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Gold races to 2-year high as investors seek refuge from Brexit

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Gold races to 2-year high as investors seek refuge from Brexit

full article: http://www.cnbc.com/2016/06/23/gold-up-1-on-uk-referendum-nerves-after-leave-has-early-lead.html

Gold soared as much as 8 percent to its highest in more than two years on Friday after Britain delivered a shock vote to leave the European Union, sending investors scurrying for protection in bullion and other assets perceived as lower risk.

In sterling terms, gold delivered double-digit percentage gains to top 1,000 pounds an ounce for the first time in more than three years, rallying as much as 21 percent in early trade, while euro-priced gold rose as much as 13 percent.

Spot gold peaked at $1,358.20 per ounce and was up 4.76 percent at $1,315 an ounce, while U.S. gold futures for August delivery were up $56.70 an ounce at $1,319.80 off an early high of $1,362.60 an ounce.

Shares of gold mining companies also rocketed higher, with a fund tracking the industry opening nearly 8 percent higher.

“(Brexit) benefits gold because in a general risk-off mode, it’s a natural safe haven for everybody,” Marie Owens Thomsen, chief economist at Indosuez Wealth Management, said.

“Now that the UK has voted to leave, we think there’s a higher probability that the $1,350-1,360 per ounce level can be breached, and we’re therefore looking for an extended target in the $1,400s.”

Gold priced in sterling was last at 965.80 pounds an ounce, up 14.5 percent, having peaked at 1,019.03 pounds overnight. Euro-denominated gold was up 9.5 percent at 1,195.20 euros an ounce, off a high of 1,244.34 euros.

Gold dealers in London reported surging demand for coins and bars among retail investors on Friday, with some saying stocks were tight.

Britain’s vote to leave the European Union forced the resignation of Prime Minister David Cameron and dealt the biggest blow to the European project of greater unity since World War Two.

World stocks headed for one the biggest slumps on record as the vote triggered 8 percent falls for Europe’s biggest bourses and a record plunge for sterling.

The single currency was under pressure as investors worried that the Brexit vote could encourage similar movements in other European countries.

U.S. short-term interest rates futures hit contract highs in early U.S. trading, boosting expectations the Federal Reserve may cut interest rates to help shield the economy from any global fallout.

“This isn’t necessarily about Britain, it’s about uncertainty in the world’s largest economy,” Amanda van Dyke, fund manager at Peterhouse Asset Management, said.

“The general commentators are suggesting that the Fed is no longer going to raise rates because the dollar is soaring, and they can no longer afford for the dollar to keep going as fast as it is.”

“Realistically, the ability of the European market to speak with a common voice I think has been permanently severed, and that’s going to be a solid 5 percent (price increase) in gold for at least the next couple of years.”

Disclaimer © 2010 Junior Gold Report
Junior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.

CMC Metals Appoints Ian Graham as Chief Operating Officer

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Vancouver, B.C.: CMC Metals Ltd. (the “Company”) wishes to announce that Ian Graham has been appointed the position of Chief Operating Officer and has agreed to join the Board of Directors at the upcoming Annual General Meeting set for July 7, 2016. Mr. Graham will oversee operations in California, USA and will focus on commencing operations at the Radcliff Gold Mine and Bishop Mill. Mr. Graham has already been down to the Bishop Mill and the Radcliff property on two occasions over the past 45 days. The Company holds a 100% interest in the Bishop Mill and owns a 50% interest in the World Beater Property and Radcliff Gold Mine.

Mr. Graham is an accomplished mining professional with over 20 years of experience in the development and exploration of mineral deposits, mostly gained with the major mining companies Rio Tinto and Anglo American. Formerly Chief Geologist with the Project Generation Group at Rio Tinto located in Vancouver, BC, Mr. Graham has been involved with evaluation and pre-development work on several projects in Canada and abroad including the Diavik Diamond Mine (Northwest Territories, Canada), Resolution Copper (Arizona, USA), Eagle Nickel (Michigan, USA), Lakeview Nickel (Minnesota, USA) and Bunder Diamonds (India). Prior to his work with Rio Tinto, Ian held exploration geologist roles with Anglo American. Ian graduated from the University of Natal (now Kwa-Zulu Natal) in Durban, South Africa with a B.Sc. in Geology and Applied Geology (1984) and B.Sc. (Hons) in Geology (1985).

Jack Bal, CEO of the Company states “We are very happy to have Ian Graham as part of our team. Ian brings a high level of experience in mine commissioning and project implementation.”

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

On behalf of the Board:

“Jack Bal”
Jack Bal, President & CEO
CMC METALS LTD.

For further information on the Company, please contact Mr. Jack Bal, CEO, Telephone: 604-306-5285 jackbalyvr@gmail.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

“This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation”

Disclaimer © 2010 Junior Gold Report
Junior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.

Everything You Need to Know About Today’s BREXIT Vote

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Everything You Need to Know About Today’s BREXIT Vote

Starting at 600 GMT, and continuing through 2100 GMT when polls close, Britain is conducting a historic referendum on whether to stay in the European Union on Thursday. While results from each of the 382 counting areas will be released overnight and into the morning, the market already appears to have made up its mind what will happen. Sitll, for those who have yet to vote, and everyone else following along,here are the full details of how today’s vote will take place and what to watch for:

From Tyler Durden (http://www.silverdoctors.com/headlines/world-news/everything-you-need-to-know-about-todays-brexit-vote/#more-68920):

WHEN WILL RESULTS COME?

  • Votes will be counted by hand, starting as soon as polls close at 2100 GMT.
  • Each of 382 local counting areas will tally the number of ballot papers cast and announce local turnout figures (including spoiled ballots and postal votes) in each of the areas. The Electoral Commission has estimated that most turnout announcements at counting-area level will come between 2230 on June 23 and 0130 on June 24. The last turnout figure is expected at around 0400.
  • Each area will count the votes and announce totals for REMAIN and LEAVE. The majority of counting areas are expected to declare between around 0100 and 0300 on June 24. The last declaration is expected around 0600.
  • Local totals will be collated into totals for 12 regions, and then a final, national, result. The final result will be announced in Manchester by Jenny Watson, Chief Counting Officer.

 

WHEN CAN PEOPLE VOTE?

  • Polling stations open at 0600 on June 23 and close at 2100.

ARE ALL THE COUNTING AREAS THE SAME?

  • No. The counting areas, based along the lines of local government authorities, vary widely in population. The biggest counting areas are Birmingham, Leeds and Northern Ireland.
  • The Birmingham area has around 700,000 eligible voters while the City of London counting area, comprising the central financial district of the capital, has just 7,000 eligible voters. The smallest counting area is the Isles of Scilly which has about 1,700 voters.
  • Estimated time of declarations in the bigger areas: Northern Ireland around 0030, Birmingham around 0330, Leeds around 0400, Glasgow around 0400, Sheffield around 0330, Cornwall around 0230-0300, Bradford around 0200, Durham around 0130, Manchester around 0400 and Edinburgh around 0300-0400).
  • London’s counting areas are along the lines of the city’s 32 boroughs.

 

WHAT TO WATCH FOR

  1. Turnout could be key to the result but only partial figures will be available initially. Turnout at last year’s British parliamentary election was 66 percent. Turnout well below this is likely to favour Leave as those who back Brexit are considered more likely to vote, according to campaigners on both sides.
  2. First results: Sunderland, likely to be one of the first results to declare (2330), has a large number of older, lower income voters who polls show are more likely to back Brexit. If Leave are not strongly ahead here it may indicate they will struggle to break through in areas less favourable to Brexit.
  3. Geography: Leave is expected to do well in eastern England, so close results in some of the most eurosceptic areas such as Southend-on-Sea (0200) and Castle Point (0130) could give an indication the national vote has swung towards Remain.
  4. Labour voters: Opposition Labour Party supporters are considered key to securing a Remain vote so the results of traditional Labour strongholds such as the north of England and south Wales, where backing for the anti-EU UK Independence Party has risen, will be closely watched.
    Early declarations in such areas include Oldham (0000) and Salford (0030) in northern England and Merthyr Tydfil (0030) in Wales.
  5. Scotland: Scotland is considered to be pro-EU, so any close early results from Scotland such as Stirling (0030) could indicate trouble for the Remain camp.
  6. Swing seats: Nuneaton (0100) is considered a bellwether seat in parliamentary elections so will be watched to see if Prime Minister David Cameron has managed to get swing voters who last year backed his Conservatives to turn out for Remain.
  7. Count chronology: Some research has indicated Remain could be well ahead at first and that from around 0300-0400 the Brexit count is less likely to deviate from the end results. Others, as the Open Europe think tank, have suggested that by about 0330 most of strongest Leave areas will have declared so if Leave do not hold the lead or even if it is very close, it may bode badly for them. Ron Johnston, a professor of geography at the University of Bristol who has researched the counting areas and modelled how the vote could unfold, said the big picture was that the figures could flip around until about 0300.TURNOUTDB writes: “the number of voters in each area is compiled before counting. So we should get an idea on turnout before the first results (perhaps due at around 0030 Friday – see below). The UK Electoral Commission has estimated that most will come through between 2330-0230. DB’s George Buckley has argued that the ‘leave’ vote appears more passionate and is likely to be more incentivized to vote. A low turnout number could therefore favour them. The last General Election (May 2015) saw a 66% turnout but the Scottish referendum saw 85%. The 1975 EEC UK referendum saw just under 65%. It’s impossible to work out at what number the pendulum shifts in favour of ‘remain’ (if indeed it does) but maybe last year’s General Election is a baseline figure. Given the phenomenal media interest, on balance I’d be surprised if it wasn’t higher. As George Buckley reminded me yesterday, in 1975 we’d only been a member of the EEC for a couple of years so surely this is a more momentous vote with more at stake either way?”

RESULTS

The first results are expected around 0030 BST (Sunderland first perhaps) with 50% likely available by 0400 and 80% by 0500. The chart below shows the likely cumulative % declaration by time.

In terms of interpreting the results DB’s Jack Di-Lizia has produced an interesting graph showing the likely declaration results timings against level of euroscepticism in that area.

The lower this number the greater the level of euroscepticism. This index was compiled using Sky who ranked each area of the country. As a word of warning this was done in March before the recent swing towards ‘leave’ and the regions may not exactly map the count areas. However as can be seen from the moving average, the initial results may favour eurosceptic areas before it becomes more random as we approach 0200. YouGov has also issued numbers for eurosceptism and DB’s George Buckley has compiled a list of areas that report before 0300 and show similar numbers for Sky and YouGov (to confirm the trend). He sees these as interesting ones to watch.

The largest areas will by definition take longer to count (0300-0600 BST) and the chart below highlights the largest, when they report, the size and share of overall electorate and the level of eurosceptism.

 

WILL THERE BE AN EXIT POLL?

  • There are no plans by broadcasters for an exit poll as the margin of error is deemed too large, but there have been reports that some hedge funds may have commissioned private polls which could affect markets.
  • Details of a telephone poll conducted before the voting by Ipsos MORI for the Evening Standard newspaper are expected to be published during the day. The findings of a YouGov poll, based on interviews conducted online on Thursday, are due to be announced by Sky News after the close of voting at 2100.

 

THE QUESTION

Voters will be given one piece of paper with the question:

  • “Should the United Kingdom remain a member of the European Union or leave the European Union?”
    They will be asked to put a cross beside either:
  • “Remain a member of the European Union”
  • “Leave the European Union”

 

WHO CAN VOTE?

  • The electoral commission says 46.5 million people can vote, including all those who are entitled to vote in a UK parliamentary election. Voters include British citizens 18 and older who are resident in Britain, and those who live abroad if they have appeared on a parliamentary voter register in the last 15 years.
  • Citizens of Ireland and countries of the Commonwealth of mostly former British colonies can also vote if they live in Britain, but citizens of other EU countries who live in Britain cannot. Voting will also take place in Gibraltar, the British overseas territory on the coast of Spain.

REGISTERING TO VOTE

Britain extended the voter registration period for the referendum to midnight on June 9 after a late surge in applications crashed a website shortly before the original June 7 midnight deadline.

 

CAN THE COUNT AND VOTE BE CHALLENGED?

This is unlikely. The electoral commission says the rules do not provide for a national recount under any circumstances. Requests for local recounts can be made at the local level, to be decided by the counting officer.

“We expect local recounts to be granted if a specific issue has been identified with the process in that counting area, rather than simply when the local totals are close,” the commission says.

The only way to challenge the national referendum result is by judicial review, which must be requested within six weeks of the certification of the result.

* * *

Sources: Electoral Commission, Open Europe, Reuters, DB

Disclaimer © 2010 Junior Gold Report
Junior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.

MX Gold Corp. Closes $4 Million dollar Private Placement

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Dear Shareholders:
June 22, 2016
 MX Gold Corp. Closes $4 Million Private Placement
  •  Fully Funded to execute its entire 2016 work programs 

 

MX Gold Corp. (TSX-V: MXL) (FSE: ODV) (OTCQX: DTVMF) is please to announce that, further to its news releases dated May 27th and June 3rd, it closed a private placement and raised gross proceeds of $4,000,000 on June 22, 2016. On the closing date, MX Gold issued 33,333,333 units, each unit consisting of one common share and one share purchase warrant, which entitles the holder to purchase one additional common share at a price of $0.20 for a period of four years subject to an acceleration provision of MX Gold whereby, in the event that MX Gold’s common shares trade above $0.50 on the TSX Venture Exchange for a period of fifteen consecutive trading days, the warrants will terminate on the date that is 30 days following receipt of a call notice in the event the holder has not exercised the warrants by such date.

“We are fully funded and able to move forward on our 2016 WillaMax project. This is a huge milestone for our company and we want to thank our shareholders who helped us get here,” says Company President Akash Patel
.
In connection with the closing of the financing, MX Gold paid cash finder’s fees of $30,862. All securities issued in connection with the financing are subject to a statutory hold period expiring on October 23, 2016.
None of the securities issued in connection with the financing will be registered under theUnited States Securities Act of 1933, as amended (the “1933 Act“), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
About MX Gold Corp. 

MX Gold Corp.  is a junior mining company focused on the mining, exploration and development of advanced projects located in the Kootenay region of British Columbia. The Company’s primary focus is its high-grade Willa gold and copper project located 12 kilometers south of Silverton, BC.  In 2015, MX Gold Corp completed the accretive acquisition of the Willa project and the Max Molybdenum Mine and Mill Complex. The Willa mine is located 135 kilometers south of the Max Mill Project site.

On behalf of the Board of Directors,
“Dan Omeniuk”
Dan Omeniuk, Chief Executive Officer and Director, Discovery Ventures Inc.
For further information, please contact Ron Birch 250-545-0383
or
SkanderBeg Capital Advisors
or by email at:

This press release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Discovery, including without limitations the statements regarding mineralization and recoveries from mineral samples on the Willa project, anticipated mineralization, plans and anticipated results of future sampling, production potential. There are numerous risks and uncertainties that could cause actual results and Discovery’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) the results of the historical testing and current metallurgical testing prove to be inaccurate or not to be indicative of wider mineralization at the Willa project; (ii) risks inherent in the mineral exploration industry in general; (iii) the ability of Discovery to complete additional testing in the future; and (iv) such other risks and uncertainties which may not be known to Discovery at this time. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery does not intend to update these forward-looking statements.
 
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

Disclaimer © 2010 Junior Gold Report
Junior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.

Cardiff Energy Corp. Acquires Eastmain River Lithium project in Quebec And Provides Clayton #1H Update

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CARDIFF ENERGY CORP. (the “Company”) (TSX-V: “CRS”, Frankfurt: “C2Z.F”, US Pinksheets: “CRRDF”)
is pleased to announce the acquisition of the Eastmain River Lithium Project from Zimtu Capital Corp. (TSX-V: “ZC”). The Eastmain River Lithium Project comprises 22 mineral claims encompassing approximately 2,860 acres in Quebec, Canada. The Eastmain River area consists of a 4km zone of irregular cross cutting dikes of spodumene pegmatites, up to 60 meters wide and over 100 meters long. As reported by Pelletier a geologist who evaluated the area in 1977, 277 samples were taken with an average Li20 content of 1.7%. No drilling has been done on the property to date.

The Eastmain River Li Project is situated in the lower Eastmain greenstone belt, part of the northeastern portion of the superior province. Rock types mainly consist of amphibolite facies, felsic metavolcanics and metasedimentary rocks. Outcrop exposure is extraordinary in the area with pegmatites crosscutting at surface.
The pegamatites of the Eastmain River area are almost always spodumene bearing and enriched in light elements such as Li, Be, Na, and B, some crystals exceeding one meter in length. Slow cooling crystallization of magmatic fluids is the cause for the megacrystic nature of the pegmatites.

The project is located near kilometer 386 on the road from Matagami, Quebec and is easily accessed by paved highway or by air from the Opinaca Airport 30 km away. There is a gas station, accommodations, and helicopter support located 8 kilometers to the south west of the property. The project is 2.5 kilometers from the highway and 8 km to the north of Galaxy Resources James bay Lithium project on the south side of the Eastmain River.

Galaxy Resources James Bay Lithium Project has an” indicated resource of 11.75 million tonnes grading at 1.30% Li2O and inferred resources of 10.47mt grading at 1.20% Li2O. The James Bay deposit occurs at surface and resource modelling indicates that the resource is amenable to open pit extraction. There is excellent potential to increase the resources through additional delineation of the pegmatite dykes along strike and at depth and potential to increase grade through infill drilling” (Galaxy Resources, 2016).
Jack Bal, President and CEO of Cardiff Energy Corp., states “We are excited to have acquired the Eastmain River Lithium Project located in the James Bay area of Quebec. The James Bay area is a world class lithium exploration ground and is being actively explored by Galaxy Resources Ltd, Nemaska Lithium Inc., and Critical Elements Corp. We are looking forward to announcing and commencing the summer work program shortly.”

With regards to the Clayton #1H, operations have been temporarily suspended until the Company secures additional funding or a Joint Venture partner can be found to help move the project forward.
About the Company
Cardiff is an emerging junior oil and gas and resource exploration company engaged in the acquisition, exploration, development and production of projects. Cardiff is listed on the TSX Venture Exchange under the symbol CRS. For additional details please visit Cardiff’s website at www.cardiffenergy.com

For additional information contact:

Jack Bal, President and CEO
Cardiff Energy Corp
604-306-5285
jackbalyvr@gmail.com
ON BEHALF OF THE BOARD OF DIRECTORS

“Jack Bal”

Jack Bal,
President and Chief Executive Officer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

Disclaimer © 2010 Junior Gold Report
Junior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.

Cardiff Energy Acquires Hard-Rock Lithium Project In Quebec

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Jun 22, 2016 4:47 AM | about stocks: CRRDF, NMKEF, CRECF, GALXF
Article by Stephan Bogner (Dipl. Kfm., FH), Mining Analyst, Rockstone Research
Email: sb@rockstone-research.com
(click to enlarge)
Drill core with spodumene lithium mineralization from the James Bay Deposit in Quebec (source: Galaxy Resources Ltd.)Today, Cardiff Energy Corp. (TSX.V: CRS) (OTCPK:CRRDF) announced the acquisition of the Eastmain River Lithium Project in Quebec, just 8 km north of the James Bay Lithium Project from Galaxy Resources Ltd. (OTCPK:GALXF) The Eastmain River area is home to a 4 km zone of irregular cross-cutting dikes of spodumene pegmatites, up to 60 m wide and over 100 m long. As reported by Pelletier in 1977, a total of 277 samples (one third of the outcropping pegmatites) were taken in the Eastmain River area yielding an average historic grade of 1.7% Li2O (Galaxy’s current indicated resource hosts 12 million t grading 1.3% Li2O). No drilling has been done on Cardiff’s property to date, despite extraordinary outcrop exposure in the area with pegmatites cross-cutting at surface. The pegamatites in the Eastmain River area are almost always spodumene bearing and enriched in light elements such as lithium, beryllium, sodium, and boron. Some crystals exceed one meter in length. Slow cooling crystallization of magmatic fluids is the cause for the megacrystic nature of the pegmatites, which makes this area one of the most prospective lithium grounds in all of Canada.

The Eastmain River Lithium Property is located in a region of Quebec that boasts several significant lithium deposits and high-grade spodumene pegmatites. Cardiff’s Eastmain River Property is located in an established lithium district that has been gaining momentum in exploration and development recently, hand in hand with increased investors’ interest.

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Property Size: 1,157 hectares (22 claims)

Location & Access: Near kilometer 386 on the road from Matagami, Quebec. The property is easily accessed by a paved highway 2.5 km away or by air from the Opinaca Airport 30 km away.

Power & Infrastructure: The LG-2 hydroelectric reservoir is 31 km to the east. There is a gas station, accommodations, and helicopter support located 8 km to the south west.

Historic exploration: According to J. Terrence Flanagan in “Lithium Deposits and Potential of Quebec and Atlantic Provinces, Canada” (1977): “Eastmain River Deposit: Approximately twenty dikes of spodumene pegmatite occur near kilometer 384 on the road from Matagami, Quebec, to the LG-2 hydroelectric power site. These intrude mainly biotite schists of the Eastmain River greenstone belt. The deposits are mostly irregular cross-cutting dikes or lenses up to 60 m wide and over 100 m long, within a zone about 4 km long by 300 m wide. 277 samples, representing about one-third of the outcropping pegmatites, had an average Li2O content of 1.7%. The total area of outcropping spodumene pegmatite delineated to date is 45,000 m2, equivalent to 121,000 tonnes per vertical meter without allowing for extrapolation between outcrops. No drilling has yet been done these deposits, so their vertical extent is not known (Pelletier).”

Geology & Mineralization: The Eastmain River Li Project is situated in the lower Eastmain greenstone belt, part of the northeastern portion of the superior province. Rock types mainly consist of amphibolite facies, felsic metavolcanics and metasedimentary rocks. Outcrop exposure is extraordinary in the area with pegmatites crosscutting at surface. The pegamatites of the Eastmain River area are almost always spodumene bearing and enriched in light elements such as lithium, berryllium, sodium and boron. Some crystals exceed 1 m in length (slow cooling crystallization of magmatic fluids is the cause for the megacrystic nature of the pegmatites).

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Other Lithium Projects in the James Bay area of QuebecThe James Bay Lithium Project (Galaxy Resources Ltd.; $673 million AUD market capitalization) is located 8 km to the south of Cardiff’s property, occurs at surface and resource modelling indicates that the resource is amenable to open pit extraction. According to Galaxy, there is excellent potential to increase the resources through additional delineation of the pegmatite dikes along strike and at depth and potential to increase grade through infill drilling. Lithium mineralisation at James Bay is associated with spodumene-bearing pegmatite dike swarms, which vary in width from 60-100 m. The dikes generally outcrop at surface, and form a dis-continuous corridor over a strike length of 4 km. Almost all the pegmatites at James Bay are known to be spodumene-bearing, with relatively coarse crystals (usually more than 5 cm, sometimes exceeding 1 m). The coarse grained spodumene mineralisation is likely to respond very well to conventional processing.

Indicated: 11.75 million t @ 1.3% Li2O
Inferred: 10.47 million t @ 1.2% Li2O

The Whabouchi Deposit (Nemaska Lithium Inc.; (OTCQX:NMKEF) $342 million CAD market capitalization) has a feasibility study for the deposit and a hydromet plant, revised in January 2016:

Measured: 13 million t @ 1.6% Li2O
Indicated: 15 million t @ 1.54% Li2O
Inferred: 4.7 million t @ 1.51% Li2O

The Rose Lithium-Tantalum Deposit (Critical Elements Corp.; (OTCQX:CRECF) $82 million CAD market capitalization):

Indicated: 26.5 million t @ 1.3% Li2O
Inferred: 10.7 million t @ 1.14% Li2O

According to J. Terrence Flanagan in “Lithium Deposits and Potential of Quebec and Atlantic Provinces, Canada” (1977):

“Quebec was an important lithium producer from 1955 to 1965 and could regain this status when adequate markets are available. Most of the known lithium deposits are spodumene-bearing pegmatites in the Superior structural province of the Canadian Precambrian Shield. Although very little systematic exploration has been carried out, spodumene dikes have been found in every major greenstone belt between latitudes 47 and 53N. They usually occur near the upper contacts between late-stage granitic intrusive masses and metamorphosed volcanic and sedimentary rocks, and appear to represent a normal stage in the metallogenic evolution of this area.

The potential of the known Quebec deposits and their possible extensions laterally and at depth is amost 1 million tonnes of contained lithium. Several recent discoveries, made while prospecting for other minerals, support the view that many additional deposits remain to be found. These can contribute substantially to the assurance of an adequate supply to support the energy options which depend on lithium.

Known lithium deposits in Eastern Canada are all of the pegmatite type. Quebec was an important producer of spodumene concentrate from 1955 to 1959 and of lithium carbonate and hydroxide from 1960 to 1965, both from the Quebec Lithium Corporation property in Lacorne Township. There has been no lithium production in Quebec since 1965 but numerous lithium-bearing pegmatites have been identified; many of these are still undeveloped.”

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Company DetailsCardiff Energy Corp.
3920 Delbrook Avenue
North Vancouver, BC, Canada V7N 3Z8
Phone: +1 604 505 4380
Email: info@cardiffenergy.com
www.cardiffenergy.com

Shares Issued & Outstanding: 65,959,611

Canadian Symbol (TSX.V): CRS
Current Price: $0.04 CAD (June 21, 2016)
Market capitalization: $3 million CAD

German Symbol / WKN (Frankfurt): C2Z / A119FM
Current Price: €0.018 EUR (June 21, 2016)
Market capitalization: €1 million EUR

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