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Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,261 and $1,266 so far today…as of 7:00 am Pacific, the yellow metal is down $3 an ounce at $1,265…many financial markets in Asia and Europe are closed today for the May 1 Labor Day holiday overseas…Gold fell by 1.3% last week, its biggest weekly percentage decline since early March, but the metal ended April with a monthly gain of about 1.5%…INTL FCStone is constructive on Gold for May, calling for a range of $1,240 to $1,310 an ounce. “We see Gold maintaining a relatively higher trading range in May as tensions with North Korea  – yet another missile was fired this weekend – will command more attention now that the bearish impact of the French election is out of the way,” they stated.  “Other supportive factors include an expected weaker dollar, dovish stances taken by the ECB and the BOJ at their recent meetings and the fact that physical and ETF demand seems to be picking up.” 

2. The Venture begins a new month trying to reverse a 2-week slide that has taken 28 points or 3.3% off the Index which had its first losing April in 4 years…very strong technical support ranges from 780 to 800, but the Index has enjoyed its longest stretch of closes above 800 (32 consecutive sessions) in 2-and-a-half years…as of 7:00 am Pacific, the Venture is off 1 point at 806…the TSX has added 15 points while the Dow is 8 points lower…

3. Global miner South32 is taking a 15% ownership position in Arizona Mining (AZ, TSX) with AZ reporting this morning that it has signed a binding private placement agreement for 45 million common shares in the company at a price of $2.45 per share with South32 for gross proceeds of $110.3 million (CDN)…the proceeds will be used to add drill rigs and fully test the Taylor Deeps, Trench Vein system and other high-priority targets, as well as to advance the company’s Taylor deposit to the feasibility and permitting stage.  “We are extremely pleased to welcome South32…as a strategic investor in Arizona Mining,” stated Jim Gowans, AZ President and CEO.   “South32’s significant investment represents an endorsement of the Taylor Zinc-Lead-Silver deposit and recognizes the deposit’s growing world class stature and additional prospectivity.”  AZ is up 26 cents at $2.15 through the first 30 minutes of trading…

4. Wet commissioning is nearing completion at Pretium Resources‘ (PVG, TSX) Brucejack mine, one of the world’s highest grade Gold mines in the Eskay Heart of Gold Camp…the commissioning process was initiated last month and Pretium reported this morning that the first ore has been introduced to the process in preparation for production…Proven and Probable mineral reserves in the Valley of the Kings are a whopping 8.1 million ounces of Gold (15.6 million tonnes grading 16.1 g/t Au)…to the northwest at Nickel Mountain, Garibaldi Resources (GGI, TSX-V) is carrying out a VTEM survey over the E&L Nickel-Copper rich deposit and surrounding area…it’s the first modern geophysics program ever undertaken at the E&L which is also the first magmatic Nickel massive sulphide system discovered in this prolific district…

5.  First Cobalt (FCC, TSX-V) announced this morning that it has signed an exclusive LOI with an associate of Madini Minerals to form a strategic alliance and earn a controlling interest over 7 prospective Copper-Cobalt exploration properties covering 190 sq. km in the Democratic Republic of the Congo…FCC would be a 70% joint venture partner on each of the 7 properties with Madini holding an 8.5% ownership interest in First Cobalt.  “This transaction will allow First Cobalt to firmly establish a presence in one of the richest mining camps in the world. I also look forward to announcing the work plan for the Keeley–Frontier mine in northern Ontario in the near future as we move forward with our strategy to provide focused leverage to the Cobalt market,” stated FCC CEO Trent Mell…FCC is up 4 pennies at 72 cents as of 7:00 am Pacific…

6. Callinex Mines (CNX, TSX-V) has intersected 2.6 m grading 3.0% Copper equivalent (1.64% Cu, 0.53% Zn, 0.92 g/t Au and 34.6 g/t Ag) in drill hole PBM-024 at its Pine Bay Project near Flin Flon…the VMS intercept occurs approximately 180 m along strike to the southwest of and 70 m below the 10.3 m thick intersection of 13.1% Zn equivalent discovered by the company late last year in drill hole 284–3–93-DPN…importantly, the location of the PBM-024 intersection suggests that the massive sulphide zone, if proven to be continuous from the 10.3 m intersection in 284–3–93-DPN, likely has a strike length comparable with many of the more significant past-producing VMS mines within the Flin Flon district…CNX is up half a penny at 34 cents in early trading…

7. More strong drill results this morning from Atlantic Gold (AGB, TSX) as it continues with resource definition drilling at 2 of its deposits in Nova Scotia (Fifteen Mile Stream and Cochrane Hill)…highlights from the former include 49 m @ 2.37 g/t Au from 24 m, 17 m @ 3.49 g/t Au from 60 m, and 24 m @ 1.65 g/t Au from 35 m…Cochrane Hill highlights include 16 m @ 3.48 g/t Au from 51 m, 6 m @ 7.00 g/t Au from 47 m, 16 m @ 1.63 g/t Au from 77 m, and 17 m @ 1.90 g/t Au from 202 m…the company is upgrading resources at both deposits to Measured and Indicated categories…a Pre-Feasibility Study will determine the economic viability of processing these deposits at the company’s Moose River Consolidated (“MRC”) facility…AGB is off 2 pennies at $1.44 through the first 30 minutes of trading…

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