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Gold and silver are off to a good start this morning with gold hitting a new 28 year high of $759.50. Currently gold is $757.80 and silver $13.96.
UCOI does not look good. The company owes more money than the entire company is worth and it is all due in the current year. The company lost over $11,000,000 during the last six months and continues to survive by issuing shares which now stand at nearly 5,000,000,000. With authorized shares at 5,000,000,000 I believe that there will be a reverse split in the very near future.
Madison Receives 3.5 Million Shares of Buffalo Gold on Closing of Mount Kare Property Option
VANCOUVER, BRITISH COLUMBIA, Oct 12, 2007 (MARKET WIRE via COMTEX) -- Further to our news release of May 18, 2007 and update in our financial statements and MD&A filed on SEDAR September 28, 2007, Madison Minerals Inc. (TSX VENTURE: MMR)(OTCBB: MMRSF) is pleased to report that it has received 3,521,648 shares of Buffalo Gold Ltd. on Buffalo's exercise of its option on 60 per cent of Madison's interest in the Mount Kare Gold Project in Papua New Guinea. Madison received the shares on the completion of all PNG governmental approvals, and the shares become free trading on October 29, 2007. The closing price of Buffalo shares on October 11, 2007 was $0.67.
Buffalo holds a further option to earn another 15 per cent of Madison's interest by completing a bankable feasibility study on or before June 25, 2011, with a provision for a one-year extension. Should Buffalo acquire a 75 per cent interest, it would have the right to acquire the balance of Madison's interest, based on an independent valuation thereof, for cash or shares of Buffalo or a combination of both.
Chet Idziszek, President and CEO of Madison, stated, "We are very pleased with the stewardship of this gold project under Buffalo's management, and with the progress funded by them in recent years. We are also pleased to become shareholders of Buffalo."
The most recent news release relating to technical progress of the Mount Kare Gold Project was filed on SEDAR on June 21, 2007, and describes, among other matters, that Buffalo has a 2007 exploration program with a budget of USD $11.4 million under way at the project.
Today gold closed down $3.20 at $748.10 and silver closed down .10 at $13.77. For the week gold is up $6.80 and silver is up .39.
The XAU is up sharply today indicating that the mining stocks are having a great day.
Atotalbum, I have a lot more silver than gold but I do have a favorite. It is an uncirculated 1900 double eagle.
Today gold closed up $11.50 at $751.30 and silver closed up .33 at $13.87.
Platinum is at an all time high of over $1,400, trading as high as $1,412 today.
Gold's high for the day so far is $751.80.
Gold and silver are off to a good start this morning. In the 1st 2 1/2 hours gold is up $8.00 at $747.80 and silver is up .20 at $13.74.
The Canadian dollar has set a new multi-year high at $1.0234.
Today gold closed up $3.10 at $739.80 and silver closed up .11 at $13.54. Currently the euro is $1.4137 and the Canadian Dollar is $1.0181.
GG hit a new 52 week high a few minutes ago.
Today gold closed up $4.10 at $736.70 and silver closed up .20 at $13.43.
Apparently SCPT is up 1900% on no news, negative net worth and very little hope.
Today gold closed down $8.70 at $732.60 and silver closed down .15 at $13.23.
Today gold closed up $4.20 at $741.30 and silver closed up .02 at $13.38. For the week gold is down $1.80 and silver is down .34.
SHSH has been in the exploration stage for the past several years. About three weeks ago they started up their Lakeview District mine to process tailings that have been stockpiled for years. I believe that this is the start-up stage towards production in Lakeview and other areas. Lakeview is a silver mining area but they now have several gold mining claims.
Shoshone has a 1.2 current ratio with only 18,396,679 outstanding shares.
I hold this stock for the long term.
A very nice comeback with gold currently up .90 and silver up .11.
The Canadian dollar is still rising against the US dollar and is closing in on the
all time high of $1.0614 at $1.0140.
This morning gold dropped $9.50 in NY during the 1st half hour of trading and silver dropped .30.
Today gold closed up $7.70 at $737.10 and silver closed up .03 at $13.36.
I agree. I just don't like it in the long term hold.
I would be a little careful with SPXP. It looks like they may be trying to get on the OTCBB but they have a propensity to R/S. The company had a 1 for 660 reverse split last year that squeezed out the shareholders.
Today gold closed up .20 at $729.40 and silver closed up .02 at $13.33.
Today gold closed down $17.20 at $729.20 and silver closed down .38 at $13.31. This appears to be the result of strength in the dollar and profit taking. Gold traded as low as $724.00 and silver $13.03.
Kevin, that was a time when a lot of contracts were covered. I'm not sure what is happening today but it is a bad day to be buying.
Kevin, I could call the manipulations very closely in the past but I have no idea now. I believe that they still have some strength left but I am not sure that they are willing to do so. Most of the gold hedges and shorts have been covered but the silver shorts are still in trouble. That is why silver has not made the price advances that gold has made. With gold at $730.00 silver should be nearly $30.00. When gold hit $850.00 in 1980 silver hit right at $50.00. This morning gold and silver are taking a large hit probably due to a little strength in the US dollar.
Today gold closed up $3.80 at $746.90 and silver closed down .03 at $13.69.
London, Sept. 28 (PTI): Gold prices spurted to a near 28-year high in London today on frantic buying by dealers as dollar weakened against currencies including the euro and Indian rupee, raising demand for the precious metal as a safer investment option.
The gold opened here nearly 6 dollars higher at 740 dollars an ounce, a level never seen since January 1980. Later in the day, it rose further to 743 dollars an ounce. In the US, the yellow metal in the US opened at 751.30 dollars in futures trading for December delivery.
Gold prices in the US influence rates in London, which in turn impact the Asian markets.
Market players said the weak dollar and high crude oil prices boosted spot gold close to a near 28-year high level in Asian markets this morning, fueling short covering and raising hopes of a further rise later in the day.
They said the precious metal's outlook remained strong based on overnight data in the US that showed new home sales fell 8.3 per cent. The negative impact on the US economy from its flagging housing market could prompt further interest rate cut by the US Federal Reserve, a positive scenario for gold prices, they added.
Today gold closed up $10.60 at $743.10 and silver closed up .24 at $13.72. For the week gold is up $12.10 and silver is up .23.
By Stewart Bailey
Sept. 28 (Bloomberg) -- Gold Fields Ltd. Chief Executive Officer Ian Cockerill said gold may rise to a record $1,200 an ounce in two years as production falls, jewelry demand increases and the dollar declines.
``I'm quite comfortable talking about $1,200 an ounce,'' Cockerill, who leads the world's fourth-largest gold producer, said today in an interview from London. ``I think that will happen in 24 months or so. It could be quicker.''
Demand for gold from consumers in India and China continues to rise, even as gold trades at its highest price in 27 years, Cockerill said. Investors also are buying the metal as a buffer against the declining dollar, he said.
Gold Fields is based in Johannesburg.
Currently the euro is $1.4226 and the CAD is $1.0066.
After 1 1/2 hours of trading, gold is up $11.50 at $744.00 and silver is up .25 at $13.73.
Today gold closed up $4.70 at $732.50 and silver closed up .13 at $13.48.
The US dollar appears to be falling against every monetary trade unit known to man. The New Zealand dollar is now over .75 compared to .34 seven years ago. The pound is over $2.02, the Canadian dollar is $10018 and the euro is $141.69. World travel is going to be expensive and we plan to go to England and New Zealand next year.
Today gold closed down $3.00 at $727.80 and silver closed down .11 at $13.35. So far this week gold is down $3.20 and silver is down .14.
DENVER (Reuters) - Gold prices should top $800 per ounce by the end of the year, and supply and demand dynamics favor continued gains, Barrick Gold Corp (ABX.TO: Quote, Profile, Research) chief executive Greg Wilkins said on Wednesday.
"I think before the end of the year we'll see $800," he told reporters at the Denver Gold Forum.
He said supply will be pinched by several global gold projects that may have more difficulty getting developed than the market thinks. Barrick is the world's largest gold producer.
Goldcorp acquires full ownership of Canadian gold assets
Singapore (Platts)--26Sep2007
Canada's Goldcorp has entered into a binding agreement with Kinross Gold
to acquire Kinross's 49% share of the Porcupine gold mine in northeastern
Ontario and its 32% share of the Musselwhite gold mine in northwestern
Ontario, the company said late Tuesday.
In exchange, Kinross will receive Goldcorp's 50% stake in the La Coipa
silver-gold mine in Chile and $200 million in cash. The transaction is
expected to close within 60 days. The boards of directors of both Goldcorp and
Kinross have approved the transaction subject to customary closing conditions.
"This transaction highlights our continuing commitment to simplify our
asset portfolio and to focus efforts within our core operating districts,"
said Kevin McArthur, Goldcorp president and CEO. "In Porcupine and
Musselwhite, we have two solid operations with very long mine lives,
outstanding growth potential and first-rate operating teams. We have enjoyed a
great relationship with Kinross and we are pleased that La Coipa mine will
remain in their capable hands."
On May 12, 2006, Goldcorp acquired a 51% operating interest in Porcupine,
a 68% operating interest in Musselwhite and a 50% operating interest in La
Coipa. During the first six months of 2007, Porcupine produced a total of
153,333 oz of gold at a total cash cost of $436/oz. Musselwhite produced
109,853 gold oz at a total cash cost of $469/oz. La Coipa produced 37,200 gold
oz and 9.9 million silver oz at a total cash cost of negative $2,526/oz. Cash
costs are calculated on a byproduct accounting basis.
At January 1, proven and probable gold reserves at Porcupine and
Musselwhite were 3.49 million oz and 1.78 million oz respectively. Porcupine
is expected to produce in the range of 325,000-350,000 gold oz/year at a total
cash cost between $380 and $420/oz. Musselwhite is expected to produce in the
range of 225,000-250,000 gold oz/year at a similar total cash cost.
RENO, Nev., Sept 25, 2007 /PRNewswire-FirstCall via COMTEX/ -- In a major move to diversify and increase revenues, Itronics Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin Stock Exchanges: ITG) today reported that its Board of Directors has approved the formation of two special purpose subsidiaries to develop and commercialize environmentally friendly mining and mineral extraction and processing technologies.
"There is a significant need for more environmentally friendly mining. We believe that industry wants and needs the technologies Itronics will bring to the marketplace," said Dr. John Whitney, President.
One subsidiary will research, develop, and commercialize the photochemical based thiosulfate technology to replace or neutralize cyanide, which is currently used in mining operations and which has been criticized for its impact on the environment. Itronics' new technology is expected to be used for mineral extraction, including mine tailings, and reclamation of heap leach operations.
The other subsidiary will acquire multi-mineral properties and strategic small specialty companies that are in early stage or commercial operation. These can be combined to form a larger operating company that will utilize advanced environmentally compatible technologies to mine, extract, and sell mineral and metal products from multi-mineral properties.
"This is a third pathway to large scale growth for Itronics," said Dr. John Whitney, Itronics President. "A major component of the photochemical wastes we turn into environmentally beneficial fertilizers is able to completely detoxify and eliminate cyanide, which is the main ingredient used to extract gold and silver out of low-grade ore. The mining industry has long sought a way to make this process environmentally benign." The other pathways are the sale of the Company's environmentally beneficial GOLD'n GRO fertilizer to large agricultural entities, and the sale of GOLD'n GRO Guardian deer repellent fertilizer, the only product of its kind in the U.S., that both safely repels animals and helps plants grow more quickly, to firms and individuals throughout the country.
"Now that Whitney & Whitney, Inc. has established the global Gold Producing Stocks web site, http://www.insidemetals.com , it will use this world-wide data base and its extensive mineral property library as a source of property information to identify certain properties or companies that the new subsidiary can acquire at relatively low cost," Dr. Whitney said. Properties acquired will be developed or joint ventured, and may be able to utilize the thiosulfate technology for environmentally compatible mineral processing.
Itronics Board of Directors and its advisors believe that the new direction being established for the Whitney & Whitney technical services group will produce more rapid income and asset growth for Itronics' shareholders. The plan being implemented anticipates that shares in each subsidiary will be placed with private investors to provide start up capital and that the business plan of each will include provisions for taking them public. The Company believes that taking these subsidiaries public will become the exit strategy for the initial private investors, and that it will create measurable market value for Itronics.
"The market for leaching chemicals and for new processing technology we plan to develop will be much larger and less seasonal than fertilizers," Dr. Whitney said. "We believe that the combination of our management's significant mining technical expertise, and the fact that photochemicals are already used to leach silver from film, will allow us to bring to the mining industry a way to protect the environment from the potentially harmful effects of cyanide while, at the same time, enhancing silver and gold recovery and expanding the number of mining projects that can be successfully permitted for operation."
Itronics believes that sharply rising prices for gold, silver and other metals will serve as a strong incentive for mining companies to fund new mineral extraction and processing technology development. "With our demonstrated ability to create and commercially establish revolutionary new recycling and chemical process technology, we believe Itronics is well positioned to participate in this new and rapidly emerging mining technology segment," said Dr. Whitney.
Establishing the two special purpose subsidiaries is being implemented pursuant to Itronics eight-part, five year business plan that was summarized in a press release on June 3, 2005.
About Itronics:
Itronics, through its subsidiary, Itronics Metallurgical, Inc., is the only company in the world with a fully permitted "Beneficial Use Photochemical, Silver, and Water Recycling" plant located in the United States which can convert used photoliquids into pure silver and liquid fertilizers. At the Company's Reno, Nevada factory more than 99 percent of the silver and virtually all the other toxic heavy metals are extracted from used photoliquids. The purified liquids are converted into environmentally beneficial, chelated, micronutrient and multinutrient liquid fertilizers sold under the GOLD'n GRO trademark. The silver is refined and sold as bullion and 5 troy ounce, 0.999 pure, Silver Nevada Miner numismatic bars. The environmentally friendly liquid fertilizers can be used for lawns and houseplants, and are available, along with GOLD'n GRO liquid fertilizer injectors, at the Company's "e-store" catalog at http://goldngro.com. The popular Silver Nevada Miner bars are available at the Company's 'e-store' catalog at http://www.itromet.com.
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Environmental Technology" company and a world leader in photochemical recycling. The Company also provides project planning and technical services to the gold mining industry and operates the popular InsideMetals.com web site, http://www.insidemetals.com. which provides a value-added WORLD VIEW of Gold Producer Stocks and Junior Gold Stocks. Itronics has received numerous domestic and internati