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New GOP-backed bill would ban aid to Afghanistan to avoid giving US dollars to the Taliban

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A group of Republican lawmakers is introducing a new bill that would cease all aid dollars to Afghanistan over concerns of interception by the Taliban.

‘The Biden-Harris administration’s disastrous withdrawal has plunged the country back under Taliban rule, and now it turns out that our taxpayer dollars are being used to the benefit of the Taliban,’ Rep. Josh Brecheen, R-Okla., sponsor of the legislation, told Fox News Digital. 

‘This legislation is needed so we can ensure that no more of our tax dollars are being irresponsibly used in Taliban-controlled Afghanistan.’

The House bill is co-sponsored by Republican Reps. Tim Burchett of Tennessee, Ralph Norman of South Carolina, Nick Langworthy of New York, Barry Moore of Alabama, Erlic Burlison of Missouri, Matt Rosendale of Montana and Randy Feenstra of Iowa. 

The U.S. is the largest donor to Afghanistan. It spent a total of $21 billion on the nation and Afghan refugees who have been evacuated since the withdrawal. However, critics say much of that aid ends up in lining the pockets of the Taliban, who they say have taken control of nongovernmental organizations (NGOs) in the country.

The United Nations (U.N.), meanwhile, has flown in some $2.9 billion in U.S. currency cash to Afghanistan since the Taliban seized control, the bulk of that being from funds allocated by the U.S., and at least some of which ends up in the Taliban-controlled central bank, according to the SIGAR report from July. 

The Taliban ‘taxes’ this cash at multiple points of distribution. 

The bill would prohibit federal agencies from giving any direct cash assistance to Afghanistan and prohibit any taxpayer dollars from going to the U.N. for the purpose of assisting Afghanistan. It also prohibits Federal Reserve Banks from selling U.S. currency to the U.N. for the purpose of direct cash assistance to Afghanistan. 

In a briefing to the U.N. Security Council on March 6, Roza Otunbayeva, the U.N.’s special representative for Afghanistan, did not mention the money going to Da Afghanistan central bank but said it was necessary to get medical care and food for Afghans. 

The shipments have ‘injected liquidity to the local economy that has in large part allowed the private sector to continue to function and averted a fiscal crisis,’ Otunbayeva told the council. 

In a letter provided in response to the SIGAR report, the State Department said the U.N. was in charge of managing the cash transfer program. 

‘We remain committed to providing critical, life-saving humanitarian assistance to the Afghan people. We will continue to monitor assistance programs and seek to mitigate the risk that U.S. assistance could indirectly benefit the Taliban or could be diverted to unintended recipients,’ the letter said.

For 20 years prior to the Taliban takeover, Afghanistan received some $8 billion in foreign assistance per year, representing 40% of its gross domestic product and financing three quarters of the government’s public expenditures. When the U.S. and other foreign entities stopped supplying aid, the country fell into an economic crisis – and aid dollars began flowing once again. 

In June, the House passed a bill that would force the State Department to investigate which countries give aid to the Taliban – and also get U.S. assistance themselves. 

It would also force the secretary of state to weigh if those countries should keep getting U.S. dollars and develop a strategy to discourage them from continuing aid to the Taliban. However, that bill did not cease all aid to Afghanistan. 


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Dynasty Gold Continues to Hit Multiple High-Grade Intercepts up to 24.53 g/t Gold over a Broad Mineralized Zone in July 2024 Drilling at Thundercloud

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Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G1) (OTC Pink: DGDCF) (‘Dynasty’ or the ‘Company’) is pleased to release assay results for the initial phase of the 2024 drill program comprising 2,198 meters for its Thundercloud property. Thundercloud is located in the Archean Manitou-Stormy Lakes Greenstone belt, 47 kilometers southeast of Dryden in northwestern Ontario.

Drilling was designed to test the extensions for the eastern and western limits of the defined mineralization. It has successfully intersected high-grade gold mineralization of 5.13 g/t over 18 meters from 97.5m to 115.5m, including 9.3 g/t over 4.5 meters and numerous 5 to 8+ g/t over 1.5m in TC24-02 (30 meters additional assay results are pending). Results confirm the high-grade mineralization that was discovered in 2022 and 2023 (see Figure 1) extending to the east of Pelham with consistent high grade running between 5 to 8+ g/t and to up to 24.53 g/t, intercepting from less than 100 meters below surface. It remains open at depth. Most holes were shallow within 200 meters of surface. Drilling also intersected broad zones of lower grade mineralization from 25 meters below surface with intercepts between 50 and 136 meters in length for grades up to 1.73 g/t (see Table 1).

‘Since our first drill program on Thundercloud in 2022, July of 2024 drilling continued to intersect broad zones of near-surface mineralization with extensive high-grade intervals in most holes. This demonstrates the richness of the gold system on the property for potentially high-grade and bulk-tonnage mineralization,’ commented Ivy Chong, President and CEO. ‘During the fall exploration program, we will continue to drill to expand Pelham Resource along strike and at depth, simultaneously expand our footprint to the remaining untested 90% of the property.’

Table 1. Drill Intercepts Highlights from July 2024 Drilling

Hole NumberEast_NAD83North_NAD83From (m)To (m)Interval (m)Au (g/t)TC24-02534280.0005471386.00048.012072.01.73Including:67.512052.52.3097.5115.518.05.1397.5991.56.1199100.51.58.12100.51021.510.62102103.51.51.56103.51051.55.15105106.51.54.13106.51081.55.39108109.51.54.89And109.5114.04.59.30Including:109.51111.58.82111112.51.58.43112.51141.524.53And:114115.51.54.55115.51171.54.31117118.51.52.81118.51201.51.38120150 Results PendingTC24-04534186.0005471437.000142.5201.058.51.01Including:166.5178.512.03.0166.51681.51.23168169.51.50.31And169.5175.56.05.20Including:169.51711.513.29171172.51.51.70172.51741.58.73174175.51.57.61And:175.51771.51.88177178.51.51.28TC24-11534274.3595471464.32113521681.00.61Including:196.520710.502.44196.51981.506.23198199.51.500.12199.52011.500.87And2012076.03.07Including:201202.51.503.56202.52041.505.54204205.51.503.89TC24-13534089.9205471410.95682.5219.0136.50.58Including:90106.516.51.7693963.04.119091.51.501.7291.5931.502.279394.51.505.6094.5961.506.699697.51.503.2697.5991.501.0199100.51.503.24100.51021.501.86102103.51.501.27103.51051.500.13105106.51.502.01TC24-14534106.8655471343.65925.57852.50.51Including49.558.59.01.25

 

Recovery rate is close to 100%.

Figure 1. Cross-Section Through Central Pelham Zone Looking to the Northeast (black color is core not assayed)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7227/224199_f75b5bc714404baf_001full.jpg

The results establish the continuity of mineralization at Pelham over a tested strike length of 450m and vertical extent of 150 to 200m, remaining untested below that. Three exploration holes were drilled 300m to the west of Pelham in an area with abundant historic exploration pits and historic drilling with reported intercepts as high as 30.6 g/t gold over 0.77m (86-PL-06). No significant mineralization was intersected in these holes, probably due to their location within footwall of the north dipping mineralization.

Dynasty will soon announce details for its fall drill program. The Company is well funded for its 2024 and 2025 exploration programs.

Quality Assurance & Quality Control

Core was logged and sample intervals selected in Dynasty’s core shack in Dryden, Ontario. It was securely transported, and diamond sawed in the presence of the Company’s consulting geologist, and personally delivered to the ALS Global Geochemistry Laboratory in Winnipeg, Manitoba. Dynasty used ALS Global for Au-AA23 gold fire assays and the ME-ICP61 33 multi-elements packages for the minor element analyses. OREAS standards, blanks and duplicates were inserted into the sample stream to check on the comparative accuracy of the gold assays received. Gold fire assays and 4-acid-dissolution geochem analyses were conducted on the samples at the ALS Global Geochemistry Laboratory in Vancouver, B.C., and all gold values higher than 10 g/t were re-assayed by using Au-GRA21 gravimetric fire assays.

The technical content of this release has been reviewed and approved by E. Max Baker Ph.D. (F.AusIMM), Technical Director of the Company and a ‘Qualified Person’ (‘QP’) as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.

About Dynasty Gold Corp.

Dynasty Gold Corp. is a Canadian mineral exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and the Midas gold camp in Nevada. The Company is currently advancing its Thundercloud gold resource in northwest Ontario as outlined in a NI 43-101 Independent Technical Report, dated Sept. 27, 2021, that can be found on the Company and SEDAR websites. The 100% owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada, is surrounded by a number of large-scale operating mines. For more information, visit the Company website www.dynastygoldcorp.com.

ON BEHALF OF THE BOARD OF Dynasty Gold Corp.

‘Ivy Chong’_____________
Ivy Chong, President & CEO

For additional information please contact:

Vancouver Office:
Ivy Chong
Phone: 604.633.2100. Email: ichong@dynastygoldcorp.com

This press release contains certain ‘forward-looking statements’ that involve a number of 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224199

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Pinnacle Silver and Gold Provides Corporate Update and Grants Incentive Stock Options

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(TheNewswire)

Mexico is the largest silver producing country in the world and has more primary silver mines than any other country.  Peru is the third largest silver producer and has the largest silver reserves and resources of any country.

Many projects have already been reviewed and due diligence is being conducted on select opportunities, including site visits, and management is encouraged by the quality of assets that are potentially available for acquisition.  The focus is on high-grade underground targets, especially in Mexico where there remains some uncertainty regarding open pit mining.

‘With the gold price now hitting all-time records on a regular basis and the silver price breaking through $30/ounce once again, now is a great time to lay the foundation for a new precious metals focused company ,’ stated Robert Archer, Pinnacle President & CEO.  ‘If successful, the addition of a high-quality asset in Mexico or Peru would significantly enhance our existing portfolio of gold projects in the Red Lake District of Ontario.’

Depending upon the nature of a successful acquisition, management will determine whether to conduct further exploration in Ontario this year or defer that to next spring, while initiating field work on a new project.  Shareholders will be updated accordingly.

Stock Option Grant

Pinnacle has granted an aggregate of 3,500,000 incentive stock options to certain directors, officers, employees and consultants of the Company, pursuant to the Company’s Stock Option Plan and subject to TSXV approval, at a price of $0.05 and expiring on September 23, 2029.

Qualified Person

Mr. Robert A. Archer, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release.

About Pinnacle Silver and Gold Corp.

  Pinnacle is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario.  The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Pinnacle is also actively looking for other district-scale opportunities in the Americas, with a particular focus on silver and gold.  With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long term, sustainable value for shareholders.

Signed: ‘Robert Archer’

President & CEO

For further information contact :

Email: info@pinnaclesilverandgold.com

Tel.: +1-877-271-5886 ext. 110

Website: www.pinnaclesilverandgold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .

Copyright (c) 2024 TheNewswire – All rights reserved.

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Equities Remain in Strong “Go” Trend, Powered by Financials

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Good morning and welcome to this week’s Flight Path. Equities saw the “Go” trend remain strong with an uninterrupted week of strong blue “Go” bars. Treasury bond prices remained in the “Go” trend as well but we saw weaker aqua bars as the week ended. U.S. commodities returned to a “Go” trend but the indicator painted weaker aqua bars this week. The dollar held on to its strong “NoGo” trend with purple bars.

$SPY Hits New Highs in “Go” Trend

The GoNoGo chart below shows that this week the “Go” trend remained strong as we saw blue bars all week. Price rallied from the last low to set a new higher high which is a good sign for the bulls. GoNoGo Oscillator remained in positive territory and volume increased as we saw it climb further from the zero line. Now, with a “Go” trend in place and momentum in positive territory but not yet overbought, we will look to see if price continues higher.

The longer time frame chart tells us that the “Go” trend is still very much in place. With another strong blue bar and a higher weekly close we can now see the drop in August as a higher low. GoNoGo Oscillator is in positive territory at a value of 3 so not yet overbought. We will look for price to consolidate at these highs and provide a base of support going forward.

“NoGo” Trend Continues on Weaker Pink Bars

Treasury bond yields rose from a new low at the beginning of the week and painted a string of weaker pink “NoGo” bars as price rallied. After setting a new lower low, we will watch to see if price rolls over this week and we see a new lower high. GoNoGo Oscillator is testing the zero level from below and this will be helpful in informing us as to whether the discussed scenario will play out. If the oscillator gets rejected and falls back into negative territory, we will know that momentum is resurgent in the direction of the “NoGo” trend and we will look for trend continuation to the downside.

The Dollar Remains in Strong “NoGo”

Although price has moved mostly sideways this past week staying in a longer trading range, GoNoGo Trend continues to paint strong purple “NoGo” bars. If we look at the GoNoGo Oscillator in the lower panel, we can see that it has struggled to move away from the zero level into positive territory, returning quickly to that level. Now, we see a new GoNoGo Squeeze beginning to build and we will watch to see in which direction it breaks. If it breaks back into negative territory then we will expect trend continuation to the downside.


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Mike Johnson says Harris is Iran’s ‘preferred candidate,’ demands info on Trump campaign hacks

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House Speaker Mike Johnson, R-La., is putting the U.S. intelligence community on the spot after Iranian hackers tried to disseminate private information from former President Donald Trump’s campaign.

‘Congress is outraged by the Biden-Harris Administration’s inaction and unwillingness to hold Iran accountable for its cyberattacks on the Trump campaign,’ Johnson wrote in letters to the Federal Bureau of Investigation (FBI), the Director of National Intelligence (DNI), and the Cybersecurity and Infrastructure Security Agency (CISA).

‘As you have shared, Iran hacked into the Trump campaign and distributed private information directly to the Biden campaign and to American media, which, like Iran, favors Kamala Harris.’

In his letter, he also claimed Harris was Iran’s ‘preferred candidate’ in the race.

Last week, the three agencies released a rare joint statement, revealing that ‘Iranian malicious cyber actors’ sent stolen Trump campaign materials to people linked to President Biden’s since-defunct re-election campaign, beginning in June. They also sent non-public materials to U.S. media organizations, the agencies said.

However, Johnson told their directors that ‘several unanswered questions remain.’

‘The American people must be informed of how the cyberattacks and distribution of information happened, the timeline indicating when the attacks occurred and were verified, and the concrete steps your agencies have taken to deter future attacks,’ Johnson wrote.

He accused the Biden administration of failing to deter election interference efforts by Iran or other hostile foreign powers and pointed out that Iran has also recently been accused of trying to kill the former president.

‘To date, the Biden-Harris Administration has not offered or executed any meaningful action to show our enemies such interference will not be tolerated, nor shared what steps, if any, it has taken to deter future attacks on Donald Trump or his campaign,’ Johnson wrote.

‘With less than 45 days until the election, much more needs to be done to protect our nation’s sovereignty and stop Iran from tipping the election in favor of its preferred candidate.’

He gave the agencies a deadline of Oct. 4, roughly a month before Election Day.

Multiple outlets reported earlier this month that the Justice Department and FBI are planning to file criminal charges against those involved with the Trump campaign hack.

FBI Director Christopher Wray warned in February that foreign adversaries posed a threat to the U.S. having ‘free and fair elections.’

‘The U.S. has confronted foreign malign influence threats in the past, but this election cycle, the U.S. will face more adversaries, moving at a faster pace, and enabled by new technology,’ he said during a national security forum.

Fox News Digital reached out to the Harris campaign, as well as the FBI, CISA and the DNI, for comment.


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Elon Musk’s pro-Trump super PAC launches website to increase canvassers in battleground states

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A conservative super PAC backed by Tesla CEO Elon Musk launched a website over the weekend, enabling supporters to canvass in support of Republican presidential nominee former President Trump and other GOP candidates. 

America PAC operates in key battleground states like Nevada, Arizona, Wisconsin, Michigan, Pennsylvania, Georgia, and North Carolina. The PAC also operates in more than a dozen competitive districts within normally Democratic strongholds like California and New York. 

According to its website, America PAC aims to ‘promote free speech, free markets, and a merit-based society.’ 

‘Together, we’ll ensure that every vote counts towards a stronger, more vibrant America,’ reads America PAC’s website. 

The new website enables anyone in the U.S. to sign up and be deployed to one of these key states or districts for canvassing.   

Now the largest ‘get out the vote’ outside group in the U.S., America PAC was formed early in the summer and has, according to sources, amassed hundreds of canvassers. The super PAC believes the new website will help scale operations going into the November election, which is just over six weeks away. 

Filings with the Federal Election Commission (FEC) show America has already invested at least $2.4 million in more than a dozen key congressional races. 


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WESTERN COPPER AND GOLD WELCOMES FEDERAL FUNDING FOR B.C.-YUKON GRID CONNECT PROJECT

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 western copper and gold corporation (‘Western’ or the ‘Company’) (TSX: WRN) (NYSE American: WRN) welcomes the recent announcement by Natural Resources Canada (‘NRCan’), conditionally approving C$40 million in federal funding to undertake pre-feasibility activities to advance a high-voltage transmission line network connecting the Yukon electrical grid to the North American grid in British Columbia . This funding would be provided through the Critical Minerals Infrastructure Fund (‘CMIF’).

The announcement was made on September 20, 2024 , by the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, with the Honourable Josie Osborne, British Columbia’s Minister of Energy, Mines and Low Carbon Innovation, and the Honourable Ranj Pillai, Premier of the Yukon .

The government announcement stresses the importance of investments in critical minerals infrastructure to enable Canada to seize the generational opportunity to transition to a low-carbon economy and capitalize on the country’s rich mineral resources.

As discussions around the grid connection evolve, the Casino Copper-Gold Project’s (‘ Casino ‘ or the ‘Project’) future energy demand could play an important role in shaping strategic investments that enhance connectivity, providing lasting benefits for the Yukon and its communities.

Sandeep Singh , Chief Executive Officer, stated: ‘This is a meaningful step toward advancing much-needed energy infrastructure in the Yukon , with potential to support Canada’s broader focus on improving the environmental performance and sustainability of critical mineral development.

While Casino ‘s feasibility study demonstrates a highly viable project using liquefied natural gas power, a potential future pathway to hydro grid power would be transformative, allowing the Project’s critical minerals to be produced while minimizing its carbon footprint.’

NRCan’s full announcement can be found at https://www.canada.ca/en/natural-resources-canada/news/2024/09/canada-announces-significant-funding-to-unlock-more-critical-minerals-development-in-northern-british-columbia-and-the-yukon.html .

ABOUT western copper and gold corporation

western copper and gold corporation is developing the Casino Project, Canada’s premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.

The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies and practices.

For more information, visit www.westerncopperandgold.com .

On behalf of the board,

‘Sandeep Singh’

Sandeep Singh
Chief Executive Officer
western copper and gold corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements concerning anticipated developments in Western’s operations in future periods. Statements that are not historical fact are ‘forward-looking statements’ as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ as that term is defined in National Instrument 51-102 (‘NI 51-102’) of the Canadian Securities Administrators (collectively, ‘forward-looking statements’). Certain forward-looking information should also be considered future-oriented financial information (‘FOFI’) as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management’s expectations regarding the anticipated results of operations and capital expenditures and readers are cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’ and similar expressions, or statements that events, conditions or results ‘will’, ‘may’, ‘could’ or ‘should’ occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding: mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino ; advancing the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and as more specifically disclosed throughout this document, and in the AIF and Form 40-F.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risks and uncertainties disclosed in Western’s AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly 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 otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

View original content to download multimedia: https://www.prnewswire.com/news-releases/western-copper-and-gold-welcomes-federal-funding-for-bc-yukon-grid-connect-project-302254996.html

SOURCE western copper and gold corporation

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Heritage Mining Announces Partnership with Altitude Capital Consultants Inc. and Non-Brokered Private Placement

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(TheNewswire)

VANCOUVER, BC, September 23, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to announce the engagement with Altitude Capital Consultants Inc. (‘ Altitude ‘). This strategic partnership aims to enhance the Company’s market presence by providing capital market advice in respect of potential capital market strategies as it relates to all future financings and by reviewing and analyzing strategic opportunities for the Company. Heritage is also pleased to announce a Non-Brokered Private placement up to C$1.313M to fund its upcoming exploration program and working capital.

Michael Wekerle’s Altitude is coming together with Gene McBurney’s ECM Advisors to offer extensive expertise to junior miners poised for success. Together, they represent a significant opportunity for emerging mining companies equipped with promising properties and the vision to thrive in today’s evolving landscape.

Michael Wekerle and Gene McBurney are industry veterans whose insights and experience span decades. During their time at Griffiths McBurney Partnership (GMP) established a track record of navigating the complexities of the mining sector, understanding market dynamics, and identifying opportunities that can transform junior miners into market leaders. By sharing their knowledge, they empower these companies to make informed decisions, reduce risks, and enhance their operational strategies. This collaboration represents a significant opportunity for emerging mining companies equipped with promising properties and the vision to thrive in today’s evolving landscape.

‘Heritage is undeniably looking in the right place for a significant discovery in mineral-rich Northwestern Ontario. The region’s geological potential is immense, and both the Drayton Black Lake, Contact Bay and Scattergood projects hold the promise of uncovering valuable and key mineral resources.

With the right approach and support, Heritage Mining Ontario Project Portfolio could yield literally tons of mineral wealth. The geological formations in this area are known for their rich deposits, and I believe Heritage Mining is on the verge of something truly transformative. Their commitment and strategic vision make them well-positioned to capitalize on this opportunity.’ Commented Michael Wekerle, Managing Director, Altitude Capital.

‘We are thrilled to welcome both Altitude Capital Advisory and ECM Advisors as strategic partners. Michael Wekerle and Gene McBurney bring a wealth of expertise in supporting junior exploration companies, and their involvement comes at an ideal time as we advance our programs in Northwestern Ontario. With record gold prices and increasing interest in new discoveries, this partnership strengthens our ability to navigate the complexities of exploration and capitalize on the immense potential of our Ontario projects. Additionally, we already have supporting interest for approximately C$250,000, including contributions from Altitude Capital, existing insiders, institutions, and high-net-worth individuals. Their confidence in our strategy further solidifies our path forward as we unlock value for our shareholders.’ Commented Peter Schloo, President, CEO, and Director of Heritage.

Heritage will be compensating Altitude with an advisory fee of $10,000 per month for 12 months, totaling $120,000.

In addition, Heritage will grant Altitude 3,000,000 share purchase options at an exercise price of $0.075 per share.

Non-Brokered Private Placement

Pursuant to the Offering, the Company intends to issue up to:

10,000,000 units (‘ Units ‘) of the Company at a price of $0.05 per Unit, for aggregate gross proceeds of up to $500,000 (the ‘ Offering ‘).

16,260,000 Flow-Through Shares (‘FT Shares’) of the Company at a price of 0.05 per FT Share, for aggregate proceeds of up to $813,000 (the ‘ Offering ‘)

Each Unit will consist of one common share in the capital of the Company (‘ Common Share ‘) and one Common Share purchase warrant (each whole Common Share purchase warrant, a ‘ Warrant ‘).

Each FT Share will consist of one common share in the capital of the Company (‘ Common Share ‘).

Each Warrant will entitle the holder to acquire one Common Share (each, a ‘ Warrant Share ‘) at an exercise price of $0.10 per Warrant Share until 4:30 pm (Pacific Standard time) on that date that is 36 months from the closing date of the Offering (the ‘ Expiry Time ‘).

The Warrants are subject to an accelerated expiry option whereby the Company can trigger an accelerated 30- day expiry of the Warrants if the closing price of the Company’s Common Shares listed on the Canadian Securities Exchange (the ‘ CSE ‘) remain higher than $1.00 for 10 consecutive trading days. On the 10th consecutive trading day above $1.00 (the ‘ Acceleration Trigger Date ‘), the Expiry Time may be accelerated to 30 trading days after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration, within two trading days of the Acceleration Trigger Date.

Closing of the Offering is expected to occur as soon as practicable and prior to October 7, 2024 and is subject to all customary approvals. Proceeds of the Offering will be used to fund the Company’s planned exploration and drilling programs on its Drayton-Black Lake Project and Contact Bay, in addition to general working capital. The securities issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants.

A Finder’s Fee equal to 6% cash and compensation warrant (the ‘ Compensation Warrant ‘) equal to 6% of the number of Units or FT Shares, as applicable, issued pursuant to the Offering may be payable on certain orders in accordance with CSE rules. Each Compensation Warrant will entitle the holder to acquire one Common

Share of the Company at an exercise price of $0.05, for a period of 36 months

following the Closing Date.

‘We are immensely grateful for the unwavering support from current institutional holders, existing and newly welcomed stakeholders Altitude and ECM both on market and in the private placement. The alignment of our collective vision has been a driving force, and we look forward to the positive impact this will have on our future endeavors. With everyone’s support, we anticipate a quick and successful closure.’ Commented Peter Schloo, President, CEO and Director.

ABOUT HERITAGE MINING LTD.

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . The projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.

For further information, please contact:

Heritage Mining Ltd.

Peter Schloo, CPA, CA, CFA

President, CEO and Director

Phone: (905) 505-0918

Email: peter@heritagemining.ca

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2024 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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Biden-Harris Magical Labor Market Claims 

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President Joe Biden and Vice President Kamala Harris exit the White House to host a Juneteenth celebration on the south lawn. DT. 2024.

The July US Bureau of Labor Statistics’ employment report reinforces the conclusion that the economy is slowing, as the number of new jobs slowed sharply and the unemployment rate rose to 4.3 percent, up from 4.1 percent in June, and from 3.8 as recently as March. Assessing the Administration’s exaggerated claims for success is essential before what success there has been fades from attention. 

To give the Biden Administration’s credit for any success in increasing jobs requires proponents to blatantly misrepresent facts. Most notably, they claim to have added nearly 16 million jobs to the economy, more than any earlier president in one term. It’s true, but it takes credit for the return of about 9.4 million jobs for people who lost their jobs due to COVID-19 precautions and had not yet returned to work at the time Biden took office. Taking credit for the recovery of a large part of the COVID-related, record loss of 21.9 million jobs, far overstates Biden’s contribution and the effectiveness of his policy efforts. In fact, since the COVID recovery ended in June 2022, the Biden Administration witnessed the creation of 6.3 million new jobs, only about 40 percent of the Administration’s claim. In contrast, the previous administration oversaw growth of 6.7 million jobs before COVID hit. 

The Biden Administration can proudly point to a long period of relatively low unemployment. The unemployment rate for the civilian labor force was 4 percent or less for the 29 months from January 2022 to May 2024. But the Trump Administration also had a relatively long period of such success. The unemployment rate was 4 percent or lower for 26 months from January 2018 to February 2020, up until forced business closures at the onset of COVID. Both episodes are significant accomplishments, with Biden’s slightly better result assisted by an early return to low pre-COVID unemployment levels a year into his administration, despite the lingering lag in the number of jobs.    

A more significant exaggerated claim came in May 2024: “Under President Biden’s Investing in America agenda, nearly 800,000 manufacturing jobs have been created . . .” This claim is more significant because it is tied to the Administration’s new industrial policy to subsidize and protect strategically important domestic industries, most clearly reflected in the CHIPS and Science Act and the Inflation Reduction Act that both took effect in August 2022. Manufacturing jobs fell from about 12.8 million at the beginning of COVID to 11.4 million jobs in April 2020. The recovery of manufacturing jobs, when jobs reached 12.8 million again, came in May 2022. The number of jobs added from then until July 2024 is only 166,000, about 21 percent of Biden-Harris’s claimed achievements. 

Most of the Biden manufacturing job gains occurred earlier, from May 2022 to October 2022, ending within 2 months of the effective date of the two Acts. Subsequently, manufacturing jobs flatlined at about 12.9 million for the next 22 months, right up to the present. Biden’s new industrial policy has produced essentially no new jobs over the nearly two years since passage. 

No review of labor market performance would be complete without addressing real wage developments. The Biden claims discussed so far ignore real wages, and for good reason. In the nonfarm business sector, real hourly compensation rose in the pre-COVID Trump period at a 1.5 percent annual rate. Under Biden, real wages fell at a 1.4 percent annual rate from the first quarter of 2021 to the second quarter of 2024. 

Damage to real wages began with Biden’s “Day One” energy and regulatory Executive Orders, which reduced productivity and real GDP. This loss in productivity reduced real wages for six quarters and, despite a modest recovery since, kept real earnings and the standard of living lower than when Biden’s term began. It also accounted for much of the early inflation surge.  Viewed from this perspective, the current Administration’s performance has been no better than under the Trump Administration, and the latter outperformed in terms of the speed and extent of the COVID recovery and gains in real wages. For most of the Biden-Harris term, real wages have been below their level when the term began.  Relatively high levels of employment have been achieved, as under Trump, pre-COVID, but the new industrial policy appears to have failed, at least for manufacturing jobs. This should not surprise students of history. The US never made rapid advances in economic growth by massive subsidies and trade protection for selected industries.

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Alfred Marshall’s Scissors

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A vendor in a New Delhi market, scissors in hand, prepares to reduce the price of his products. 2024.

Angry headlines have recently proclaimed “Kroger Executive Admits Company Gouged Prices Above Inflation,” and “Corporate greed exposed: Kroger admits to price gouging on milk and eggs amid antitrust trial.”

There are several problems with this account. The first is that recent price increases are caused by “corporate greed.” But there is never any explanation for why greed has somehow increased, and then decreased when price increases have subsided. Sharp increases in greed, shared across all corporate sectors at the same time — which is what “greedflation” would require — seem  implausible.

Second, “price-gouging” is defined as excessive price increases during a declared state of emergency, not price increases in normal times. There are problems with even the standard definition of price-gouging, of course, but charging an extra dime for eggs in ordinary business doesn’t come close to fitting the definition in the law.

The most fundamental problem, though, is the naïve equating of price changes with cost changes. The logic seems to be that the only legitimate change in prices must come from and be proportional to, changes in cost.

There is no economic basis for such a rule. Cost and price may move together over longer periods of time, but in any period of a few months the price is mostly determined by consumers. This conclusion is not ideological, it’s not controversial, and it dates to one of the giants of economic theory:  Alfred Marshall.

In his landmark monograph, Principles of Economics (first published in 1890), Marshall defined, and limited, the role of costs in determining final price (Book V, Chapter 3, Section 7): 

[I am] chiefly occupied with interpreting and limiting this doctrine that the value of a thing tends in the long run to correspond to its cost of production…

We might as reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by utility or cost of production…[W]hen a thing already made has to be sold, the price which people will be willing to pay for it will be governed by their desire to have it, together with the amount they can afford to spend on it. Their desire to have it depends partly on the chance that, if they do not buy it, they will be able to get another thing like it at as low a price.

The “scissors” analogy is quite clear, since the classic “supply and demand” graph in introductory economics even looks like two scissors blades. If you know only “supply” (the schedule of amounts offered for sale at different prices) or only “demand” (the quantities purchased by consumers at different prices), you have no way of predicting the price at any point in time. Marshall’s insight is timeless: in the short run, consumers are generally buying from other consumers, not from producers.

A New York Times story on the accusations against Kroger quotes Joshua Hendrickson, an economist at the University of Mississippi:

If prices are rising on average over time and profit margins expand, that might look like price gouging, but it’s actually indicative of a broad increase in demand…Such broad increases tend to be the result of expansionary monetary or fiscal policy — or both.

The disconnect between cost and price may be clearest when you are buying, or selling, a house. The amount paid for a house has almost nothing to do with the price it commands now; instead, if you want to buy a house you have to make a better offer than the other buyers interested in the house. In many cases, the final price is more, possibly much more, than the price the owner paid. But it can be less, and in some cases much less. The price of a house that sells depends on what buyers want, not on what sellers want.

Buyers also often dictate a price well below the cost the seller paid, in the case of perishable items such as flowers or food products. The seller is forced to mark the produce down to the highest price that buyers are willing to pay, even if that price is half, or less, than the purchase price. The alternative is that the seller will get nothing, and be forced to dispose of the produce as trash.

Yet no one accuses consumers of “price-gouging,” even though they are paying a price far below the seller’s cost. If that is the definition of price-gouging, then I am an avid price gouger myself. I was recently traveling to give a talk in Nashville, at AIER’s Bastiat Society chapter there, and needed a hotel. Having waited until the last minute to secure a hotel reservation, I went onto one of the web sites that find low prices. There was quite a nice hotel near the venue, for a price of $78, so I reserved it.

The room came with a nice “free breakfast” in the morning, and of course my room had to be cleaned. I’m confident that the cost to the hotel just of paying the costs of giving me a key were $50 or more; their long-run “break even” price had to be $150 or more. Yet I was able to get a room for $78; how come?

The answer is that that is how Marshall showed that pricing works. There is simply no necessary relationship between cost and price. By renting out the room at a price below their cost, the hotel was able to get some revenue. Like wilting flowers and food close to its “sell by” date, hotel rooms are either rented out or wasted; the price is determined by demand.

Grocery stores are brokers; they find the lowest cost sources for produce, meat, dairy, and other things consumers want. Then, the grocery offers those things for sale. It is a highly competitive business, one that often has extremely thin profit margins. Many of the things that groceries do, even those that seem exploitative, have reasonable explanations as sound business practice. All the examples of attempts to regulate pricing practices of groceries have resulted in higher prices, or empty shelves. Anyone who wants to understand how the grocery business actually works should pick up Alfred Marshall’s “scissors,” and run with them. 

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