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Gold Holding Steady as Global Gold Mining Market Is Projected To Rise At A Considerable Rate Through 2027

Palm Beach, FL –October 7, 2021 – News Commentary  – Gold mining is the resource extraction of gold by mining. Increase in demand for gold and increase in the use of gold in various industries drive the growth of the gold mining market. Development of better mining equipment is expected to provide lucrative growth opportunity for the market. The market was affected by COVID-19 as were most all markets worldwide. COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. A report from Market Growth Reports discussing the global gold mining industry said that: “Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis.”   The report continued: “The Global Gold Mining market is anticipated to rise at a considerable rate during the forecast period, between 2021 and 2027. In 2020, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon… Increase in demand for gold and increase in the use of gold in various industries drive the growth of the gold mining market. However, the cost of mining is extremely high, which hinders the growth of the market. Development of better mining equipment is expected to provide lucrative growth opportunity for the market.” Active stocks in the mining markets this week include Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB), Golden Star Resources Ltd. (NYSE: GSS) (TSX: GSC), Gold Fields Limited (NYSE: GFI), Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), IAMGOLD Corporation (NYSE: IAG) (TSX: IMG).


Market Growth Reports added: “The global Gold Mining market is valued at USD million in 2019. The market size will reach USD million by the end of 2026, growing at a magnificent CAGR during 2021-2026.”  A report from Research And Markets projected: “The global gold mining market should grow from $214.1 billion in 2021 to $249.6 billion by 2026, at a compound annual growth rate (CAGR) of 3.1% for the period of 2021-2026… Central bank as an end-use of gold mining market should grow from $22.7 billion in 2021 to $26.9 billion by 2026, at a CAGR of 3.5% for the period of 2021-2026.”


Calibre Mining Corp. (OTCQX: CXBMF) (TSX: CXB) BREAKING NEWS:  Calibre Reports Strong Third Quarter Gold Production and Cash Generation, On Track to Deliver At The High-End of 2021 Production Guidance – Calibre Mining Corp. (“Calibre” or the “Company”) is pleased to announce operating results for the three months ended September 30, 2021, and cash on hand at quarter-end (all amounts in United States dollars).


Third Quarter 2021 Highlights


  • Gold production of 44,579, and gold sales of 44,471 ounces;
  • Year to date gold production of 133,537 ounces, on track to deliver at the high-end of guidance (170,000 – 180,000 ounces); with the fourth quarter anticipated to be the strongest of 2021;
  • Cash of $72.9 million at September 30, 2021; an increase of $6.6 million from June 30, 2021 and no debt;
  • 843 tonnes per day (“tpd”) of ore delivered from the Pavon Norte mine to the Libertad mill, a 53% increase over Q2 2021 and averaging 1,077 tpd in September, exceeding our target rate of 1,000 tpd three months earlier than expected;
  • Advancing the high-grade Eastern Borosi Project (“EBP”), including:
    • Reporting the highest-grade intercepts to date;
    • Completing infill drilling and initiating resource expansion and discovery drilling;
    • Pre-feasibility study level technical studies well underway;
    • Completing environmental baseline studies concurrently with community engagement and;
    • On target to submit permit applications in early Q1 2022 for open pit and underground operations;
  • Multi-rig exploration drill programs active across 100%-owned mine sites and satellite opportunities;
  • Multiple new mineral exploration concessions granted during the quarter;
  • Significant progress on our World Gold Council Responsible Gold Mining Principles self assessment.


Highlight Drill Results: Eastern Borosi Project


  • 25.07 g/t Au over 9.7 metres Estimated True Width (“ETW”) (GP-21-100);
  • 39.21 g/t Au over 3.1 metres ETW (GP-21-099);
  • 24.85 g/t Au over 3.9 metres ETW (GP-21-096); and
  • 33.64 g/t Au over 3.2 metres ETW (RDO -21-080).


Highlight Drill Results: Libertad Near Mill


  • 3.11 g/t Au over 11.4 metres ETW from 3.1 metres (TR-21-079);
  • 1.71 g/t Au over 22.3 metres ETW from 57.8 metres (TR-21-055); and
  • 1.35 g/t Au over 18.2 metres ETW from 58.4 metres (TR-21-073).


Highlight Drill Results: Limon Near Mill


  • 9.02 g/t Au over 3.0 metres ETW from 343.6 metres (LIM-21-4563);
  • 6.39 g/t Au over 6.2 metres ETW from 241.1 metres (LIM-21-4576); and
  • 6.82 g/t Au over 4.3 metres ETW from 285.9 metres (LIM-21-4584).


Darren Hall, President and Chief Executive Officer of Calibre, stated: “During September, we achieved our 2021 target of hauling 1,000 tonnes per day from Pavon Norte to the Libertad mill, three months ahead of schedule. In less than 22 months the team have done an outstanding job to permit, complete construction and deliver more than 1,000 tpd of high-grade ore to Libertad. At Pavon Central, we recently commenced a multi-rig exploration drill program testing down plunge and along strike extensions to the south of the open pit indicated resource, which currently hosts 529,000 tonnes grading 7.7 g/t gold containing 131,000 ounces. We see excellent potential to expand resources and make discoveries along this exciting emerging district.


The second half of the year is shaping up as expected, with the fourth quarter anticipated to be the strongest of the year as we remain on track to meet the high end of our 2021 production guidance and expect to see all-in sustaining costs reduced further as we approach year-end. With $72.9 million in cash, no debt and unhedged Calibre is in a strong position to continue to generate significant free cash flow while self-funding growth, exploration, and mine development investment.


As demonstrated quarter over quarter I believe our ‘hub-and-spoke’ operating strategy has excellent potential to grow and add new satellite sources by utilizing the 50% surplus capacity available at the Libertad mill. Exciting progress continues at the Eastern Borosi Project, with drilling returning some of the best near-surface intercepts to date, including 25.07 g/t gold over 9.7 metres. With technical and environmental studies ongoing, we are confident that the EBP will be our next high return mining spoke, replicating the success at Pavon Norte. Resource expansion and discovery drilling programs are underway anticipated to grow current deposits both on strike and down dip, of known zones while testing new veins in an underexplored highly prospective emerging district.”   CONTINUED… Read this entire release for the Calibre Mining Corp. news at:


Other recent developments in the mining markets include:


Golden Star Resources Ltd. (NYSE: GSS) (TSX: GSC) recently announced that it has concluded negotiations with Future Global Resources Limited (“FGR”) to restructure the consideration for the purchase of the Bogoso-Prestea mine that was completed on September 30, 2020.


“By working with the FGR team we have been able to conclude discussions on an amicable and cooperative basis. The future of the Bogoso-Prestea mine, its workers and other stakeholders was our priority. We have agreed to restructure the acquisition consideration into an NSR agreement, in order to better align any payments owed to Golden Star with the performance of the Prestea underground mine operation.


Equinox Gold Corp. (NYSE: EQX) (TSX: EQX) recently announced the results of a Pre-Feasibility Study (“PFS”) for an expansion at the Company’s 100%-owned Aurizona Gold Mine (“Aurizona”) located in Brazil. By mining the underground and satellite open-pit deposits concurrently with the existing Piaba open-pit, the expansion would extend the Aurizona mine life to 11 years with average annual production of 137,000 ounces (“oz”) of gold per year and total life-of-mine (“LOM”) production of 1.5 million oz of gold. Peak production in years 2026 to 2029 averages more than 160,000 oz of gold per year.


Updated Mineral Reserve and Resource estimates for Aurizona, incorporating the new underground and open-pit deposits and offsetting 18 months of mining depletion, show a 73% increase over the December 31, 2019 estimate with 1.7 million oz of Proven & Probable Mineral Reserves grading 1.60 grams per tonne (“g/t”) gold plus 868,000 oz of Measured & Indicated Mineral Resources (exclusive of Reserves) grading 1.49 g/t gold.


Gold Fields Limited (NYSE: GFI) recently announced profit attributable to owners of the parent for the six months to 30 June 2021 of US$387m (US$0.44 per share). This compared with profit of US$156m (US$0.18per share) for the six months to 30 June 2020. Normalised profit of US$431m for the six months to 30 June 2021 compared with profit of US$323m for the six months to 30 June 2020. An interim dividend of 210 SA cents per share (gross) is payable on 13 September 2021.


Gold Fields Limited is a globally diversified gold producer with nine operating mines and one project in Australia, Chile, Ghana(including our Asanko Joint Venture), Peruand South Africa, with total attributable annual gold-equivalent production of 2.24Moz. It has attributable gold-equivalent Mineral Reserves of 52.1Moz and gold Mineral Resources of 116.0Moz. Gold Fields has a primary listing on the Johannesburg Stock Exchange (JSE) Limited, and an additional listing on the New York Stock Exchange (NYSE).


IAMGOLD Corporation (NYSE: IAG) (TSX: IMG) will release its third quarter 2021 operating and financial results after market hours on Wednesday, November 3rd, 2021.


A conference call will be held on Thursday, November 4th, 2021, at 8:30 a.m. (Eastern Time) for a discussion with management regarding the Company’s operating performance and financial results for the third quarter 2021. A webcast of the conference call will be available through the Company’s website


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