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January 22, 2018

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,328 and $1,335 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,332…holdings of SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose over 2% last week, their best week in 4-and-a-half months…Silver is flat at $17.01…Copper, Nickel and Zinc are each steady at $3.19, $5.75 and $1.56, respectively…Zinc stocks in LME-registered warehouses have hit a new decade low…Crude Oil is relatively unchanged at $63.27…U.S. drillers cut 5 Oil rigs in the week to January 19, reducing the total count to 747…despite the cuts, the rig count in 2017 and early this year remains much higher than in 2016, contributing to a 16% rise in U.S. Crude Oil production since mid-2016, to 9.75 million barrels per day (bpd)…the U.S. Dollar Index is flat at 90.47

2.  The U.S. Senate will vote later this morning whether to advance a measure that would “reopen” the government for 3 weeks after a “shutdown” that began Saturday…in a $19.5 trillion economy with 147 million workers, a “shutdown”, even a long one, won’t leave much imprint on the broader economy…the last government “shutdown”, in October 2013, sent 818,000 workers, or about 30% of all federal government employees, home without pay for more than 2 weeks (furloughed workers were later paid retroactively)…nonetheless, in the final quarter of 2013, the economy had its strongest performance in 2 years…there have been 18 government “shutdowns” since 1977, ranging from a day to 3 weeks…most “shutdowns” have lasted fewer than 10 days…

3. The International Monetary Fund (IMF) has revised global growth forecasts for 2018 and 2019 upwards, saying the revision is partly due to the recently approved overhaul of the U.S. tax system under President Trump…global growth forecasts for 2018 and 2019 have both been revised upward by 0.2 percentage points to 3.9%. “The revision reflects increased global growth momentum and the expected impact of the recently approved U.S. tax policy changes,” the IMF said in its World Economic Outlook report published this morning ahead of the World Economic Forum in Davos, Switzerland…the IMF says the tax changes are expected to stimulate activity “with the short-term impact in the United States mostly driven by the investment response to the corporate income tax cuts”

4. A recent report by Canada’s Federal Finance Minister’s Advisory Council on Economic Growth underscores how this country is in desperate need of regulatory form, similar to what’s happening now in the United States…   a raft of scary statistics includes this gem – it now takes 249 days to permit a new general construction project in Canada, which is 168 days longer than in the United States…the only country that did worse than Canada out of the 35 looked at was the Slovak Republic…unbelievable but, sadly, true…

5. The Dow is off 16 points through the first 30 minutes of trading…Apple got its 2nd downgrade in a week as some on Wall Street fear that iPhone demand is softening…in Toronto, the TSX has retreated 36 points while the Venture has jumped 8 points to 889Castle Silver Resources (CSR, TSX-V) is active in early trading after news Friday that included its proposed new name (“Canada Cobalt Works“), a strategy expected to draw much more attention to the company’s extensive focus on Cobalt and its competitive advantages in the northern Ontario Cobalt Camp…Clean Commodities (CLE, TSX-V) announced this morning that option partner AREVA Resources Canada will be commencing a planned 4,500-m diamond drill program at the Preston Uranium Project near the NexGen Energy (NXE, TSX) and Fission Uranium (FCU, TSX) deposits…Tudor Gold (TUD, TSX-V) has drilled 337.5 m of continuous mineralization, grading 0.76 g/t starting from 2 m, at its Treaty Creek Property in the Eskay Camp…the hole was collared adjacent to the west side of the the Treaty Creek glacier where glacier melt-back has exposed new opportunities for exploration success…Eskay Mining (ESK, TSX-V) announced this morning that SSR Mining (SSRM, TSX) has elected to proceed with the 2nd year of a 3-year year option agreement with the company on its SIB Property in the Eskay Camp…Adventus Zinc (ADZN, TSX-V) and Salazar Resources (SRL, TSX-V) have started drilling the very prospective Curipamba Project in Ecuador, a high-grade VMS play…Adventus can earn a 75% interest in Curipamba by spending $25 million (U.S.) over 5 years…this year’s program is fully funded at $7 million (U.S.)…marijuana stocks are little changed in early trading…with about 6 months to go until the legalization of recreational cannabis, only 3 smaller provinces – representing less than 4% of Canada’s population – have signed contracts with licensed producers to lock down supply…others will be scrambling…some provinces are still focused on getting clarification from the feds on how supply and distribution networks will be regulated…cryptocurrencies are under pressure again this morning…Reuters reported that new research from accounting giant Ernst & Young found that more than 10% of funds raised through “initial coin offerings” are lost or stolen in hacker attacks…

6. Lundin Gold (LUG, TSX) reported this morning that it has received commitments from a syndicate of 5 senior lenders for a senior secured project finance facility of $300-million (U.S.) to finance the development and construction of its Fruta del Norte Gold Project in Ecuador…the Lenders are ING Capital LLC, Societe Generale, Caterpillar Financial Services Corporation (Cat Financial), The Bank of Nova Scotia and KfW IPEX-Bank GmbH“Together with the project financing package from Orion Mine Finance Group and Blackstone Tactical Opportunities, this facility further reflects a strong endorsement of the project and confidence in the Lundin Gold team,” said Ron Hochstein, President and CEO of Lundin Gold. “The Project remains on schedule and on budget to achieve first Gold production by the end of 2019.”

7. Bonterra Resources‘ (BTR, TSX-V) has commenced its 2018 winter drilling program at its Gladiator Gold Project in Quebec…after completing more than 60,000 m in 2017, the company plans to drill 30,000 m over the winter and 70,000 m in total in 2018…the expanded program includes 4 drills and will focus on the extension and definition of the Gladiator Gold deposit with an updated NI-43101 resource estimate expected later this year…approximately 20% of the planned meters will be drilled outside of the deposit at targets highlighted from exploration activities conducted last year…similarly, multiple target areas have been identified to the east and west of the Gladiator deposit…additional meters will also be allocated for exploration drilling, pending success in the initial phase of the campaign…

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12 Comments

  1. Well no news from GGI prior to roundup. Hopefully they can get some news flow going again… last news Dec 08.

    Comment by Weatheritout80 — January 22, 2018 @ 11:34 am

  2. Anyone know if IMR will release any news soon? I was under the impression we are waiting for an update from them at any time?

    Comment by Lady — January 22, 2018 @ 3:41 pm

  3. Jon will you guys have an update tonight? Curious how the first day of roundup went? But mostly wondering how Ggi’s presentation is doing. Can’t believe we have not gotten an update from Ggi before the start of roundup. I noticed on ceo that Brent Cook stopped by ggi’s booth to talk to Dr. Lightfoot.

    Comment by Dwight — January 22, 2018 @ 4:00 pm

  4. Jon will you have an update tonight? Curious how the first day of roundup went? But mostly interested in ggi’s presentation. I thought for sure we would have had some kind of a news update before this. Especially with roundup going on. I noticed on CEO that Brent Cook stopped by the Ggi booth to talk to Dr. Lightfoot. Curious if Cook will have anything to say after there conversation.

    Comment by Dwight — January 22, 2018 @ 4:44 pm

  5. Jon will there be an update tonight? Curious how the first day of roundup went? But mostly concerned with ggi’s presentation. I am very surprised we didn’t get a news update before this. Especially with roundup going on. I thought for sure they would have news prior to roundup. I noticed on ceo that Brent Cook stopped by the Ggi booth. Curious if Cook will have anything further to say about Ggi after his conversation with Lightfoot.

    Comment by dwightdecker — January 22, 2018 @ 4:51 pm

  6. Jon are you familiar with RNX?

    Comment by Shawn — January 22, 2018 @ 5:09 pm

  7. Not exactly what I was hoping to see today ………. AIS after looking so strong Friday, limped off the field at the close , as did GGI and of course MTS …… those .55 PP shares came free-trading today and it looks like our Polish friend from the US has created just enough interest with his announced participation in MTS’s just recently announced $1.15 PP. So ITT held up nicely once again, and still no else here following it ?? They did announce an increase of their .10 PP up from their initial amount. Farmer Tom

    Comment by farmer — January 22, 2018 @ 7:36 pm

  8. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2042-tsx-venture/mlg/41183-additional-three-drill-holes-intersect-visual-copper-mineralization-including-veins-of-massive-copper-sulphides-at-stars-project-in-central-bc.html

    Comment by Large — January 23, 2018 @ 4:56 am

  9. BLO NEWS… beta 3.0 complete … yippee!!

    Comment by Jeremy — January 23, 2018 @ 5:57 am

  10. Hard to watch DM fall hard the last few trading sessions. With the latest PP at .35, thought this would provide more of floor of support at those levels.

    Comment by Bryan — January 23, 2018 @ 7:51 am

  11. Jon, do you expect DM to go back up near term or do you think it will continue to drift lower as bitcoin continues it’s decline?

    Comment by TradingAgent — January 23, 2018 @ 8:09 am

  12. Great rally by DM today to recover from morning drop

    Comment by Bryan — January 23, 2018 @ 3:41 pm

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