Gold Hits a New Intraday Record as Economic Uncertainties Abound

NEW YORK, Aug. 5, 2020 /PRNewswire/ -- Gold prices rallied to a new intraday record on Thursday, pushed by the continuously growing demand for precious metals amid the economic uncertainties created by the pandemic. December gold GCZ20 was up USD 27.50, or 1.3%, at USD 2,013.60 an ounce on Thursday morning. The demand for gold is also a reaction to the additional awaited stimulus. Democrats and the White House appeared closer to an agreement on the new stimulus to help keep the economy afloat. However, earlier in July concerns were reignited as the level of new jobless claims unexpectedly increased again after signs of recovery, signaling a weakening trend in the labor market. As a result, about 30 million workers are collecting jobless benefits. Clarity Gold Corp. (CSE: CLAR), Coeur Mining, Inc. (NYSE: CDE), Alamos Gold Inc. (NYSE: AGI), Gold Fields Limited (NYSE: GFI), Hecla Mining Company (NYSE: HL

To reduce the impact of the pandemic on the economy, various measures have been taken, such as near-zero interest rates and economic stimuluses for business and individuals. Such measures also impact the price of precious metals. Horizons ETFs portfolio manager Nick Piquard explained to Kitco News that, "the U.S. dollar system has worked so far. But we're getting to the point where there's so much debt in the world and with this new crisis, there's even more debt… People are figuring out that maybe they will have to make some changes to how the U.S. dollar acts as a reserve system… After all that money has been spent, it's not like you're going to be able to raise taxes to get that money back, or it's not going to be easy to raise rates."

Clarity Gold Corp. (CSE: CLAR) announced last week breaking news that, "its Board of Directors has formed an Advisory Board and has named accomplished mining sector professional, Ian Graham as its first member. Mr. Graham has over 20 years of experience in the development and exploration of mineral projects. His expertise in corporate transactions, project evaluations, and exploration will be an asset to Clarity.

'Ian's extensive experience is invaluable for the current growth stage of the Company,' said James Rogers, CEO of Clarity. 'We are pleased to welcome someone of his caliber to add to the strength of our team, we look forward to working closely to increase the quality of our exploration efforts and maximize the value for our shareholders.'

Mr. Graham's experience is mostly at major mining companies, namely Rio Tinto and Anglo American, including as Chief Geologist with the Project Generation Group at Rio Tinto. He has been involved with evaluation and pre-development work on several projects in Canada and abroad, including Resolution Copper (Arizona, USA), Diavik Diamond Mine (Northwest Territories, Canada), Eagle Nickel (Michigan, USA), Lakeview Nickel (Minnesota, USA) and Bunder Diamonds (India). Mr. Graham's experience in the junior sector are mostly in C-level positions and includes exploration startups that have made new discoveries or acquired overlooked discoveries in base and precious metals and industrial commodities (graphite, potash). He is a passionate believer in the positive social and economic benefits of responsible resource development and is a proponent for the deployment of venture capital for the expansion of the global resource base. Ian studied Geology at the University of Regina and earned a BSc (Hons) in Geology at the University of KwaZulu Natal in South Africa.

"I look forward to contributing to Clarity as the company works toward reaching its corporate milestones," Mr. Graham stated. "Clarity has a solid team and I'm honoured to help the Company continue creating value for its shareholders."

About Clarity: Clarity Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration and development of gold projects in Canada. The Company is focused on the exploration of its 10,518 ha Empirical Project located approximately 12 km south of Lillooet, BC, and has recently expanded its mineral property portfolio with the acquisitions of the Tyber and Gretna Green projects, both located on Vancouver Island, British Columbia. The Company is based in Vancouver, British Columbia, and is listed on the CSE under the symbol "CLAR". To learn more about Clarity Gold Corp. and its projects please visit:"

For our latest "Buzz on the Street" Show featuring Clarity Gold Corp. recent corporate news, please head over to:

Coeur Mining, Inc. (NYSE: CDE) is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Palmarejo gold-silver complex in Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska, the Wharf gold mine in South Dakota, and the Silvertip silver-zinc-leadmine in British Columbia. Last year the Company reported encouraging results from expansion drilling at its Silvertip operation in British Columbia, its Sterling and Crown exploration projects in southern Nevada, and the Kensington mine in Alaska as well as positive results from the ongoing near-mine exploration program at the Palmarejo mine in Mexico. Promising assay results from new areas at Sterling and Crown – Expansion drilling at Sterling and Crown returned several notable intervals from the historic Sterling and Daisy mining areas. A single hole drilled southeast of Sterling returned 390.0 feet (118.9 meters) of 0.05 oz/t (1.6 g/t) gold and 145.0 feet (44.2 meters) of 0.11 oz/t (3.8 g/t) gold, along with two additional intercepts of 55.0 feet (16.8 meters) of 0.01 oz/t (0.4 g/t) gold and 45.0 feet (13.7 meters) of 0.01 oz/t (0.4 g/t) gold. At Daisy, a single hole returned 150.0 feet (45.7 meters) of 0.06 oz/t (2.0 g/t) gold, 85.0 feet (25.9 meters) of 0.08 oz/t (2.6 g/t) gold and 25.0 feet (7.6 meters) of 0.12 oz/t (4.1 g/t) gold.

Alamos Gold Inc. (NYSE: AGI) reported last month results of the positive internal economic study completed on its fully permitted La Yaqui Grande project located in the Mulatos District in Sonora, Mexico. Given the project's strong economics and its proximity to the existing Mulatos operation, the Company is proceeding with construction of the project starting in the second half of 2020. Average annual gold production of 123,000 ounces per year starting in the third quarter of 2022. This will replace higher cost production from the main Mulatos pit, keeping combined production at approximately 150,000 ounces per year.

Gold Fields Limited (NYSE: GFI) reported last month reported record production at the Gruyere joint venture (JV) project with Gold Fields in Western Australia, stating that COVID-19 had no material impact on its output. The JV delivered 71,685 ounces of gold during the June quarter and is on track to meet its full-year guidance of 250,000–285,000 ounces. It celebrated Gruyere's first 12 months of production in June, having produced 230,590 ounces since the first pour of gold. The amount of ore processed (2.2 million tonnes) during the quarter also exceeded nameplate production rates. This was achieved at a head grade of 1.06 grams per tonne and a gold recovery of 93.1 per cent. The company also continued its exploration program at the Gruyere site, Yamarna project and Lake Grace JV with Cygnus Gold in Western Australia during the three-month period.

Hecla Mining Company (NYSE: HL) announced last month preliminary production results and its cash position at the end of the second quarter as well as a new investment by Investissement Quebec. At the Greens Creek mine, 2.7 million ounces of silver and 13,104 ounces of gold were produced. Higher silver production compared to the second quarter of 2019, was due to higher ore grades as a result of mine sequencing. The mill operated at an average of 2,366 tons per day (tpd). "Our quick actions at the beginning of the pandemic minimized impact on our operations and finances, so production and cash flow generation were strong this quarter," said Phillips S. Baker, Jr., Hecla's President and CEO. "Because U.S. mines are essential businesses and the other two mines returned to production in the quarter, we increased production and internally generated cash flow. This performance has allowed us to substantially reduce our revolving line of credit which we expect to be fully repaid by year end. Hecla produces one third of all the silver in the U.S., giving investors unique exposure to what we believe will be higher silver prices in the future."

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