NEW YORK, September 12, 2018 /PRNewswire/ --

According to a report published by S&P Global Market Intelligence, the global budget on metals and mining exploration in 2018 is expected to increase by a further 15% to 20% year-over-year, led by the gold sector. Global spending on the search for nonferrous metals rose from USD 7.3 Billion in 2016 to an estimated of USD 8.4 Billion in 2017. The report indicated that the improved equity market is the factor that drives the market as it allows many companies to launch or resume drill programs on their most promising projects. Gold remains the main focus, while base metals and battery metals will gain more attention. Vanstar Mining Resources Inc. VMNGF, Yamana Gold Inc. AUY, Kinross Gold Corporation KGC, New Gold Inc. NGD, Almaden Minerals Ltd. AAU

Gold price was trading steady on Tuesday amid concerns of an escalation of global trade issues and expectations of a higher U.S. rate. According to CNBC, Benjamin Lu, Commodities Analyst at Phillip Futures, said: "The imposition of increased tariffs (between the United States and China) will indefinitely damage global economic conditions in the longer term ... However, safe-haven demand remains weak for the shorter term as markets fixate on stronger dollar prospects."

Vanstar Mining Resources Inc. VMNGF is also listed on the TSX Venture Exchange under the ticker symbol (TSX-V: VSR). Yesterday, the Company reported that its partner, IAMGOLD Corporation announced, "first assay results from its ongoing 2018 drilling program completed at its Nelligan joint venture project (IAMGOLD Corporation: 51%, Vanstar Mining Resources Inc. ("Vanstar"): 49%), located 60 kilometres southwest of Chibougamau, Quebec, Canada. The company is reporting assay results from 12 diamond drill holes, totaling 4,471 metres. Results are pending from a remaining 20 drill holes, totaling 8,889 metres, and will be reported once the results are received, validated and compiled.

The assay results include the following highlights: 

Liam Zone:  -Drill hole NE-18-71: 7.6 metres grading 2.39 g/t gold

                 -Includes 1.86 metres grading 6.68 g/t Au

            -Drill hole NE-18-74: 39.9 metres grading 1.38 g/t gold

                 -Includes 1.50 metres grading 8.91 g/t Au

Renard Zone:-Drill hole NE-18-69: 56.6 metres grading 1.81 g/t gold

                 -Includes 30.8 metres grading 2.66 g/t gold

            -Drill hole NE-18-73: 28.1 metres grading 1.40 g/t gold

                 -Includes 3.8 metres grading 4.65 g/t gold
                  and 32.3 metres grading 0.89 g/t gold

            -Drill hole NE-18-75: 23.3 metres grading 1.51 g/t gold 
             and 23.1 metres grading 2.59 g/t gold

                 -Includes 2.0 metres grading 5.91 g/t gold
                  and 22.1 metres grading 2.08 g/t gold
                  and 66.3 metres grading 1.18 g/t gold

                 -Includes 0.8 metres grading 17.05 g/t gold

            -Drill hole NE-18-79: 33.9 metres grading 1.76 g/t gold

The 2018 diamond drilling program was designed to evaluate the resource potential of the recently discovered mineralization system, referred to as the Renard Zone, located immediately north of the previously known Liam and Dan zones. The drilling continues to intersect wide zones of hydrothermal alteration characterized by variable carbonatization, sericite, phlogopite and pervasive silicification affecting the hosting meta-sedimentary sequence. Disseminated pyrite is associated with the alteration zones and varies from 1% to more than 15% locally. Trace molybdenite and rarely visible gold are also observed.

Craig MacDougall, Senior Vice President, Exploration for IAMGOLD, stated: 'The 2018 exploration drilling program continues to delineate wide zones of alteration and mineralization, allowing us to advance a preliminary deposit model and evaluate the resource potential of this large hydrothermal system. The results are encouraging and we are optimistic that we can advance this project to an initial resource estimate in the future.'

Guy Morissette, CEO of Vanstar stated: 'We are very pleased with these results from the winter program and we can't wait to receive the drill results from the current summer campaign. Our partner is doing an excellent job and we remain very optimistic for the future of the project.'

Next Steps: An additional 20 diamond drill holes, totaling 8,889 metres have been completed for which assay results are pending and will be reported once they are received, validated and compiled. These results, coupled with ongoing geochemical and structural studies, will continue to support the development and refinement of a geological and deposit model. The objective of the 2018 drilling program is to evaluate the resource potential of the project with the aim of declaring an initial National Instrument 43-101 ("NI 43-101) compliant resource estimate."

Yamana Gold Inc. AUY is a Canadian-based gold producer with significant gold production, gold development stage properties, exploration properties, and land positions throughout the Americas including Canada, Brazil, Chile and Argentina. The Company recently announced the declaration of commercial production at Cerro Moro, a high-grade gold and silver mine in Santa Cruz, Argentina. Cerro Moro is expected to deliver on 2018 production guidance with modest production in the second quarter of 2018 and nearly all of the expected 2018 production to be delivered in the second half of the year. With the declaration of commercial production, the focus is now on optimizing the operation and ensuring operating costs reach guidance levels. Daniel Racine, Yamana's Executive Vice President and Chief Operating Officer, commented, "We are pleased that Cerro Moro, an operation that we expect to contribute significantly to our production, has reached this important commercial milestone. The project has been brought to this stage on schedule and on budget, which reflects the significant efforts by operations and technical services management since construction began a few years ago."

Kinross Gold Corporation KGC is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Kinross Gold Corporation recently announced that it is proceeding with the initial Gilmore expansion project at its Fort Knox mine in Alaska. The initial Gilmore project is expected to extend mining at Fort Knox by six years to 2027, and leaching to 2030, at a low initial capital cost of approximately USD 100 Million, and increase life-of-mine production by approximately 1.5 Million Au eq. Oz. The project is expected to generate an internal rate of return (IRR) of 17% and net present value (NPV) of USD 130 Million based on a USD 1,200/oz. gold price, and an IRR of 26% and NPV of USD 239 Million based on a USD 1,300/oz. gold price. J. Paul Rollinson, President and Chief Executive Officer, made the following comments in relation to the Gilmore expansion: "We are pleased to proceed with the initial Fort Knox Gilmore project, a low-risk, low-cost brownfield expansion that is expected to extend mine life to 2030 at one of our top performing operations and contribute 1.5 Million gold equivalent ounces to strengthen our long-term U.S. production profile.

New Gold Inc. NGD is an intermediate gold mining company. The Company recently announced its 2018 second quarter results and updated 2018 outlook. Unless otherwise noted, all operating and financial results have been presented on a continuing basis and exclude Peak Mines, which has been classified as a discontinued operation and was sold in April 2018. New Gold's second quarter gold production of 108,550 ounces was higher than 2017 primarily due to additional ounces from Rainy River that more than offset the planned lower production at New Afton, Mesquite and Cerro San Pedro. Quarterly copper production decreased by 11% to 20.4 million pounds when compared to the second quarter of 2017. Annual consolidated gold production for 2018 is expected to be between 415,000 and 480,000 ounces, with Rainy River contributing between 210,000 and 250,000 ounces. Annual consolidated copper production remains in line with the original guidance range of 75 to 85 million pounds. Annual consolidated gold production for 2018 is expected to be between 415,000 and 480,000 ounces, with Rainy River contributing between 210,000 and 250,000 ounces. Annual consolidated copper production remains in line with the original guidance range of 75 to 85 Million pounds.

Almaden Minerals Ltd. AAU owns 100% of the Ixtaca project in Puebla State, Mexico, subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. Almaden Minerals Ltd. recently announced that it has achieved positive results from ore sorting trials carried out on ore samples from the Ixtaca gold-silver project located in Puebla State, Mexico. The ore sorting tests were carried out on a commercial XRT sorter using a bulk sample from the limestone host rock in the Ixtaca Main zone. The limestone host rock comprised 82% of the metal produced in the Pre-Feasibility Study which was filed on SEDAR on May 17^th, 2017. Morgan Poliquin, President and Chief Executive Officer of Almaden stated, "The Ixtaca deposit is very well suited to ore sorting. This is because the actual occurrence of gold and silver in the limestone hosted portions of the Ixtaca project is in the form of high-grade veins and veinlets, not, for example, as widespread low grade disseminated mineralisation. The many individual veins and veinlets within the vein swarms enclose irregular small bodies of barren limestone because these veins and veinlets branch and re-connect, as well as locally change strike and dip, pinch and swell. The wireframe models constructed to define the overall vein zones therefore contain interspersed irregular zones of barren limestone host rock. This inclusion of limestone dilution in the vein zone wireframes results in average reserve grades of 1.17 g/t AuEq1, as reported in the 2017 PFS. As indicated in these test results, ore sorting holds great promise of reducing this limestone dilution before milling. We are looking forward to seeing the results of this approach on the operating and economic profile of Ixtaca in the coming Feasibility Study."

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