• Exploration and Royalties Make Good Resource Companies

    Exploration and Royalties Make Good Resource Companies

    Source: Adrian Day for Streetwise Reports 06/21/2018 Sector expert Adrian Day looked at two 'favorite' junior explorers he considers 'good buys at current levels.'Lara Exploration Ltd. (LRA:TSX.V) (0.59) released some very strong results from channel sampling at a new polymetallic property in Peru. The Puituco Project returned 4.6% zinc, 4.9% lead and 27 grams per ton over 42.6 meters. These results make it more likely that Lara can execute a good earn-in agreement, more likely with a major company. Acquired at auction in late 2017, Puituco is surrounded by BHP Billiton Ltd. (BHP:NYSE; BHPLF:OTCPK) property, while South32 Ltd. (S32:ASX; a major base metals company itself spun off from BHP) is nearby. One of the two would be an obvious candidate for any agreement; South32 has been very active in acquisitions and joint ventures. Lara is particularly active in Brazil and Peru, though most of the recent news is from the former. In Peru, however, it now has 15 properties, including epithermal gold and polymetallic projects. Two projects advance, one to production Earlier, Lara announced additional drill results from its Planalto copper project in northern Brazil, which included another long intercept (211 meters) of copper mineralization, and the company said it was "very encouraged" by presence of massive chalcopryrite. It holds this property 100%, and decided to test drill before seeking a partner. Lara also announced receipt of a mining license for its Maravaia copper project near Curionopolis in northern Brazil. The property has been optioned to a private Vancouver-based company, Tessarema, with Lara retaining a 5% carried interest and a 2% royalty. If Tessarema has not achieved commercial production by November, it must pay Lara an additional US$1 million. Lots of activity with prospective big win in wings Lara continues to await the decision on the legal case between Codelco (its partner) and Vale S.A. (VALE:NYSE) over the highly prospective Libertade property. A successful outcome here could be a company maker. Meanwhile, Lara has been very active in recent months, with several positive developments. The company has about $2 million cash and marketable securities, with several possible sources of revenue over the next or so, some more certain than others. But the company is not planning on raising additional funds at the current price level. With several highly prospective items on the boil, cash coming in, and only a CA$20 million market cap, Lara is a very strong buy here for an investor who can afford to be patient. Well Positioned for the Commodity Bull Market Altius Minerals Corp. (ALS:TSX.V) (12.95) reported modest increases in revenue, reflecting "slow and steady cyclical price rebounds as well as incremental volume increases," according to CEO Brian Dalton. Copper currently has the highest allocation of revenue, at 36%, with strong results from Yama's Chapada Mine, where a new expansion has just been announced, foretelling a strong outlook. Thermal coal had a strong ...read more
  • Gold's Relative Strength Index Indicating a Bottom Is Here

    Gold's Relative Strength Index Indicating a Bottom Is Here

    Source: Michael J. Ballanger for Streetwise Reports 06/21/2018 Precious metals expert Michael Ballanger explains why he believes gold is bottoming.Today's missive is going to be brief as there are no need for words when you have the chart below indicating every major low in gold was accompanied by an RSI reading below 30. GLD (the physical gold ETF) is sporting a 27.46 RSI this morning and while we have seen readings lower than this at other bottoming periods, it is time to open a 25% position in the GLD July $120 calls at $1.40, where I was filled shortly after the New York opening. I am now attempting to add a second 25% tranche at $1.50 with the current market $1.54. Silver is also finding support in the $16.20-16.30 range where I successfully built a position back in March when I was able to accumulate a large position in the SLV June $15 calls in the $0.50 range. Within days, silver screamed back above $17 and the SLV was in the mid $16s where profits were taken. We are once again close to the accumulation zone for silver but based upon RSI, gold is the buy. Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities. Want to read more Gold Report interviews like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Streetwise Interviews page. Disclosure: 1) Statements and opinions expressed are the opinions of Michael Ballanger and not of Streetwise Reports or its officers. Michael Ballanger is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Michael Ballanger was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal ...read more
  • ZincX Beats Arizona Mining

    ZincX Beats Arizona Mining

    Source: Bob Moriarty for Streetwise Reports 06/21/2018 Bob Moriarty of 321 Gold calculates what South32's acquisition offer for Arizona Mining means to the value of another company with a similar resource.On June 17th, 2018 an Australian company named South32 Ltd. (S32:ASX) agreed to buy the remaining 83% of shares in Arizona Mining Inc. (AZ:TSX) in a deal that values all of Arizona Mining at $2.1 billion Canadian pesos. The fully funded price is an all cash offer. When they read about the proposed takeover, the management of ZincX Resources Corp. (ZNX:TSX.V) all smiled. Now they know what an all cash offer would look like for their similar lead/zinc/silver project. Most times it becomes difficult to measure one company against another since there are so many variables. In a comparison of ZincX to Arizona Mining, it's actually fairly easy because their published 43-101 resources are so similar in nature. In the indicated 43-101 resource for Cardiac Creek of ZincX published in November of 2017, ZincX showed 22.7 million tons with a metal in the ground value of $295.15 per ton for a total of about $6.7 billion USD. The same table for the 43-101 resource in the inferred category for the Cardiac Creek deposit shows just over 7.5 million tons with a metal in the ground value of $246.87 and a total of about $1.86 billion USD. For Arizona Mining in the M&I category their most current 43-101 from January of this year shows 100,958,000 tons with a metal in the ground value of $257.65. In the inferred category the same 43-101 reported 43,069,000 tons with an in the ground value of $284.65 per ton. Those numbers were easy to compare because they are measuring similar type metal deposits. The Indicated resource for ZincX is about 20% higher than the M&I resource for Arizona Mining. The Inferred 43-101 resource for Cardiac Creek of ZincX is about 20% lower than the Inferred numbers for the Taylor Deposit of Arizona Mining. If you work out the numbers roughly given that we are working with tons and the USD values, for the Taylor Deposit of Arizona Mining we get a total in the ground value of just over $38 billion. Of course that isn't their only project, they also post numbers for what they call the Central Deposit but here you have a problem of mixing apples and oranges. With almost 70 million tons of rock, the Central Deposit has great value but it's really a manganese deposit with some zinc and silver added in. In any case, I worked up rough numbers and figured that the Central Deposit has an additional $30 billion worth of rock in the ground. So for Arizona Mining we have a total of about $68 billion USD in an in the ground rough value and a total purchase price by South32 of $2.1 billion Canadian. Which is about $1.575 billion USD. So South32 ...read more
  • Gold Miner Notes Extension of Brucejack-Style Mineralization

    Gold Miner Notes Extension of Brucejack-Style Mineralization

    Source: Streetwise Reports 06/20/2018 Drilling was completed on two holes at a site in British Columbia's Golden Triangle. Pretium Resources Inc. (PVG:TSX; PVG:NYSE) recently reported the results of underground exploration drilling east from the Valley of the Kings. Two holes over 1,500 meters in depth intersected Brucejack-style mineralization. Proximity to porphyry-style mineralization at depth was suggested by anomalous copper and molybdenum mineralization. The drilling was conducted to test mineralization continuity between the Valley of the Kings and the Flow Dome. B The presence of Brucejack-style mineralization was confirmed from the eastern boundary of the Valley of the Kings to below the Flow Dome Zone. Drilling in 2015 intersected high-grade gold in this patch of land 1,000 meters east of the Brucejack Mine. Veining, mineralization, and Brucejack-style alteration were intersected by oriented core drilling within the length of both drill holes. The drilling was also conducted to test the porphyry potential. Hole VU-820 intersected: 1.71 grams of gold per tonne over 90.21 meters, including 5.12 grams of gold per tonne over 1.00 meter, 6.43 over 4.00 meters, 58.70 over 1.00 meter, and 6.06 over 1.00 meters; 46.00 grams of gold per tonne over 1.00 meter; Hole VU-911 intersected: 157.00 grams of gold per tonne over 0.50 meters, visible gold was observed; 142.00 grams of gold per tonne over 1.50 meters; 76.30 grams of gold per tonne over 0.50 meters, visible gold was observed; 33.60 grams of gold per tonne over 0.50 meters, visible gold was observed. In drill hole VU-911, the zone of anomalous mineralization extends at depths between 1,400 meters and 1,485 meters. In drill hole VU-820, it extends more widely at depths between 1260 meters to 1585 meters. Pretium Resources is headquartered in Vancouver, Canada, and is ramping up production at the high-grade underground Brucejack mine in British Columbia. Read what other experts are saying about: Pretium Resources Inc. Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page. Disclosure: 1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pretium Resources. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational ...read more
  • Royalty Company Acquires Silver Stream in Quebec

    Royalty Company Acquires Silver Stream in Quebec

    Source: Streetwise Reports 06/20/2018 A BMO Capital Markets report outlined the pending arrangement between the two entities.In a June 18 research note, Andrew Kaip, an analyst with BMO Capital Markets, reported that Osisko Gold Royalties Ltd. (OR:TSX; OR:NYSE) acquired a silver stream from Falco Resources on its Horne 5 project in Quebec for CA$180 million (CA$180M). "The silver stream has an internal rate of return of 14% at spot silver, which in our view is attractively priced relative to recent producing stream transactions in the range of 5–8%," wrote Kaip. Per the agreement, Osisko will pay CA$25M when the deal closes, followed by a series of amounts in stages as certain milestones are achieved. The company may increase the stream to 100% of Horne 5's silver production with an optional CA$40M up front and a final CA$60M when Falco gets project financing. BMO estimated that via the stream, 1.6 million ounces of silver would be delivered to Osisko annually for 18-plus years starting in 2021. "Osisko will pay a delivery charge of 20% of spot silver to a maximum of US$6 per ounce from a 5 kilometer area of interest," Kaip indicated. At that rate, the stream has an NPV5% of US$90M. The transaction going through is contingent upon whether or not Glencore wants to acquire the stream. Should it want to, it has 60 days to notify Falco of its intent. Along with the silver stream, Osisko bought a CA$7M secured debenture from Falco that "will be converted into units of Falco (one share and a half warrant), contingent on approval of the conversion by disinterested shareholders," Kaip explained. Along with a "potential stream conversion at Falco," Kaip noted that additional catalysts for Osisko include boosted metals deliveries from its Orion deal and further opportunities for streams, royalties and/or equity investments. On Osisko, BMO has a Market Perform rating and a CA$15 per share target price. The latter reflects a greater than 20% return as the company is trading today at around CA$12.28 per share. Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page. Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its ...read more
  • Aben Looks for an Instant Replay of 2017 in the Golden Triangle

    Aben Looks for an Instant Replay of 2017 in the Golden Triangle

    Source: Bob Moriarty for Streetwise Reports 06/19/2018 Bob Moriarty of 321 Gold discusses the drill program of an explorer in the Golden Triangle that had some high-grade holes last year.I will keep repeating the same message. We are in the timeframe of June/July for a tradable low in gold and silver. The DSI fell below 10 but the COTs do not yet reflect the extreme of emotion required for a vibrant bull move. For those readers not familiar with supply and demand as a factor in price, manipulation is the worse reason to invest in anything. If you believe that the only issue with why gold and silver sell for what they do is JP Morgan or the fictional "Bullion Banks" manipulating the price 24/7 you really owe it to yourself to consider investments more suitable to your investment style such as Beanie Babies or "Bitcon." Bitcon topped in December and has fallen 70% since then. The "True Believers" are yet to realize that over $500 billion of their money went to cliptocurrency heaven never to return but in a year or two they will begin to understand what a bubble looks like when it blows up. Between those still tossing their pennies into the Bitcon fraud with 1,907 variations and the herd chasing the FANG stocks a lot of money that could have gone into the penny dreadfuls was off chasing a wisp of the will-o. Our beloved President Trump just started a trade war and unlike other wars, with a trade war you always know the score as soon as the first bullets fly. Everyone loses. And you can count on it giving a giant thump to the already unsteady world financial system. So while the tiny segment of the resource followers climb the mountain to howl at the moon about how unfair markets are, those who understand that supply and demand do matter, as does market sentiment, are preparing for the next move higher. The lower the DSI and COTs go over the next month, the stronger the rally will be. This is not a good time to be whining about manipulation but a wonderful opportunity to start harvesting a crop of low hanging fruit. As readers may remember I have started writing a book about investing in junior resource stocks. (At least I'm up to starting to think about writing a book. Seriously thinking, mind you.) The company I am writing about today makes a perfect example of why you need to trade stocks and sell when you can at a profit. Aben Resources Ltd. (ABN:TSX.V; ABNAF:OTCQB) was the subject of a piece last September just before they came out with brilliant results. You should read the piece because it gives a lot of background on Aben and their three key projects. In any case Aben was drilling their Forrest Kerr gold project in the Golden Triangle and was about ...read more
  • Jack Chan Unwraps Trend Reversal and Long Consolidation

    Jack Chan Unwraps Trend Reversal and Long Consolidation

    Source: Streetwise Reports 06/19/2018 Technical analyst Jack Chan charts the latest moves—and an 'agonizingly long consolidation'—in the gold and silver markets. Our proprietary cycle indicator is up. The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term. The gold sector is on a short-term buy signal. Short-term signals can last for days and weeks, and are more suitable for traders. Speculation is in bull market values. Our ratio between gold and gold stocks has been effective in identifying the price action in both bull and bear markets. - Since breaking down in 2011, the sector has been in a bear market with periods of consolidations before the trend resumed. Untrained eyes would jump at those consolidations as the beginning of a bull market. - The trend reversed in early 2016 with a breakout, followed by an agonizingly long consolidation so far. Silver is on a long-term buy signal. SLV is on a short-term buy signal, and short-term signals can last for days to weeks, more suitable for traders. Speculation spiked up this week along with OI; should see a pullback. SummaryThe precious metals sector is on a long-term buy signal. Short term is on mixed signals. The cycle is up. COT data is supportive for overall higher metal prices. We are holding gold-related ETFs for long-term gain. Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011. Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page. Disclosure: 1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. 2) Jack Chan: We do not offer predictions or forecasts for the markets. What you see here is our simple ...read more
  • Goliath Hits the Ground Running near the Golden Triangle

    Goliath Hits the Ground Running near the Golden Triangle

    Source: Bob Moriarty for Streetwise Reports 06/17/2018 Bob Moriarty of 321 Gold profiles a prospect generator in the Golden Triangle.The Daily Sentiment Indicator tumbled to a value of 9 on Friday Jun 15th. I have said for weeks that we are due a tradable low in the June/July timeframe and it would need to be below 10. So we are in the timeframe and it is below 10. It's just my opinion but I still see too many bulls and I suspect the low is a couple of weeks away. Look for a plunge in speculator silver and gold COTS in the weeks ahead. Since the COTs measure from Tuesday to Tuesday, this week's values won't reflect Friday's drop but I would wager that the plunge on Friday torched some of the PermaBulls still looking for the latest variation of the "Gold Derivatives Time Bomb." You don't have turning points higher when the open interest in silver is at a near record high. Look for lower gold and silver ahead, lower open interest and speculator panic selling coming. The DSI will mark the bottom when it comes. Meanwhile back at the ranch, the opportunity to pick up quality juniors now on the bargain table is here. We have a new advertiser, Goliath Resources Ltd. (GOT:TSX.V) with an interesting business plan. The shares have already doubled in the last five weeks as investor interest in the Golden Triangle of British Columbia heats up. If investors think back, GT Gold went from $0.40 to $2.76 in two months after reporting 10.67 meters of 13.03 g/t of gold right at a year ago. The stock has retraced much of the rocket higher to $0.82 but for investors swift of feet there was a wonderful opportunity to take some nice profits. That was about the same time Garibaldi shot from $0.12 to $5.27 based on little more than indications of mineralization at their E&L project in the Golden Triangle. In early 2017 company President and CEO Roger Rosmus optioned four major projects in BC from the J2 Syndicate. The terms are not cheap but the properties are the most prospective of J2's suite. As one of the main financiers of J2, Roger had first call on the best properties. The Lucky Strike project has two high priority targets for Goliath for exploration in 2018. For an option on 100%, Goliath agreed to pay J2 $989,000 over a five year timeframe and a work commitment of just over $6.5 million over the same time. The payments and work commitments are back-end loaded so Goliath can take a flyer on the project for not a lot of cash. In any case, they are cashed up for the 2018 season and have about 64 million warrants at an average price of $0.18 so potentially another $11.5 million in cash for follow up drilling in 2019. Goliath's 2018 drill program at the Bullseye target ...read more
  • Coverage Initiated on Company That Defined 'Gold Standard of Exploration Success'

    Coverage Initiated on Company That Defined 'Gold Standard of Exploration Success'

    Source: Streetwise Reports 06/16/2018 A BMO Capital Markets report laid out the investment thesis for this Nevada explorer. In a June 8 research note, Andrew Mikitchook relayed that BMO Capital Markets initiated coverage on Gold Standard Ventures Corp. (GSV:TSX.V; GSV:NYSE) with an Outperform rating and a CA$3 per share price target "based on a conceptual-stage mine development plan and our expectation for exploration upside." With the stock currently trading at around CA$1.61 per share, the target implies more than an 80% return. Mikitchook outlined what's attractive about Gold Standard Ventures from an investing perspective. First, through exploration on its Railroad property situated on the Carlin Trend, the Nevada company has defined two gold discoveries, Dark Star and Pinion, which appear to be economic. North Dark Star, for example, shows "grades above peer heap-leach projects," Mikitchook noted, and should be amenable to open-pit mining. Second, "the Carlin's rising star" has demonstrated "visibility on transitioning to development for over 100 thousand ounces per year of production," the analyst wrote, with high grades from (North) Dark Star driving production initially. A preliminary economic assessment for Dark Star and Pinion is due out in the second half of 2018. The study could also incorporate Jasperoid Wash, depending on results from drilling currently taking place there. Third, Gold Standard also boasts "significant exploration upside," with its high probability of making additional discoveries, particularly since initial indications of such already exist. Additional discoveries could potentially be of "grade and/or scale similar to those driving significant gold production to the north for Barrick and Newmont," said Mikitchook. The company has ample room to explore on its 12-kilometer Railroad land package, the second largest in the mineralized Carlin Trend. Additionally, the members of Gold Standard's exploration team collectively have had great success specifically in the Carlin. Today, they're concentrating on the Jasperoid Wash. As for funding, the company has sufficient cash, CA$40 million, to cover its US$28.8 million 2018 exploration budget, Mikitchook reported. Fourth, Gold Standard is an attractive takeover target based on its "exploration success combined with a proven technical exploration team in one of the top mining jurisdictions and in proximity to substantial Barrick and Newmont mines," explained Mikitchook. In fact, two companies already have invested in the company, OceanaGold with a 15.5% interest and Goldcorp with a 9.9% stake. The analyst opined that one of two events would likely catalyze a takeover. The first is the company making one or more additional high-grade or large-scale discoveries. The second is the company advancing the project toward a development decision by reaching permitting and engineering milestones. In the interim, Gold Standard is expected to keep releasing drill results from Jasperoid Wash and Dixie along with infill/delineation drill results from Dark Star and Pinion. Read what other experts are saying about: Gold Standard Ventures Corp. ...read more
  • Royalties Continue to Outperform Miners

    Royalties Continue to Outperform Miners

    Source: Adrian Day for Streetwise Reports 06/16/2018 Fund manager Adrian Day reviews several senior gold companies, including one he sees as a good buy at current prices.Franco-Nevada Corp. (FNV:TSX; FNV:NYSE, US$70.43) revenue is up, driven largely by its oil & gas royalties, however. Looking ahead, Cobre Panama, Franco's largest ever single investment, will see phased commissioning beginning later this year for first production in January. Cobre will drive the growth of 16% in gold-equivalent ounces by 2020. Under the unusual royalty, Franco will receive a fixed amount of gold and silver for each 1 million pounds of copper the mine produces, thus negating swings in the composition of the ore body. By 2020, this could be generating over $100 million a year for Franco. After $523 million of investments in the first quarter, most of it at Cobre, Franco still has $1.2 billion of liquidity. Franco is now the most widely held gold stock among generalist funds and institutions, other than gold ETFs, and this likely weighs on the stock in a period of general market volatility. However, at the current price—down from over $80 at the beginning of the year—Franco is a buy, particularly for those who do not own any. Growth without a tax dispute Royal Gold Inc. (RGLD:NASDAQ; RGL:TSX, US$91.71) saw revenue from another new mine, Rainy River, in the first quarter, and overall is expecting growth from last year to next of 19%, independent of the gold price. The previously announced suspension of milling at Mt. Milligan in January will affect the current quarter's results (because of the timing of shipments), but this should not come as a surprise to the market. Apart from the growth profile, the fact that Royal is a U.S. company and therefore unaffected by the Canadian tax authorities challenge to treatment of offshore royalties has helped the stock surge ahead, up from just over $80 at the beginning of March. The company took an impairment on its investment in Barrick's large but troubled Pascua-Lama project, where work was recently suspended. However, now Royal, with a 5.45% gold royalty and 1% copper royalty on this large deposit, essentially has a low-cost option. Given the sharp rise in the stock price and high valuation—with a price-to-book higher now even than Franco's—we are standing aside for now. Turning the corner…again? Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE, US$2.99) reiterated its annual guidance for 900,000 ounces of gold, excluding assets for sale and the Brazilian assets in Brio, which has been acquired by Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX). Yamana now owns 21% of Leagold. This sale is a positive for Yamana, since Leagold will likely put the energy and focus into the assets that were non-core for Yamana. It also reduces the average cash cost for Yamana's mines since the Brio mines had a cash cost about 25% higher than ...read more