Canadian Medical Association in recommendations to government related to the legalization of recreational cannabis…the CMA said in 2016 that government adopt a “broad, public-health policy” approach, which it has maintained through its January recommendations to Health Canada on implementing Bill C-45…
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ABEN CLOSES $4.28 MILLION PRIVATE PLACEMENT FINANCING LED BY ERIC SPROTT
Aben Resources Ltd. has closed its previously announced non-brokered private placement financing (see news release dated Aug. 15, 2018) for aggregate gross proceeds of approximately $4.28-million. The Company intends to utilize the proceeds from this financing for its ongoing 2018 exploration and drilling program at its Forrest Kerr Gold Project located in B.C.’s Golden Triangle region and for general working capital purposes.
The Company has issued 14,264,967 units (each, a “Unit”) at a price of $0.30 per Unit for gross proceeds of $4,279,490 (the “Offering”). Each Unit consists of one common share of the Company (each, a “Share”) and one share purchase warrant (each, a “Warrant”) entitling the holder to purchase an additional common share at a price of $0.45 for a period of two years expiring August 21, 2020.
The Company is also pleased to announce that approximately 4.78 million warrants have been exercised since May 31st, 2018, raising an additional $791,219 in net proceeds for the Company.
The Company’s President and CEO, Jim Pettit, stated: “With the closing of this financing, we are pleased to welcome Eric Sprott as a large, strategic shareholder of Aben. The Company is well positioned with over $6.0 million in the treasury to expand the 2018 drill program at its flagship Forrest Kerr Gold Project. Additional drilling is warranted on the back of the results from the first drill hole in the program at the newly discovered North Boundary zone which intersected four separate high-grade intervals including 62.4 grams per tonne gold over 6.0 m within 38.7 g/t Au over 10.0 m from 114.0 to 124.0 m. Aben has now completed 4,850 meters of drilling in 16 holes and is awaiting assay results. The majority of these holes were drilled at the North Boundary Zone and the Company will provide updates as results become available.”
As of the date hereof, after giving effect to this acquisition, Mr. Eric Sprott beneficially owns and controls 6,666,667 Shares and 6,666,667 Warrants of Aben, representing approximately 6.6% of the issued and outstanding shares on a non-diluted basis, and approximately 12.5% on a partially diluted basis. Prior to the date hereof, Mr. Sprott did not beneficially own any securities of Aben.
The Units were acquired by Mr. Sprott, through 2176423 Ontario Ltd., for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of Aben either on the open market or through private acquisitions or sell securities of Aben either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
In connection with part of this Offering, the Company paid $237,999.29 in cash finder’s fees and issued 793,331 finder’s warrants (“Finder’s Warrants”) to qualified arm’s length finders. Each Finder’s Warrant entitles the holder to acquire one additional Share at an exercise price of $0.45 for a period of two years expiring August 21st, 2020. Four directors of the Company subscribed for 175,000 Units of the Offering.
The securities issued pursuant to the Offering and any shares issuable upon the exercise of warrants will be subject to a statutory four month and one day hold period expiring December 22nd, 2018.
Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
Comment by John - BMR — August 21, 2018 @ 12:38 pm
Hi guys,
Is the drill is turning on the ground at the potential new discovery zone for CCW ?
Thank you
Comment by Sylvain — August 21, 2018 @ 1:19 pm
I suspect we’ll get confirmation of that from CCW any day now, Sylvain…
Comment by Jon - BMR — August 21, 2018 @ 1:24 pm
Thank you Jon !
Comment by Sylvain — August 21, 2018 @ 3:52 pm
Hey BMR! Any idea WHEN we can expect drilling to actually commence at the MOON property? From what I have heard, they are still waiting for a drill rig to arrive at the site (which could take several days to weeks). What is the latest?
Comment by Raffi14 — August 21, 2018 @ 5:44 pm
Check out Daniel’s piece from Sunday, Raffi14…
Comment by Jon - BMR — August 21, 2018 @ 5:51 pm
I asked Dave McMillan of DVR if there was anything he could tell me re the recent action in the stock… got nada back… not sure what I was expecting but….
best volume day for a while…
Comment by Jeremy — August 22, 2018 @ 5:43 am
CCW is starting to feel like the calm before the storm.
Comment by Dgambler — August 22, 2018 @ 8:27 am
questions arising about the Frank trip to SF. is he presenting to the conference, or to a private group or walking the aisles talking it up w battery dudes? any expectations from this trip?
Comment by David — August 22, 2018 @ 9:56 am
Jeremy… DVRâs financials are due any day, hopefully a nice surprise there. Also they have recently moved into the US, so maybe getting my some decent number of flights there now too. They had over 4 million in cash at last financials and a very tight share structure so when things move there it doesnât take very long. Last private placement was at 35 cents with 50 cent warrants. I think we may get back to that level soon. IMHO
Comment by Ed — August 22, 2018 @ 10:55 am
CCW from .80 > .70 in 4 days. Picked up another 10K today but am slowly starting to question the wisdom of my purchases. All I can say is I hope BMR is right and Frank delivers big time.With everything he has going for it I hope he starts to deliver sooner rather than later. Have been playing the old song by the KINKS (Tired Of Waiting). Would rather be listening to The Beatles (Money).
Comment by Dgambler — August 22, 2018 @ 1:12 pm
GT Gold presentation Friday at 1 pm for retail investors at Mackie Research office in Vancouver…limited space – reserve now by email ([email protected]) if you’d like to attend…definitely worth attending if you’re in town as September could be a big month for this stock with initial results coming from Saddle North plus more results from Saddle South as drilling continues…
Comment by Jon - BMR — August 22, 2018 @ 1:57 pm
Thx Ed.. .. makes sense:) appreciated
Comment by Jeremy — August 22, 2018 @ 2:08 pm