Gold Trends Upward This Week, Encouraging Indicator for Mining Companies: DNA Precious Metals, Barrick Gold, Buenaventura, Freeport -McMoRan , Eldorado Gold

Fri Oct 18, 2013 9:45am EDT

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Gold Trends Upward This Week, Encouraging Indicator for Mining Companies: DNA Precious Metals, Barrick Gold, Buenaventura, Freeport -McMoRan , Eldorado Gold

PR Newswire

CORAL SPRINGS, Florida, October 18, 2013 /PRNewswire/ --

Market updates with gold seeing a positive uptick across the mining sector in trading this week: DNA Precious Metals (OTCQB: DNAP), Barrick Gold (NYSE: ABX), Buenaventura (NYSE: BVN), Freeport-McMoRan Copper & Gold (NYSE: FCX) and Eldorado Gold (NYSE: EGO).

DNA Precious Metals Inc. (OCTQB:DNAP) announced today that it has submitted a Restoration Plan with the Quebec Ministry of Natural Resources located in Canada.  More specifically, the Restoration Plan deposited with the Quebec Ministry of Natural Resources targets the restoration of the mining residues identified as Anacon 1 covering an area of approximately 7 hectares on the Montauban Mine Property located in the Montauban and Chavigny townships near Grondines-West in the Portneuf County, Quebec, Canada.   DNA Precious Metals Inc. presently has mining rights on the Monatuban Mine Property covering an area of approximately 340 hectares.

To read the full press release, please go to: http://www.fnmprofiles.com/profiles-dnap.php

The submission of the restoration plan to the Ministry of Natural Resources will take DNA Precious Metals Inc. one step closer to processing the Anacon 1 mining residues,  on which a National Instrument 43-101 resource estimate published by Yves Gagnon Engineer, Geologist indicated a measured resource of approximately 428 252 tons.  The National Instrument 43-101 further indicates the actual market value of the Anacon 1 mining residues insitu is of at least 32 million dollars with the potential of increasing this value with the mica.

Barrick Gold Corporation (NYSE: ABX) recently announced it has completed the divestiture of its Yilgarn South assets ("Yilgarn South") in Western Australia to Gold Fields Limited ("Gold Fields"). The Yilgarn South assets are comprised principally of the Granny Smith, Lawlers and Darlot mines. In aggregate, these mines produced 452,000 ounces in 2012 at all-in sustaining costs (AISC) of $1,137 per ounce(1) and 196,000 ounces in the first half of 2013 at AISC of $1,145 per ounce. Yilgarn South contained proven and probable reserves of 2.6 million ounces(2), measured and indicated resources of 0.6 million ounces(2) and inferred resources of 1.2 million ounces(2) as at December 31, 2012, respectively.

Compañía de Minas Buenaventura S.A.A. (NYSE: BVN) a precious metals company, engages in the exploration, mining, and processing of gold and silver in Peru. It also explores for other metals, including zinc, lead, and copper. J.P. Morgan Upgrades Buenaventura To Buy On Cheap Valuation, TP $19.   BVN closed up over 10% on Thursday (10/18/13) on 6.1Million shares traded by the market close.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced recently a notice to redeem on November 15, 2013 at par all of the outstanding McMoRan Exploration Co. 11.875% Senior Notes due 2014 ("Notes"). Approximately $299.2 million aggregate principal amount of Notes is currently outstanding. Holders of record will receive the principal amount together with accrued and unpaid interest from May 15, 2013 to the redemption date. FCX expects to record a gain to net income of approximately $8 million in the fourth quarter of 2013 in connection with the redemption. The Bank of New York Mellon Trust Company, N.A., as trustee, has distributed to the registered note holders written notice of the terms of the redemption.

Eldorado Gold Corporation (NYSE: EGO) announces it will release its Third Quarter 2013 Financial and Operating Results before the market opens on Friday November 8, 2013. Paul N. Wright Chief Executive Officer of the Company will host a conference call on Friday November 8, 2013 at 8:30 AM PDT (11:30 AM EDT).  Teleconference call details are as follows: Toll Free: 1-866-225-0198, Toronto: 416-340-2219 - Chairperson: Paul Wright CEO

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