NEW YORK, August 14, 2018 /PRNewswire/ --

Gold is widely considered as a safe-haven asset at the time of political and economic turmoil. According to Bloomberg, gold price in terms of Turkish lira jumped 30% since August 7th, as the nation's currency had tumbled over 20% on Friday and hit a new low on Monday. Tensions between U.S. and Turkey continued after the U.S. announced plans to increase U.S. import tariffs on Turkish steel and aluminum to 50% and 20% respectively. The depreciating Turkish lira made the yellow metal a store of value. However, the gold price in U.S. Dollar terms fell to its lowest in 18 months as the Dollar maintained strength. Makena Resources Inc. (OTC: CANSF), Harmony Gold Mining Company Limited (NYSE: HMY), IAMGOLD Corporation (NYSE: IAG), Hecla Mining Company (NYSE: HL), McEwen Mining Inc. (NYSE: MUX)

Although a stronger Dollar makes Dollar-denominated gold more expensive for other currency holders, some analysts still think the precious metal a classic hedge instrument for investors' portfolios in both inflationary and deflationary environments. According to Morningstar, Bill McQuaker, a portfolio manager on Fidelity's multi-asset open funds, said: "I think that people should have a bit of that in their portfolios, unless they're very comfortable that this expansion has years to run."

Makena Resources Inc. (OTC: CANSF) is also listed on the Canadian Securities Exchange under the ticker (CSE: MKNA). Earlier today the company announced that, "it has agreed to acquire a significant mineral tenure position in the emerging Moosehead Gold District located in Newfoundland, Canada consisting of 73 mineral claims (the "Property").

"Makena is excited to significantly expand our gold exploration project in the Moosehead Gold District. Our recently announced exploration plans for this developing gold camp will benefit substantially from today's announcement of a large expansion to our Black Spruce Gold Project", stated Spencer Smyl, Chief Executive Officer of the Company.

Black Spruce Gold Project: Subsequent to closing of the transaction, Makena's Black Spruce Gold Project will increase the land holding by more than 400% to approximately 2,450 hectares (see also news release dated August 7, 2018, Makena Resources Acquires Moosehead North Gold Claims in Newfoundland). Going-forward, the expanded Black Spruce Gold Project will consist of exploration rights to 98 claims.

The Black Spruce Gold Project is located within a northeast-trending belt of Silurian volcanic, volcaniclastic and sediment rocks.

The Black Spruce Gold Project is located nearby and on trend with the mineral licence hosting Sokoman Iron Corp.'s recently announced discovery hole (Sokoman Iron Corp. news release dated July 24, 2018). The Sokoman news release disclosed an assay result of 44.96 grams per tonne over 11.90 metres by way of drill hole MH-18-01 from 109 metres to 120.90 metres. True thickness is believed to be 80 per cent of core length.

Terms: The Property is owned by a private company ("Privco"), the shareholders of which are all at arm's length to Makena. The Company will acquire 100 per cent of the issued and outstanding shares of Privco through the issuance of an aggregate of 7.5 million common shares of the Company to the Privco shareholders and make an aggregate cash payment of $50,000 to the Privco shareholders. The Company will also grant a two percent gross royalty on the Property. The acquisition will be conducted by way of a three-cornered amalgamation.

Steven Lauzier, P.Geo OGQ, a qualified person as defined by National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press release.

On August 10, 2018, Makena to announced that it has entered into a 30-day due diligence period for a Property located close to the Forrest Kerr Gold property under exploration by Aben Resources Ltd."

Harmony Gold Mining Company Limited (NYSE: HMY), a world-class gold mining and exploration company, has operations and assets in South Africa and Papua New Guinea (PNG). The Company has recently announced that Harmony's Hidden Valley operation reached commercial levels of production in the month of June 2018. The Hidden Valley mine is an open pit gold and silver mine, situated in the highly prospective area of the Morobe Province in Papua New Guinea, some 210 kilometers northwest of Port Moresby. The major gold and silver deposits of the Morobe goldfield and Hidden Valley are hosted in the Wau Graben. Engagement with the Papua New Guinea government on the application for a special mining lease (SML) for the Wafi-Golpu project is progressing well. On June 25th, 2018, the Wafi-Golpu Joint Venture (WGJV) submitted an Environmental Impact Statement (EIS) for the Wafi-Golpu Project to the relevant Papua New Guinean regulatory authority, Conservation and Environment Protection Agency (CEPA). The EIS has been prepared as the statutory basis for the environmental, social and cultural heritage assessment of the Wafi-Golpu Project under the Environment Act 2000 and will inform a decision by the Papua New Guinea Government whether to grant an Environment Permit and, if so, under what conditions. "The investment in the stage 5 and 6 cutback was delivered safely, on schedule and below budget and we are confident that Hidden Valley will produce more than 180 000oz in FY19" said Peter Steenkamp, Chief Executive Officer of Harmony.

IAMGOLD Corporation (NYSE: IAG) is a mid-tier mining company with four operating gold mines on three continents. The Company recently announced its consolidated financial and operating results for the quarter ended June 30th, 2018. Operating performances include: Attributable gold production of 214,000 oz, down 9,000 oz from Q2/17; Attributable gold sales of 215,000 oz, down 4,000 oz from Q2/17; Cost of sales of USD 826/oz sold, up USD 59/oz from Q2/17. Financial results include: Revenues of USD 277.4 Million, up USD 2.9 Million from Q2/17; Gross profit of USD 29.6 Million, down USD 6.3 Million from Q2/17; Net loss attributable to equity holders of USD 26.2 Million, or USD 0.06 per share; compared with net earnings of USD 506.5 Million, or USD 1.09 per share in Q2/17, which included impairment charge reversals relating to the Côté Gold Project and the Rosebel mine (USD 524.1 Million). "Coming off an exceptional start to the year, we had a solid second quarter," said Steve Letwin, President and Chief Executive Officer of IAMGOLD. "Operating performance to date reaffirms our 2018 production and cost guidance established at the beginning of the year. The second quarter saw the completion of Essakane's pre-feasibility study for heap leaching, which demonstrated an economically viable project, including a significant increase in reserves."

Hecla Mining Company (NYSE: HL) is a leading low-cost U.S. silver producer with operating mines in Alaska, Idaho, and Mexico and is a gold producer with operating mines in Quebec, Canada and Nevada. Hecla recently reported its second quarter 2018 financial and operating results. Financial highlights include: Net income applicable to common shareholders of USD 11.9 Million, or USD 0.03 per share; Adjusted net income applicable to common shareholders of USD 3.0 Million, or USD 0.01 per share; Sales of USD 147.3 Million; Adjusted EBITDA of USD 57.7 Million and net debt/adjusted EBITDA (last 12 months) of 1.2x; The acquisition of Klondex Mines Ltd., and its high-grade gold mines in Nevada, is now closed, and the integration and optimization of the assets has now begun. The average realized silver price in the second quarter was USD 16.61 per ounce, 3% lower than the USD 17.14 average realized silver price in the second quarter of 2017. Average realized gold, lead and zinc prices increased 3%, 19% and 13%, respectively. "In the second quarter Hecla performed strongly, reflecting the investments we are making in our mines and exploration programs," said Phillips S. Baker, Jr., President and Chief Executive Officer. "The significant decline in our silver cash cost, after by-product credits per ounce, is a function of strong base metals prices and improved treatment charges. The decline in gold cash cost per ounce is due to higher throughput at Casa Berardi. Additionally, our exploration program continues to discover high-grade material at our operations as well as advance our exploration properties."

McEwen Mining Inc. (NYSE: MUX) has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. The Company recently announced that it has closed the previously announced USD 50 Million senior secured 3-year term loan facility with Royal Capital Management Corp. as agent for the Lenders. As previously disclosed, Rob McEwen, Chairman and Chief Owner of the Company, is participating as a Lender for USD 25 Million of the total USD 50 Million Term Loan. The Term Loan will be used to complete construction of the Gold Bar Mine in Nevada and for general corporate purposes. Construction of Gold Bar is advancing on schedule for completion by the end of 2018, targeting commercial production in the first quarter of 2019. The principal amount of the Term Loan will bear monthly interest at 9.75% per annum. Repayment occurs in twelve equal monthly installments of USD 2 Million during the third year, with the remaining balance due on maturity. The Term Loan can be retired in full or in part anytime during the first two years upon payment of the principal and accrued interest plus a fee linked to the remaining life of the Term Loan, and during the third year upon payment of the remaining principal and accrued interest plus a fee equal to 3% of the remaining principal.

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