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House Democrats overwhelmingly pass US Mining Law reform, gross royalty
House Democrats Thursday slammed the domestic hardrock mining industry in a 244-166 vote to approve a tough new mining law and imposes the world’s highest royalty on mining on public lands.
Author: Dorothy Kosich
Posted: Friday , 02 Nov 2007
RENO, NV -
As predicted, the U.S. House Thursday passed a tough new mining law bill, which mandates that the hardrock mining industry pay gross royalties of 4% for existing mines and 8% for future mines on minerals extracted on public lands.
The National Mining Association says it's the world's highest royalty for all mineral mining.
The bill, which won passage on a 244-166 vote, of which 220 Democrats and 24 Republicans voted in favor, while 163 Republicans and three Democrats voted "nay."
The chief author of the bill, House Natural Resources Committee Chairman Nick Rahall, D-West Virginia, said, Those who support this legislation - the countless locally elected public officials, concerned citizens, sportsmen and women, and taxpayer advocates - bring with them the new century conviction that corporate interests can no longer have an unfettered ability to reap America's mineral wealth with no payment in return. There must be parameters set, and rules adhered to - for if we do not make corrections to the current regime, the ability of the mining industry to continue to operate on public lands in the future is questionable."
Rahall's bill, HR 2262, The Hardrock Mining and Reclamation Act of 2007, also contains a litany of environmental legislation, including expanding the ability of Indian tribes to petition the Secretaries of Interior and Agriculture to withdraw federal lands from entry under the Mining Law, enhances the capability to withdraw federal lands in national parks from mining, exploration and geothermal development, and prohibits mines that would generate perpetual water pollution.
In a news release, Rahall declared that the legislation also "gives the Secretary of the Interior the right to say ‘no' to a proposed mine that would have severe, irreparable impacts on natural resources."
Nevada Congressman Dean Heller, whose congressional district will bear the brunt of the Mining Law reforms, said "As written, the heavy new taxes and burdensome regulations imposed by the bill will severely hurt and shrink the domestic mining industry. Our nation will lose mining jobs in the same way we have lost automobile or steel industry jobs in the Midwest, hurt the seafood industry in some coastal areas, or closed textile operations in the Southeast."
House Republican Whip Roy Blout of Missouri said, "Unfortunately, too many Democrats in Washington hold the view that mining of any kind is bad-whether it's for coal, iron, copper, lead or any other mineral of clear strategic or economic importance."
"The bill Democrats passed in the House today falls perfectly in line with that viewpoint-having decided the best way to put an end to mining in this country is to tax it until it stops. The problem with that plan, however, is that more than 170,000 Americans rely on hardrock mining to provide for themselves and their families-and millions more rely on the minerals they extract to produce everything from dinner utensils to microchips," Blount added.
"Imposing a new layer of taxes on mining-on top of the taxes that are already paid-would hasten the mass-migration of these jobs overseas, while eroding the strategic benefit we get by mining these minerals here at home, " Blunt said. "But Democrats didn't seem all that moved by that argument today, much more concerned with passing another tax increase at the expense of American workers and consumers."
Stephen D'Esposito, President of the environmental NGO EARTHWORKS, declared that, "if this effort to succeed, leadership from the mining industry itself and from community and political leaders in western states is needed. Each of these states-from Washington to New Mexico-have been, and continue to be, adversely affected by this antiquated law and its lack of adequate protections for taxpayers and the environment."
National Mining Association (NMA) President and CEO Kraig Naasz declared, the bill "falls far short of the reforms we have worked hard to achieve to provide a fair return to the taxpayer for the use of federal lands and greater regulatory certainty. The enormous costs that would be imposed on the hardrock mining industry by the bill and the failure to provide mining companies with greater security when operating on federal lands will only increase the nation's growing reliance on imported minerals vital to our economy."
Powerful Senate Majority Leader Harry Reid, the son of a Nevada gold miner, said in a statement that "the House of Representatives, led by Chairman Rahall and [Energy and Mining Subcommittee] Chairman [Jim] Costa, laid down a marker on mining policy."
"I am pleased to be working with Chairman [Jeff] Bingaman and Senator [Pete] Domenici [both of New Mexico] on legislation that will provide a constructive counterpoint to the Rahall-Costa bill. I look forward to working with my colleagues in both the Senate and House who care about mining, public lands and rural America to provide a new vision for industry and conservation in the West. While I cannot support many of the provisions in the House bill, I believe that the opportunity still exists for common sense reform. It is in no one's interest to leave the regulation of this important industry to the whims of each passing Administration, as is the case today," Reid declared.
During a conference call Thursday, Barrick Gold Executive Vice President and General Counsel Patrick Garver told analysts that the royalty would mainly impact the Cortez gold mine, a little of the Bald Mountain and Turquoise Ridge operations, and a smaller percentage of Round Mountain. Garver said he did not anticipate that the Senate would act on HR2262 this year.
He noted that the House has passed 15 years of bills aimed at Mining Law reform, adding that "none of them have ultimately succeeded." Garver also suggested that prospects for enactment of Mining Law reform during the 2008 Presidential Election Year are "very uncertain."
"We, at this point in time, are not all that anxious," he declared.
The Canadian dollar is at it's highest level ever against the US dollar, currently trading at $1.0691. The previous high was set in 1957 at $106.14.
Today gold closed down $1.50 at $790.20 and silver closed down .14 at $14.23. So far for the week gold is up $6.70 and silver is up .06.
Steve, I agree. I had honey bees for a few years but they were too much trouble, too many diseases. Mason orchard bees are pollinators only and their season only lasts about three months. As far as I know they are only found in western Washington State. I am aware of the honey bee situation and you are exactly right. Something needs to be done. As for now I am keeping between 50 and 100 thousand bees and keep giving them to friends and neighbors to try and keep the pollinating on an acceptable level in this area.
Steve, what I have are mason orchard bees. They are very healthy.
Today gold closed down $4.20 at $784.40 and silver closed down $.06 at $14.26.
Today gold closed up $5.10 at $788.60 and silver closed up .15 at $14.32.
OCTOBER 26, 2007, Vancouver, BC – (TSX.V: GAI) Les Kjosness, President & CEO is pleased to announce that the Company has received its Forest Product Permit from the Saskatchewan Environment and Resource Management offices regarding the Company’s Wakefield Lake zinc prospect located approximately 300 kms northeast of La Ronge. The permit allows for the construction of helicopter landing pads and campsites required for the drill program slated to begin before year end. The Company has engaged diamond driller KMS Energy Systems Inc. to commence fieldwork and preparation for drilling. The planned access road to the property will coincide with the proposed new Provincial Road 995 to be built to a First Nations village located on the southeast side of Wollaston Lake.
Wakefield Lakes will be explored using flow-through funding which closed by way of a private placement announced in June. Approximately 22 kms of road to access drill pad locations on the property will be constructed to allow from one to five drill holes from each of seven sites. Plans for the first phase of drilling call for 1,220 metres of NQ diamond drilling as recommended in the recent N.I. 43-101 report.
Golden Arch is a diversified mineral exploration company with gold, silver, copper, zinc and lead interests in both Canada and the United States. In Arizona, the exploration plan at Mildred Peak includes improvements to the access roads and drilling on several identified zones to upgrade the property data to comply with N.I. 43-101. The copper/silver zones and the old gold mine working areas are the priority targets.
The Company also has a 100% working interest (87.5% net interest) in an oil gas prospect in Clay County, Texas, known as the Antelope North Prospect.
Today gold closed up $5.40 at $767.00 and silver closed up .35 at $13.82.
PDSS is being hyped once again:
I wouldn't trust this company as far as I could throw it. The CEO has taken investors for millions and continues to do so. PDSS had a reverse split of 1 for 1,000 on 5-24-07 and another 1 for 1,000 on 10-7-07. That means that any investor that had 1,000,000 shares just five months ago would have 1 share today. The stock has dropped from .093 to the current .02 in nine days. This stock is destined to return to .0001 within a few weeks. The company continues to sell stock to unsuspecting investors.
This article is long but well worth reading if you store of hold silver bullion.
Money for Nothing
By: Theodore Butler
-- Posted 23 October, 2007 | Digg This ArticleDigg It! | Discuss This Article - Comments: 1
On September 24, a Federal Judge in New York heard final oral arguments in the class-action settlement between Morgan Stanley and 22,000 of their clients involving costs associated with the storage of precious metals. The parties have agreed to settlement terms. Morgan Stanley will pay several million dollars and promises to revise their precious metals storage processes. However, there is no admission of any wrongdoing. Unfortunately, the class-action participants will receive very little and it will be, basically, business as usual as far as Morgan Stanley’s precious metals storage practices are concerned. All that’s left is for a final approval by the judge.
The issue specifically concerns whether Morgan Stanley and many other large financial organizations who claim to hold and store silver for their customers, actually possess the silver. This case came into existence as a direct result of a number of articles I wrote several years ago. I admit to a high level of satisfaction that the case confirmed a major contention of mine, in spite of doubts by many when I first wrote about it. (When I wrote the original articles, I did not use the name Morgan Stanley, and had no idea a legal case would be brought that involved them).
I have long maintained and written that there are two types of silver when it comes to professional storage, real silver and paper silver; cold hard metal versus imaginary or make-believe silver. I claimed that investors could be making a mistake in assuming that the metal held for them actually existed. I warned that free storage was a certain tip-off that no real metal existed, but even the payment of storage charges did not prove that real metal existed.
I offered a simple solution for any investor with stored silver to determine if the real metal existed or not. Most stored silver is in 1000-ounce bars, and they are always identified with serial numbers and a specific weight. If an investor was concerned, all he or she had to do was request the serial numbers and specific weights of the bars they owned.
A reader, who held silver in 1000 oz bars, requested Morgan Stanley provide him with the serial numbers and weights of his bars, on which he had paid storage and insurance fees for many years. He was given the run-around and not the serial numbers and weights. I am aware of this through e-mail exchanges with him. I told him that the only plausible reason they wouldn’t give him the information was because the bars did not exist. He contacted a lawyer and that ultimately resulted in the class-action settlement, after years of legal wrangling.
This, obviously, is a concern for those who buy quantities of silver that they can’t reasonably store at home, or in a safe-deposit box, and must use a storage program. A $100,000 worth of gold weighs 10 pounds and platinum weighs around 5 lbs. These are weights easily handled personally by most people. With silver, $100,000 worth weighs around 500 pounds, a weight not easily handled.
Safe storage is more of an issue unique to silver than any other precious metal. While Morgan Stanley issued statements that it was storing all types of precious metals, the largest single amount was silver. It was a client’s inquiry about his 1000 oz bars that precipitated the class-action suit. Logic would dictate that this is also the case with hundreds of other worldwide financial institutions that claim to store precious metals for their clients.
I found it appalling that Morgan Stanley would claim to store silver that didn’t exist and even have the chutzpah to charge for the storage. That would appear to be a clear case of fraud. I am even more appalled that the judge in the case, or any government regulator, would look the other way. The important lesson here is not that Morgan Stanley got caught with its hand in the cookie jar, but what silver investors can learn from this episode.
If you have an investment in 1000 oz silver bars which are stored for you and you don’t have serial numbers and specific weights, you don’t own real silver. If you have a pool account you don’t own real silver. It you have any account where you don’t have the clear ability to demand delivery at anytime with no additional fabrication charges, you don’t own real silver. Period. If the dealer you bought the silver from stores it for you, and it is not an independent storage facility that is holding it in your name, you are taking great risks.
If you have paid full value for your stored silver, including storage and insurance fees, and don’t have the serial numbers and weights on your 1000-ounce bars, you must rectify that circumstance immediately. By not actually buying and storing the real metal to back the customers’ purchase, financial firms can greatly enhance their bottom line profits through the free use of the customers’ funds. Morgan Stanley’s actions were not in any way unique in this practice. In fact, in the court documents summarizing the proposed settlement, one of Morgan Stanley’s defenses was that they were not doing anything unusual by charging storage on metal that didn’t exist, as this is a widespread industry practice.
On a purely financial basis, the institution is given cash by the client and does not have to return it until the client sells his silver, which may not be for years or decades. For the entire time the client does not sell, the firm has full use of his money on a zero cost of funds basis. Those firms who charged, and still charge, storage and insurance fees for the non-existent silver rake in even more from the client. Honest dealings aside, this is a very cash-flow positive business for these institutions. Even if silver doubles or triples in price, there is no margin call to the selling institution, as clients don’t issue margin calls. As long as clients don’t sell on a net basis, the issuing institution still doesn’t experience negative cash flow. In our short-term world, that is all that matters. If you or I arranged to do what hundreds of world financial institutions have done, we would quickly be put in jail, as it is fraud, pure and simple.
Due to its bulk, silver is often stored in large quantities and dollar amounts. Because the unbacked silver storage accounts have been in existence for decades, the amount of non-existent silver is very large. I would conservatively estimate that at least a billion ounces of this silver is on the books (although I feel the true amount is much larger).
I prefer to deal in documented facts and figures, and not to guess what the total amount might be, but there are no reporting requirements or clearinghouse data available. Were it not for the class-action settlement involving Morgan Stanley, I’m sure many would deny this situation existed at all. Fortunately, because of this case, no one can deny the practice of unbacked silver certificates exists.
Had the actual silver been purchased, as it should have been, when the clients deposited funds to pay for the metal, that would have been reflected in the price. In addition to deceiving the client, they short-circuited the normal supply and demand function of the free market. This was an unfair restraint of trade and the free market. To those who would say this is no big deal, ask yourself this – would you knowingly do business with a stock or bond broker who never actually bought what you instructed them to buy, but just treated your investment as a bookie and bet you were wrong? Would securities and banking regulators look the other way?
This is a short position, pure and simple. The firms and banks that have sold silver to clients without immediately going out and buying the real silver that the clients paid for are short the metal. That means the issuers are liable and responsible for any price rise in silver over the price to the client. For small and medium sized firms, this is a huge risk.
This is a short position separate and distinct from the short positions on the COMEX or from forward selling/leasing. This puts the combined short position for silver in the billions of ounces. To suggest this unbacked short position is somehow hedged (just as some contend, the forward selling/leasing position is somehow hedged) is nonsense. The documented commercial long position on the COMEX is so small that it couldn’t cover even one medium-sized issuer of unbacked silver certificates.
It is important to remember that this incredibly large, additional short position unique to silver has the same price effects that all large short positions have in any item. First, comes the artificial price-depressing impact it has when it is created, then comes the artificial price-enhancing effect when it is eventually closed out. What that means to investors is this – the price-depressing phase of short sales of unbacked silver storage programs is behind us. This is one more reason why silver is still so cheap. That’s good news because what could be better than buying a high-quality asset at a big discount to its real value?
Furthermore, the price-enhancing impact is still to come. The banks and firms that issued these unbacked silver certificates haven’t panicked and rushed to buy back silver to limit their liability and exposure. So far, their individual losses are manageable, and I’m sure they still believe silver will go down in price in the future and the problem will go away. While it’s true that these large institutions have a higher tolerance for financial pain than most, it’s also true when they do panic, they panic big. I believe they will panic at $30 or $50 or higher.
I am sure that eventually we will read about the great losses some institutions have suffered from very high silver prices because they sold silver to clients that they never actually purchased. People will scratch their heads and ask how those firms could do something so foolish, just like many today question how big firms could offer mortgages to borrowers of poor quality. The few who are aware of these facts in advance are afforded the opportunity to take advantage of the coming silver price explosion. This storage fiasco is another one of many factors we have pointed out about silver that has proven to be correct. We are just as certain that the price of silver must multiply many times over. Don’t let this once-in-a-lifetime opportunity pass you by.
Gold and silver are doing well in London this morning with gold currently up $4.40 at $766.00 and silver up .23 at $13.70. The euro is currently $1.4307 and the Canadian dollar is $1.0375.
SPARKS, Nev., Oct. 24 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc.
(OTC Bulletin Board: GPXM - News) is pleased to report that it has engaged the
technical team of West Coast Environmental & Engineering to update the existing
feasibility study for its 100% owned Mineral Ridge gold and silver property, located
in Esmeralda County, Nevada.
Mineral Ridge represents one of the richest and largest historic gold camps in Nevada,
with over 600,000 ounces of gold produced to date. The majority of past production
was mined underground and processed through conventional milling operations. Mining
began in 1864 and was in full production during 1941 when the operation was closed
by the government in order to redeploy manpower for the war effort. During 80 years
of underground production, the gold-bearing material had an overall average grade of
0.273 ounce per ton. The mine was reopened under new ownership in 1989, and since
then an additional ~25% of historic production was mined from open pits, starting at
a grade of approximately 0.08 ounce per ton.
Golden Phoenix acquired Mineral Ridge in 2000, operating it as a heap leach for two
years before placing the mine on care and maintenance in 2005 to allow the Company
to focus on startup of the Ashdown molybdenum mine. With Kent Aveson recently
leaving Barrick to head up operations at the Ashdown mine, Don Prahl, COO of
Golden Phoenix, has returned from Ashdown to corporate headquarters. Don will now
bring his gold operations experience as former General Manager of Barrick's
Goldstrike mine to bear on the preparation of a mine plan for Mineral Ridge.
Concurrently, a program of infill, step-out and exploration drilling on the property
is being developed.
In 1995, Mineral Resource Development Inc. prepared portions of a feasibility study
for Mineral Ridge, led by Behre Dolbear. Based on mineralized material at a 0.015
ounce per ton cut-off, the study tallied over 500,000 ounces of in situ gold. This
represents a non-economic, global mineral inventory. The economics outlined in that
report will be updated before current reserves compliant with SEC Guide 7 and
NI 43-101 are determined. Gold contained within the existing pits, stockpiles and
leach pad, as well as accessible from over 50 miles of underground workings, will be
examined in the study, with the initial work focusing on material accessible from
the surface.
Today gold closed up $2.60 at $761.60 and silver closed down .07 at $13.47
It didn't take the NY metals market long. In London gold closed up $7.40 and silver closed up .07. Currently gold is down $2.40 and silver is down .07.
Today gold closed up $6.10 at $759.00 and silver closed up .08 at $13.54.
Golden Arch Grants Options to Company Directors
October 22, 2007, Vancouver, BC – (TSX.V: GAI) Les Kjosness, President & CEO announces that the Company’s Board of Directors has approved a grant of stock options to its six Officers & Directors. Subject to TSX Venture approval, a total of 2,705,000 options have been granted for the purchase of common shares of the Company at an exercise price of $0.12 per share. The options were granted pursuant to the Company’s Stock Option Plan and carry a term of five years, expiring on the 22nd day of October, 2012.
Golden Arch is a diversified mineral exploration company with gold, silver, copper, zinc and lead interests in both Canada and the United States. In Arizona, the exploration plan at Mildred Peak includes improvements to the access roads and drilling on several identified zones to upgrade the property data to comply with N.I. 43-101. The copper/silver zones and the old gold mine working areas are the priority targets.
The Company’s Wakefield Lakes, Saskatchewan zinc property will be explored later this year using flow-through funding which closed by way of a private placement announced in June. Permit applications have been made to create or upgrade approximately 22 kms of road to access drill pad locations on the property and to allow from one to five drill holes from each of seven sites. Plans for the first phase of drilling call for 1,220 metres of NQ diamond drilling as recommended in the recent N.I. 43-101 report.
The Company also has a 100% working interest (87.5% net interest) in an oil gas prospect in Clay County, Texas, known as the Antelope North Prospect.
Con, yes I do. Shoshone has less that 20 million O/S, very little debt and are in a good current condition. For an exploration company they have been extremely well managed. The company has started processing tailings that have been sitting for years. I will be very interested in seeing their 10Q that is due out in about three weeks.
Today gold closed down $10.70 at $752.90 and silver closed down.03 at $13.46.
A few people have been pushing ASWD on a couple of sites.
I cannot see why anyone would want to touch this stock. The company owes 9.7 times what the entire company is worth and continues to issue shares to survive. ASWD has no revenues and lost $1,023,707 last quarter. Management has squeezed out investors in the past with reverse splits and it is on the road to another if the current condition continues. There are many reasons why this stock was .10 six months ago and now trades at .016. I would be very careful here.
Pinoleropuro, I am going to give you two some hope. I bench nearly 300 pounds.
LOL!
Tsafi, I have been 36 nearly twice. I will be 71 a week from today.
By Anwar Ahmad
20 October 2007
ABU DHABI — Gold jewellery sale in Abu Dhabi has witnessed a spurt of up to 40 per cent after mid-September, with brisk sales being reported during the Eid Al Fitr celebrations. However, due to the rise in gold prices, there was a drop of 20 per cent in the sale of jewellery during Eid this year as compared to last year.
The shopkeepers expect gold jewellery sale to increase in the run-up to the Indian festival of lights, Deepawali, in the first week of November.
The people are buying gold jewellery in a very calculated manner due to its price hike, shopkeepers in the Capital said.
Record surpassed
Gold prices have surpassed the 28-year-old record in price hike. In 1980, gold price was Dh72.28 per gram for 24 carat, but the current price is Dh89 per gram. The latest rate for 22-carat gold is Dh83 per gram.
A majority of gold jewellery buyers belong to the subcontinent. Each year from October to January the wedding season in India and Pakistan spurs the sale of ornaments.
When asked whether the increase in gold prices would affect the sale, K.P. Baiju, General Manger of Dubai Gold and Jewellery Group, said, “During the latter part of September, there was a lull in the sale of jewellery. However, the sales picked up considerably during Eid and now the upcoming Diwali festival.”
The Abu Dhabi gold market is totally dependent on Asian expatriates and on nationals because very few Westerners buy gold from here. Most of them make their purchases in Dubai. The Westerners crave for diamonds and most of them usually buy it from shopping malls here in Abu Dhabi.
Answering a question regarding the reason of increasing gold prices in the past several months, Baiju said, “It was not only the high demand of jewellery but also various factors that came into play.
“Varying economic scenarios worldwide and investors’ demands around the world were some of the reasons that resulted in price rise.”
On whether the dollar value was affecting the gold prices, Baiju added, “Yes, certainly. Gold is fast becoming a safe commodity for investors. So is gold jewellery for its value to customers who choose to convert their savings into gold.”
Future use
Nowadays, most of the Asians are buying 22-carat gold coins for saving it for future use.
Kevin, that is true and I'm in no hurry even at my age. I have forgotten if you hold SHSH but it is up .13 at .34 or over 38% this week.
The US dollar continues to lose ground against the euro and the Canadian dollar with the euro currently at $1.4270 and the CAD up .0111 this week at $1.0371
Today gold closed down .30 at $763.60 and silver closed down .20 at $13.49. For the week gold is up $15.50 and silver is down .28.
The Canadian dollar continues to close in on an all time high, now at $1.0343.
By: Matthew Hill
Published: 18 Oct 07 - 14:29
World number-two gold producer Newmont tells Mining Weekly Online that it believes that the gold price, currently at record levels, will continue to strengthen, and that the golden bull will continue to run “for a number of years”.
VANCOUVER, BRITISH COLUMBIA, Oct 17, 2007 (MARKET WIRE via COMTEX) -- Madison Minerals Inc. (TSX VENTURE: MMR)(OTCBB: MMRSF) is pleased to report that it has been advised by Buffalo Gold Ltd. ("Buffalo") of additional drilling results from its 2007 exploration program on Madison's Mt. Kare Property in Papua New Guinea. In a release issued today, Buffalo reported:
"The drill results reported in Table 1 below are the last of the holes from the program completed in early summer, and include infill holes and holes that were drilled to test new targets based on geological interpretation, magnetic survey results and surface sampling. As with the Porgera Deposit, gold mineralization at Mt. Kare is closely associated with specific alteration and mineralization, therefore where neither was encountered in drill core the core was not sampled for assay. For a map of drill hole locations and zones of mineralization, please refer to the Mt. Kare page on the Buffalo website: http://www.buffalogold.ca/s/MtKareProject.asp.
Details of Drill Hole Locations and Targets
Hole MK07-104 is an infill hole in the southern Western Roscoelite Zone (SWRZ) and returned two significant intersections of gold, including 14.5 metres of 2.27 g/t. Holes MK07-105 and 106 tested continuations of mineralization between the C9 and Black zones and did not return any significant intersections. MK07-107 tested the upper portion of the C9 Zone, encountering a strongly limonitic sandstone breccia that returned one intersection of 9.1 metres of 1.39 g/t gold. MK07-108 was drilled to explore for deep ENE to NE trending structures as potential hosts to mineralization. Results indicate patchy weak mineralization to 180 metres with an 18 metre, near-surface zone averaging 1.17 g/t Au. From 180-409 metres, the sandstone and sandstone-siltstone sequence returned a series of gold mineralized zones coinciding with local base metal veining. MK07-109, drilled on the Black Zone, returned 18.6 metres averaging 3.11 g/t gold for the base metal veined breccia intersected at 90 metre depth. This zone forms the western extension to the historic high grade MK98-130 intercept (70.85m at 8.65 g/t gold) and suggests a possible flatter plunge to the southern shoot of the Black Zone. Drillhole MK07-110 was aimed to test for deep ENE to NE trending structures as potential hosts to mineralization. The hole encountered a succession of weakly mineralized siltstones, calcareous siltstones and minor intrusive bodies, and included one significant intersection of 10 metres grading 2.47 g/t gold. MK07-111 drilled to explore a gap in the Central Zone drill pattern, and returned one significant intersection of 9.0 metres averaging 1.12 g/t gold. Hole MK07-112 was drilled for potentially mineralized dilational features but showed no alteration or mineralization and was not sampled. MK07-113 tested the southwesterly strike extension of the shallow gold mineralization from historical holes MK99-220 and 221 but did not return any significant intersections. A steep, shallow hole, MK07-114 was aimed at tracing a manganiferous-realgar zone down dip. Only one shallow low-grade intersection was returned. MK07-115 was drilled to test the upper portion of the C9 Zone and the possible extension of the incomplete, well mineralized zone in MK07-92 (22.5m @ 3.30 g/t gold). A significant shallow intersection was returned, with 38 metres averaging 1.06 g/t gold including 7 metres of 2.43 g/t gold. MK07-117 was drilled to explore for the southwesterly down-plunge continuation of the south shoot of the Black Zone and test for a possible extension of mineralization intersected in MK07-109 (18.6 metres @ 3.11 g/t Au). The hole did not return significant intersections. Holes MK07-116 and 118 through 120 were drilled to test the Pinuni Valley Structure. No alteration or mineralization was seen in the holes and therefore no sampling was done. MK07-121 was drilled 450 metres east of Red Hill, targeting an IP anomaly but no alteration or mineralization was found and the hole was not sampled.
-----------------------------------------------------------------
Table 1. Summary of Mt. Kare Drill Hole Intersections Received
from April 18th 2007 to October 15th 2007
-----------------------------------------------------------------
From To Intercept Gold Silver
Drill Hole No. (m) (m) (m) (g/t) (g/t)
-----------------------------------------------------------------
MK07-104 186.0 200.5 14.5 2.27 6.82
428.0 440.0 12.0 1.25 2.63
-----------------------------------------------------------------
MK07-105 No significant intersections
-----------------------------------------------------------------
MK07-106 No significant intersections
-----------------------------------------------------------------
MK07-107 16.9 26.0 9.1 1.39 4.38
-----------------------------------------------------------------
MK07-108 13.0 31.0 18.0 1.17 5.44
Including 13.0 18.6 5.6 2.25 5.06
289.5 305.0 15.5 1.82 8.42
398.0 408.5 10.5 1.64 24.46
Including 398.0 404.0 6.0 2.30 39.70
-----------------------------------------------------------------
MK07-109 90.0 108.6 18.6 3.11 48.88
-----------------------------------------------------------------
MK07-110 5.0 15.0 10.0 2.47 16.85
-----------------------------------------------------------------
MK07-111 104.0 113.0 9.0 1.12 2.97
-----------------------------------------------------------------
MK07-112 Not sampled
-----------------------------------------------------------------
MK07-113 No significant intersections
-----------------------------------------------------------------
MK07-114 15.3 23.6 8.3 0.66 3.68
-----------------------------------------------------------------
MK07-115 0.0 38.0 38.0 1.06 7.43
Including 31.0 38.0 7.0 2.43 15.89
-----------------------------------------------------------------
MK07-116 Not sampled
-----------------------------------------------------------------
MK07-117 No significant intersections
-----------------------------------------------------------------
MK07-118 to MK07-121 Not sampled
-----------------------------------------------------------------
Buffalo has modelled the available results and believes the drill widths reported represent true widths. All samples were analysed for gold by PT Intertek Utama Services in Jakarta, part of an internationally recognized lab testing group with ISO 17025 accreditation at the Jakarta facility. Samples were analysed using a 50g fire assay with AA finish for gold and an aqua regia digestion, ICP-OES finish for silver.
SURFACE EXPLORATION PROGRAM
Buffalo is evaluating 18 exploration targets defined this year from magnetic surveys over the EL1093 and EL1427 licenses. Exploration programs include geological mapping as well as pan concentrate, stream sediment and soil sampling programs (For a map of these targets please refer to the Mt. Kare page of the Buffalo website http://www.buffalogold.ca/s/MtKareProject.asp). Some analytical results are still awaited, and the sampling program is on-going, but Buffalo is pleased with the results to date.
"We are doing grassroots exploration in steep, covered terrain where there is little to no outcrop and access is not easy," commented Buffalo President and CEO, Brian McEwen. "So it takes some time to conduct a methodical and diligent sampling program. We are seeing it pay off though as the results are building evidence of significant anomalies at several targets. Once the final data is in and our team in PNG, Australia and Canada are able to evaluate all the data, we believe we will have some excellent targets for follow-up drilling."
Targets were tested both for gold and trace elements, as often gold is not seen in surface samples, but other specific minerals, such as Roscoelite, which are closely associated with high grade gold at Mt. Kare and Porgera, result in other trace element signatures.
On EL1093 the exploration team has collected nearly 600 surface samples. Pan concentrate, soil and stream sediment results outline a number of anomalous gold and zinc values in the northern and southern portions of Target 15, six kilometres north-northeast of Mt Kare. Further sampling and geomorphological studies are in progress on these targets. Follow-up sampling and field work will also be carried out to the south and west of Targets 8 and 9, near the boundary with Barrick's Porgera property, where similar anomalies were outlined. On Targets 10 and 11, the Buffalo team has identified anomalies in gold, zinc and arsenic, as well as low-level silver. Buffalo has engaged in follow-up sampling for BLEG analysis, as well as ridge and spur sampling. Target 13 returned only trace gold values but pan concentrates show anomalous and coincident anomalies for strontium, zinc and vanadium.
Buffalo expects to complete the surface exploration program by the end of October of this year. Line cutting and other preparations are complete in anticipation of an Induced Polarization (IP) survey in the Mt. Kare area, but Buffalo is waiting for the delivery of equipment which has been delayed by the supplier.
Today gold closed down .20 at $757.00 and silver closed up .12 at $13.65.
Algeciras, Spain (AHN) - Spanish authorities on Tuesday said they seized a U.S.-registered treasure-hunting ship for allegedly taking an estimated $500 million in gold and silver from a sunken Spanish galleon.
The Spanish Navy corvette on Tuesday intercepted blocked the Odyssey Explorer after it left the British territory of Gibraltar and threatened to open fire when the captain refused to let police on board.
The treasure-hunting vessel belonging to U.S. company Odyssey Marine Exploration, was escorted to the Spanish port of Algeciras where police could complete a search. The boat's American captain, Sterling Vorus, was also arrested.
"They threatened that we must obey or they would use deadly force," Ali Nessar, a company representative on the boat said. "We were forced at gunpoint to come to Algeciras."
The Odyssey Explorer incident is the latest in a dispute beginning in May when Madrid said the American ship's discovery of the treasure might have come from Spanish waters or from a Spanish galleon in international waters.
In both cases Spain remains the rightful owner, the government claims.
However, the Florida-based Odyssey Marine Exploration disputed the Spanish claims saying it has legally discovered 17 tons of silver coins plus gold while working on a wreck code-named "Black Swan" at a secret location in the Atlantic Ocean adding the discovery was made outside of any country's territorial waters.
This morning the euro and Canadian dollar are slowly rising with the euro currently at $1.4193 and the Canadian dollar at $1.0241.
Today gold closed up .30 at $757.20 and silver closed down .21 at $13.53.
LONDON (Thomson Financial) - OJSC Polyus Gold said its board of directors voted to terminate the position of Pavel Skitovich as chief executive.
The gold miner did not disclose the reason for the decision.
The board of directors also voted to re-elect Mikhail Prokhorov as its chairman and re-instate Evgueni Ivanov as general director. tf.TFN-Europe_newsdesk@thomson.com jag/amk/jlw
Kevin, For the 1st time in four years I don't have any idea. I have no way of telling what the Central Banks are planning to do. During those four years it was like reading a book. I have a feeling that this time it will not drop nearly that far. The reason being that this is traditionally the best quarter of the year for precious metals.
Today gold closed up $8.80 at $756.90 and silver closed down .03 at $13.74 after trading at $14.08 earlier in the session. When the point of no return is reached for the silver paper players the price of silver is knocked back. This is also evident in the lease forward rates which have all gone down during the session.
HNSO — Healthnostics, Inc.
Com ($0.0001)
Primary Venue: Pink Sheets
I believe that Healthnostics is a non-reporting Pink Sheet stock that is in terrible financial condition.
Platinum hit an all time high this morning of $1,428. The current price is $1,425.