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May 8, 2019

7 @ 7:00

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

1. Gold has traded between $1,285 and $1,292 so far todayas of 7:00 am Pacific, the yellow metal is up slightly at $1,285 after hitting a new 3-week high on global market turbulence…despite weak buying in biggest bullion consumer China so far this year, analysts and traders expect resilient Indian accumulation to support physical demand in Asia…Indians are expected to buy at least 10% more Gold during the annual Hindu and Jain holy festival of Akshaya Tritiya than a year ago…central banks, of course, continue to be big buyers of Gold, limiting further downside in the metal…Silver is flat at $14.88…Copper, Nickel and Zinc are all off slightly at $2.79, $5.43 and $1.25, respectively…Cobalt remains steady at $15.76…Crude Oil is up 9 cents at $61.49 while the U.S. Dollar Index is unchanged at 97.54…President Trump said this morning that China “just informed” the White House that its vice premier will lead a delegation “coming to the U.S. to make a deal” on trade…Dow futures but losses but major indexes still opened lower following the President’s tweet, which added that “we’ll see” what comes of the negotiations because “I am very happy with over $100 billion a year in Tariffs filling U.S. coffers”…all part of a complex trade negotiation, and China is never easy to deal with…

2. Sunday’s Trump tweets explained:  CNBC reported this morning that a diplomatic cable from Beijing arrived in Washington late on Friday night, with systematic edits to a nearly 150-page draft trade agreement that would blow up months of negotiations between the world’s 2 largest economies…the document, according to CNBC’s sources, was riddled with reversals by China that undermined core U.S. demands…in each of the 7 chapters of the draft trade deal, China had deleted its commitments to change laws to resolve core U.S. complaints that led to the trade battle: theft of U.S. intellectual property and trade secrets; forced technology transfers; competition policy; access to financial services; and currency manipulation…the stripping of binding legal language from the draft struck directly at the highest priority of U.S. Trade Representative Robert Lighthizer who views changes to Chinese laws as essential to verifying compliance after years of what American officials have correctly called empty reform promises…

3. Long-awaited positive change at Colorado Resources (CXO, TSX-V): Colorado announced this morning that it has entered into an LOI with privately-held Buckingham Copper, contemplating a potential acquisition by Colorado of all of the issued and outstanding shares of Buckingham…what this amounts to is a much-needed change in Colorado management and direction…Colorado will retain 3 existing directors, including Patrick Soares who will continue as Chairman of the Board…Buckingham will propose 2 directors, including Michael Cathro…Joe Mullin, Buckingham’s CEO, an experienced restructuring and M&A professional who has worked for Goldman Sachs, Invesco Ltd. and Millennium Global Investments, and has held a number of operating roles, will be appointed CEO of Colorado replacing Robert Shaw, Colorado’s current ineffective President and CEO…in addition, a newly appointed CFO and Corporate Secretary will replace Terese Gieselman…Buckingham will raise at least $2.5 million to give CXO the working capital it needs to start making things happen again on the exploration front, with the Castle Property next to GT Gold (GTT, TSX-V) the immediate priority…Castle is an exceptional drill-ready prospect on trend with the world class porphyry system and high-grade Gold deposit at Saddle North and Saddle South…CXO also has a large land package (KSP and KingPin) in the heart of the Eskay CampCXO is up 1.5 cents at 7.5 cents through the first 30 minutes of trading…

4. After a big drop yesterday, the Dow is just 26 points lower through the first 30 minutes of trading…a recovery today is certainly possible…in Toronto, the TSX is 45 points higher while the Venture has rebounded 2 points to 601Barrick Gold (ABX, TSX; GOLD, NYSE) has reported a profit during its 1st quarter of operations since it acquired Randgold Resources…officials also said they expect a joint venture with Newmont Goldcorp, for the 2 companies’ Nevada mines, to be completed by the end of the current quarter…Barrick’s adjusted net earnings for the period from January through March were $184 million, or 11 cents per share, compared to $170 million, or 15 cents, in the same quarter a year ago…this was also an improvement from $69 million, or 6 cents, in the 4th quarter…Radius Gold (RDU, TSX-V) is under pressure in early trading after providing “visuals” on 3 of its latest drill holes (11, 12 and 13) completed at the Amalia Project in Mexico (the last results, of course, were from hole #10 which cut 44 m @ 12.4 g/t Au and 309 g/t Ag)…Mr. Market wasn’t overly impressed with the visuals; however, an incorrect headline on Stockwatch (Radius Gold drills 30 m of 0.3 g/t Au) didn’t help matters (that result was from a much earlier hole in the 2018 program)…Radius also noted in this morning’s news release, “Drilling is currently on-going with 2,000 m of program budgeted.  The holes presently underway will be more proximal to the high grade intercepts encountered in holes 009 and 010 in an effort to gain a better understanding of the geological control of these exceptional high-grade shoots”…

5. GrowMax Resources (GRO, TSX-V), yesterday’s volume leader on the Venture, is up half a penny at 12 cents as of 7:00 am Pacific…notably, company recently went through some major corporate changes (new board) and announced during the trading session yesterday that it’s currently considering investments in the legal cannabis, hemp and related sectors with a focus on advance-stage licensed producers in North America…it’s also armed with nearly $30 million in cash…“We intend to leverage the company’s strong cash position of approximately $30 million to make investments primarily in the legal cannabis and hemp sectors,” stated Kal Malhi, Chairman and CEO…“The company now has a strong management team and its two largest shareholders include Bullrun Capital Inc. and Kisan International, a division of Indian Farmers Fertiliser Cooperative Ltd., together owning 27.6% of outstanding shares”GrowMax continues to pursue disposition of its Peru-based phosphate and potash assets and will provide further guidance on its proposed dividend after reviewing outstanding liabilities and ongoing investment opportunities…

6. American Pacific (USGD, CSE) provided an update this morning on its recently announced Gooseberry mine acquisition…in 1983Asamera Inc., owner and operator of the Gooseberry mine at the time, reported in the company’s 1983 Annual Report to its shareholders a mineral reserve estimate for Gooseberry in the Proven and Probable category totalling 550,661 metric tonnes at an average grade of 7.9 g/t Au and 333 g/t Ag (Asamera, 1983)…this is considered an historical estimate and is not compliant with current NI-43101…historic grades are impressive, however, and extensions to these types of deposits are common…in 1984, Asamera Inc. reported production figures of 14,938 ounces of Gold and 617,733 ounces of Silver (Spreecher, 1985)…the Gooseberry mine has been developed vertically to 1,450 feet from surface with significant underground development across 7 of 10 underground levels…the principal vein structure has been explored along strike for approximately 3,000 feet…initial mapping and sampling programs are anticipated to commence in late May…“The Ramsey Mining District is clustered amongst some of the most famous and prolific mining districts in Nevada,” commented Eric Saderholm, American Pacific President…“Foremost among the state’s top districts is the historic Comstock Mining District, located west of the Ramsey District where the Gooseberry Mine is located.  The lodes and veins discovered in the Comstock District alone led to the production of 8.6 million ounces of Gold and 192 million ounces of Silver. Similar structural trends have been observed within the Ramsey and Talapoosa Mining Districts.  Nevada has been among the world leaders in the discovery and production of precious metals for over 150 years and it looks like that trend will continue for decades to come”

7. Charlotte’s Web Holdings (CWEB, CSE) has expanded its canine-focused pet products, launching an all-new 12 SKU lineup comprising hemp-extract-infused chews, flavoured and unflavoured oils, and a topical balm…since introducing its first Paws hemp-extract product for pets in February 2017, interest has exceeded all expectations, producing high demand and sales growth…with this week’s launch of the expanded pet product line, Charlotte’s Web aims to increase its market share in the rapidly growing market segment for hemp-derived CBD pet products…according to market research firm Brightfield Group, the CBD pet market is forecast to grow at a compound annual growth rate (CAGR) of 151% between 2018 and 2022 to a market size of $1.16 billion (U.S.)…Charlotte’s Web’s canine product line can be viewed and purchased on-line at the company’s website and is available for order through the company’s retail distribution partners…

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