Aim High for Gold in Metals Market (OTCQB) USPR
Mexico led the world in gold production last year, according to Mining.com. The Central American country’s 133-ton output increased the worldwide production of the most valuable metal to 3,211 tons.
One Mexican goldmine is also in Mining.com’s list of top 10 gold sources: the Peñasquinto mine in the State of Zacatecas. Peñasquinto has the largest open pit mine in Mexico and the fifth largest silver mine in the world. Canadian miner Goldcorp owns the mine. Goldcorp produced a total 107.8 tons or 3.1 million troy ounces of gold last year from all its mines to rank fourth largest gold producer in the world and it expects to produce similar amount this year.
With rising gold prices sparked by the Brexit vote, and many gold mining companies like like Goldcorp, many companies, big, and small are literally well-positioned to capitalize on the surging interest on the precious metal. Another gold mining commonalty that is coming up fast is one that sits on a Mexican gold mine is U.S. Precious Metals Inc. (OTC-QB: USPR) https://wall-street.com/stockquote/?symbol=uspr
The New Jersey company founded in Delaware in 1998 owns exclusive exploration and exploitation rights to approximately 37,000 acres of land in Michoacán, Mexico. Its wholly owned subsidiary, U.S. Precious Metals de Mexico, S.A. de C.V., conducts the exploration with the latest one done in 2015. Findings from that year’s drillings indicated gold resources of 954,957.91 troy ounces with 4.6 million troy ounces of silver and 68,680 tons of copper, according to the Read the “Technical Report on a Mineral Property” from U.S. Precious Metals Inc.
The Future Price of Gold
On Wednesday, gold rose to $1,377.50 per ounce in the world market. The estimated 954,957.91 ounces of gold found in the Michoacán mines translate to about $1.3 billion. Meanwhile, silver prices also surged to $20 an ounce, which could earn U.S. Precious Metals Inc. another $92 million.
Increasing shareholders’ confidence is the competent leadership of U.S. Precious Metals Inc. Chaiman and President Hans H. Hertell is not just a veteran lawyer but former United States Ambassador to the Dominican Republic, where another top producing gold mine, Pueblo Viejo, is co-operated by Barrick Gold Corp., the world’s largest gold producer, and Goldcorp. Hertel is involved with the operations and investments of Barrick Gold in the Dominican Republic and is a director of Colt Resources Inc., a Canadian gold and tungsten miner. Colt Resources has mining projects in Portugal, where it is one of the largest lease holders of mineral concessions.