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Kilo President Alex van Hoeken on Congo gold assays of 4.96 g/t over 11.2m
Kilo Goldmines Ltd TSXV:KGL announced results from the Manzako Prospect of its Somituri Project in northeast Democratic Republic of Congo. Assays include
4.96 g/t gold over 11.2 metres
(including 7.62 g/t over 5.3 metres)
1.24 g/t over 10 metres
(including 1.4 g/t over 8.4 metres)
1.26 g/t over 1.1 metres
The company owns a 71.25% interest in the DRC entity that holds the Somituri Project exploitation permits. The Manzako Prospect is approximately five kilometres from the company’s Adumbi Gold Deposit.
Read the rest of this article. http://resourceclips.com/2012/01/12/kilo-president-alex-van-hoeken-on-congo-gold-assays-of-4-96-gt-over-11-2m/
Third Time’s The Charm
Otis Plans a New, January Kilgore Gold Estimate
By Ted Niles
Craig Lindsay couldn’t be happier with Otis Gold’s TSXV:OOO Kilgore project. But the good news has remained in-house. “We’ve been delayed in getting our resource estimate out,” the President and CEO says. Otis missed its July 2011 deadline, then its end-of-3Q 2011 deadline. “That’s had a bit of depressing effect on the stock,” he admits. But the third time’s the charm, as they say. Lindsay is confident an updated January Kilgour resource will lead to an improvement in Otis’ valuation relative to its Idaho peers.
“We’re trading at $15 an ounce, and [they're] trading at $60 an ounce,” Lindsay notes. “Our peers in Nevada are trading at $100 to $125 dollars an ounce in the ground on an adjusted market-cap basis. We’re very much undervalued, and I think one of the triggers to move us up to the next level is a new resource.”
Read the rest of this article. http://www.resourceclips.com/2012/01/11/third-times-the-charm/
From Hope To Reality
Golden Hope Leads the Pack in Quebec’s Beauce
By Greg Klein
Miners love Quebec. It offers infrastructure, tax incentives, settled land claims, iron ore in the Labrador Trough, gold in James Bay and gold galore in Abitibi. But Golden Hope Mines TSXV:GNH President/Director Frank Candido’s has found gold elsewhere: in the southeast Beauce region. That’s where the company has staked most of the Bellechase Belt, which Candido hopes will be Canada’s most significant new gold find.
“The craziest thing I hear is when people say, ‘I don’t believe there’s gold in southeastern Quebec because if there was, someone would have found it already.’ That’s complete nonsense. No one’s ever looked; no one’s ever really worked it. Golden Hope has been here for 30-plus years, but for most of that time it’s done very little. Only since 2009 have we really been working.”
Read the rest of this article. http://resourceclips.com/2012/01/09/from-hope-to-reality/
Lomiko CEO Paul Gill on Quebec graphite property option agreement
Lomiko Metals Inc TSXV:LMR announced an agreement to acquire a 100% interest in the Quatre Milles Graphite Property in southwest Quebec. Under the agreement Lomiko will make the following payments and share issues to Zimtu Capital Corp TSXV:ZC and one of its prospecting partners: $25,000 on signing, one million shares on TSXV acceptance of the agreement, $25,000 and 500,000 shares six months later, one million shares six months after that and 1.5 million shares one year later. Within a year of TSXV acceptance, Lomiko will complete $200,000 of exploration on the property. The vendors will retain a 2% NSR on the property, of which 1% can be purchased for $1 million.
Lomiko CEO Paul Gill tells ResourceClips.com, “It’s not an entirely new direction for our company because we’ve already been in the sector for minerals used in lithium-ion batteries, and this is just a new angle to that industry. So we’re looking for new opportunities. We’re also looking at vanadium, cobalt and rare earths. The valuation on this particular project, the location and the ability to move it forward quickly were there, and that’s what shareholders and directors are looking for.
Read the rest of this article. http://resourceclips.com/2012/01/09/lomiko-ceo-paul-gill-on-graphite-property-option-agreement/
PC Gold President JP Chauvin on Ontario gold assays of 2.33 g/t over 28.5m
PC Gold Inc TSX:PKL announced drill results from the Core Mine Trend of its Pickle Crow property in northwestern Ontario. Highlights include
2.33 g/t gold over 28.5 metres (including 8.96 g/t over 3 metres)
0.95 g/t over 43.4 metres (including 13.05 g/t over 1.5 metres)
2.54 g/t over 10 metres (including 5.72 g/t over 2 metres)
4.25 g/t over 3 metres (including 7.04 g/t over 1 metre)
President/CEO JP Chauvin tells ResourceClips.com, “The Pickle Crow mine ran from the early 1930s to 1966 and produced 1.5 million ounces, so it’s a property with significant underground development that’s occurred over the years. PC Gold picked up the property in 2007 and has done a fair bit of exploration. It currently has an inferred resource of 1.26 million ounces, of which 1.14 million is underground, so 90% of the resource right now is potentially underground mineable. Our current plan is to try to raise the funds necessary to be able to go underground and move the resource up to a proven and probable category in order to complete a feasibility study. But it requires a fair bit of work because we need a shaft rehabilitated, a new headframe, a new hoist room and then to dewater to get to where we need to be to drill it underground.
Read the rest of this article. http://resourceclips.com/2012/01/05/pc-gold-president-jp-chauvin-on-ontario-gold-assays-of-2-33-gt-over-28-5m/
Prodigy CEO Brian Maher on updated Magino Project PEA
Prodigy Gold Inc TSXV:PDG announced an updated preliminary economic assessment for its Magino Gold Project in northern Ontario. The report assumes a gold price of $1,200 an ounce and estimates resources to be 74.23 million tonnes grading 1.15 g/t gold with a strip ratio of 2.1:1. The pre-production capital cost is estimated at $405.6 million. The mine life is estimated at 11 years averaging 249,300 ounces gold annually, totalling over 2.61 million ounces at an average cash cost of $461 an ounce. At a 5% discount rate, the project is calculated to have a pre-tax net present value of $939 million. At an 8% discount rate, the NPV comes to $709 million. In the base case scenario the internal rate of return is 36% with a payback period of 1.9 years.
Read the rest of this interview. http://bit.ly/vTCyJL
Auguries — Man Of The Year
December 22, 2011
By Kevin Michael Grace
Gold was up (at press time) $33.90 (+2.2%) for the week to $1,607.70, and silver was down
.18 (-0.6%) to $29.10. Gold’s rise was attributed by Reuters to the Euro’s rise against the dollar, following the European Central Bank’s loans of €489 billion at 1% to banks. The euphoria engendered by this largesse was short-lived, but talk of the end of the bull run in gold has been quieted for now.
At the Globe and Mail, David Berman reports December 21, “Bespoke Investment Group pointed out on Tuesday that gold is also struggling with at least one technical issue. It is hovering around its 200-day moving average right now [$1,616] after Tuesday’s rebound, a key threshold that stocks and commodities have had a tough time breaking through.”
Read the rest of this article. http://bit.ly/tZM7Nq
Auguries — Man Of The Year
December 22, 2011
By Kevin Michael Grace
Gold was up (at press time) $33.90 (+2.2%) for the week to $1,607.70, and silver was down
.18 (-0.6%) to $29.10. Gold’s rise was attributed by Reuters to the Euro’s rise against the dollar, following the European Central Bank’s loans of €489 billion at 1% to banks. The euphoria engendered by this largesse was short-lived, but talk of the end of the bull run in gold has been quieted for now.
At the Globe and Mail, David Berman reports December 21, “Bespoke Investment Group pointed out on Tuesday that gold is also struggling with at least one technical issue. It is hovering around its 200-day moving average right now [$1,616] after Tuesday’s rebound, a key threshold that stocks and commodities have had a tough time breaking through.”
Read the rest of this article. http://bit.ly/tZM7Nq
Auguries — Twilight For Gold?
December 15, 2011
By Kevin Michael Grace
Precious metals were hammered this week, with (at press time) gold down $138.60 (-8.1%) to $1,573.80 and silver down $2.36 (-7.5%) to $29.28. Reuters attributed the sell-off to a “dash for cash,” which has “overwhelmed gold’s traditional status as a haven from risk.”
According to Rupert Caldecott of Dalton Strategic Partnership, “With so many assets declining daily in value, cash has its merits. The bond markets are offering no help. The problem with safe havens is that they have proven not to be safe at all, and the list is getting shorter. It may only be cash very shortly.”
This explanation appears more than a little counter-intuitive and more than usually post hoc ergo propter hoc. David Urani asks at Wall Street Strategies, “Wait, so Europe is going down the toilet; the very existence of the Euro currency is being questioned; and the global economy is looking very shaky. Wouldn’t those all be good reasons to buy gold?” The problem is, “If you’re a gold bug, then the real bane of your portfolio right now is the dollar. The Achilles heel of gold is the fact that it’s priced in dollars.” And he demonstrates with a chart that “Gold’s movement is [now] nearly a mirror image of the dollar.”
Read the rest of this article. http://bit.ly/sL247t
Auguries — Twilight For Gold?
December 15, 2011
By Kevin Michael Grace
Precious metals were hammered this week, with (at press time) gold down $138.60 (-8.1%) to $1,573.80 and silver down $2.36 (-7.5%) to $29.28. Reuters attributed the sell-off to a “dash for cash,” which has “overwhelmed gold’s traditional status as a haven from risk.”
According to Rupert Caldecott of Dalton Strategic Partnership, “With so many assets declining daily in value, cash has its merits. The bond markets are offering no help. The problem with safe havens is that they have proven not to be safe at all, and the list is getting shorter. It may only be cash very shortly.”
This explanation appears more than a little counter-intuitive and more than usually post hoc ergo propter hoc. David Urani asks at Wall Street Strategies, “Wait, so Europe is going down the toilet; the very existence of the Euro currency is being questioned; and the global economy is looking very shaky. Wouldn’t those all be good reasons to buy gold?” The problem is, “If you’re a gold bug, then the real bane of your portfolio right now is the dollar. The Achilles heel of gold is the fact that it’s priced in dollars.” And he demonstrates with a chart that “Gold’s movement is [now] nearly a mirror image of the dollar.”
Read the rest of this article. http://bit.ly/sL247t
Astral VP Dale Brittliffe on Mexico assays of 39.1 g/t gold, 93.3 g/t silver over 5m
Astral Mining Corp TSXV:AA announced assays from Los Crestones Property in Sinaloa State, Mexico. Highlights include
39.1 g/t gold, 93.3 g/t silver and 2.13% copper over 5 metres (including 13.2 g/t gold, 87.9 g/t silver and 2.77% copper over 1 metre)
30 g/t gold, 259 g/t silver and 3.06% copper over 4 metres (including 22.8 g/t gold, 347 g/t silver and 5.28 g/t copper over 0.4 metres)
20.4 g/t gold, 22 g/t silver and 0.82% copper over 2.5 metres (including 49.9 g/t gold, 33.2 g/t silver and 1.35% copper over 1 metre)
9.13 g/t gold, 41.8 g/t silver and 0.55% copper over 4 metres (including 30 g/t gold, 150 g/t silver and 1.06% copper over 1 metre)
41.6 g/t gold, 256 g/t silver and 5.24% copper over 0.7 metres
VP of Exploration Dale Brittliffe tells ResourceClips.com, “Before we came in, Los Crestones had never been drilled. It’s high in the mountains and was staked by the local landowners. We first set foot on the property in October 2010 to do some confirmation work and due diligence. Two Mexican companies had been in there. They had done quite a lot of sampling and gave the data to the vendor. The first company liked the look of it but couldn’t come to an agreement with the vendor. The second company also did a lot of work but dragged their feet on negotiating a deal. We went down there, looked at it, said we’d like to do a deal, and did a deal. The second Mexican company came back to the vendor just one week after we signed. We got lucky there.
Read the rest of this article. http://bit.ly/tdqvo5
Rare Earths In Abundance
Commerce Finds Up to 44 Pounds per Ton at Eldor
By Ted Niles
The phrase “more of the same” has an uncharacteristically positive implication when applied to Commerce Resources Corp’s TSXV:CCE Eldor project. In 2010, when analyst John Kaiser of Kaiser Research Online called Eldor “the most important new grassroots rare earth discovery since market interest in rare earths took off in 2009,” the assessment was based on the discovery hole. Since then, much has occurred to vindicate Kaiser’s claim. “Every time we’ve started a new program,” President Dave Hodge remarks, “we had to bring in a different drill, one that would go deeper, because the deposit just seemed to keep going and going. This drill program was no different.”
Commerce acquired Eldor—located in northern Quebec’s Labrador Trough—in 2007 with a focus on tantalum and niobium. In the process, says Hodge, “[We] discovered what we believe will be one of the world’s largest resources of rare earths in a small portion of a very large carbonatite complex.” This is small only relatively—given Eldor’s 19,006 hectares—and is called the Ashram deposit. On March 3, Commerce released an NI 43-101 inferred resource estimate for Ashram of 117.34 million tonnes grading 1.74% total rare earth oxides (TREO) at a 1.25% cut-off. This was based on Commerce’s 2010 12-hole drill campaign, consisting of 3,300 metres.
Read the rest of this article: http://resourceclips.com/2011/12/19/rare-earths-in-abundance/
Steady As She Goes
Apogee Nears Bolivian Silver Production
By Greg Klein
Trial mining at Apogee Silver’s TSX:APE underground Pulacayo Silver-Lead-Zinc Project in Bolivia began in October. That same month, a resource update revealed an additional 133% silver ounces indicated and 38% inferred from June 2010. The indicated category showed a 92% increase in silver grade, while inferred came in with a 53% increase. CEO Neil Ringdahl is pleased with the progress but determined to concentrate on the long term. “We’re going slowly because we’re training the local community to become miners,” he explains.
Ringdahl continues, “We want to make sure we’re working safely. So we’re taking it easy, and we’ll continue to do so until the guys are more comfortable with the procedures. But it’s interesting that their parents and grandparents were mining 50 years ago.”
Read the rest of this article: http://bit.ly/s0tVM9
Commerce President David Hodge on Quebec rare earths assays of 2.04% TREO over 491.1m
Commerce Resources Corp TSXV:CCE announced results from the Ashram deposit of its Eldor project in northern Quebec. Assays include
2.04% total rare earth oxides over 491.1 metres
2.2% over 218.7 metres
2.47% over 123.4 metres.
The Ashram deposit has an NI 43-101 inferred mineral resource estimate of 117.34 million tonnes averaging 1.74% total rare earth oxides, using a base cutoff of 1.25% TREO.
Read the rest of this article: http://bit.ly/snTUwt
Auguries — The Costanza Defence
December 8, 2011
By Kevin Michael Grace
Gold was down (at press time) $35.90 (-2.1%) for the week to $1,712.40, and silver was down
.66 (-2.1%) to $31.64. Gold’s declines was attributed by the Wall Street Journal to “investors seeking safety in the US dollar after the European Central Bank’s latest efforts to shore up the Eurozone financial system fell short of market hopes.”
To speak of “market hopes” would seem to be begging the question, as it has become obvious since 2008 that there are two markets. There is the market patronized by people that read this website, and then there is the market controlled by our betters—the bankers and their patrons, the politicians.
Read the rest of this article: http://bit.ly/uVsAxN
Auguries — The Costanza Defence
December 8, 2011
By Kevin Michael Grace
Gold was down (at press time) $35.90 (-2.1%) for the week to $1,712.40, and silver was down
.66 (-2.1%) to $31.64. Gold’s declines was attributed by the Wall Street Journal to “investors seeking safety in the US dollar after the European Central Bank’s latest efforts to shore up the Eurozone financial system fell short of market hopes.”
To speak of “market hopes” would seem to be begging the question, as it has become obvious since 2008 that there are two markets. There is the market patronized by people that read this website, and then there is the market controlled by our betters—the bankers and their patrons, the politicians.
Read the rest of this article: http://bit.ly/uVsAxN
Beyond 3Q
Avion Mines, Finds West African Gold
By Greg Klein
Avion Gold TSX:AVR has its sights set high in West Africa. Open-pit gold mining underway, a new mill to be commissioned, underground production about to begin and continued drilling to build the resources. The plan is to more than double its annual output to 200,000 gold ounces by 2013 and then maintain that rate for a decade, reaching two million ounces. All that is projected to come from Avion’s Tabakoto and Segala mines and Kofi Property in Mali and its Houndé Project in Burkina Faso.
The market remains unimpressed, however. With the release of Avion’s 3Q results, which reported the production of 21,687 gold ounces at $925 per ounce, share prices plunged from $2.04 November 15 to $1.54 10 days later. Then began an unsteady rise to the December 7 open of $1.73. The plunge isn’t surprising, perhaps, since 3Q net profit fell to $US7.2 million or
.02 a share, exactly half the amounts for the same quarter in 2010. So what happened?
Read the rest of this article: http://bit.ly/vMRj4n
Avion Senior VP Don Dudek on Mali gold assays of 7.52 g/t over 40.8m
Avion Gold Corporation TSX:AVR announced results from its Kofi project in Mali, West Africa. Assays include
7.52 g/t gold over 40.8 metres
4.85 g/t over 5.7 metres
11.61 g/t over 21.3 metres
12.92 g/t over 6 metres
22.84 g/t over 2 metres
10.03 g/t over 3 metres
6.42 g/t over 15 metres
4.6 g/t over 12 metres
Senior VP of Exploration Don Dudek tells ResourceClips.com, “The Kofi Zone, Kofi C and Kofi C West in particular, is very complicated because of dyking and faulting. We spent a good part of the year trying to understand where the mineralization is and how to connect the different pieces. The interpretation has changed from the time when AXMIN TSXV:AXM had the project, but what these new results indicate to me is that there’s still a significant opportunity to the north, with two intercepts specifically being open to the north. When you step back and look at the broader geophysical response, in this case the IP conductivity, it’s obvious that the pattern continues and so we’re hoping, and expecting, that the mineralization will continue as well.”
Read the rest of this article: http://bit.ly/rxAyFS
Auguries — Sir James’ Revenge
December 1, 2011
By Kevin Michael Grace
Gold was up (at press time) $52.50 (+3.1%) for the week to $1,748.30, and silver was up
.87 (+2.7%) to $32.80. These rises were attributed to the collective decision of the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve and Swiss National Bank to lower the pricing on the existing temporary US dollar liquidity swap arrangements by 50 basis points.
Bloomberg translates the above as, “European banks have been parched for liquidity and need access to dollars. The ECB can’t supply them dollars unless it borrows them from the Fed. Essentially today’s action makes it easier for the ECB and thus European banks to borrow dollars.”
Read the rest of this article: http://bit.ly/uIxRPL
Auguries — Sir James’ Revenge
December 1, 2011
By Kevin Michael Grace
Gold was up (at press time) $52.50 (+3.1%) for the week to $1,748.30, and silver was up
.87 (+2.7%) to $32.80. These rises were attributed to the collective decision of the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve and Swiss National Bank to lower the pricing on the existing temporary US dollar liquidity swap arrangements by 50 basis points.
Bloomberg translates the above as, “European banks have been parched for liquidity and need access to dollars. The ECB can’t supply them dollars unless it borrows them from the Fed. Essentially today’s action makes it easier for the ECB and thus European banks to borrow dollars.”
Read the rest of this article: http://bit.ly/uIxRPL
CBM Asia Chairman Scott Stevens on coalbed methane purchase and sale agreement
CBM Asia Development Corp TSXV:TCF announced that project operator, Medco Energi Internasional Tbk, has signed an agreement with Indonesia’s upstream oil and gas regulator, BPMigas, to conduct the sale and purchase of coalbed methane gas produced during dewatering at the Sekayu PSC (production sharing contract) in Indonesia. CBM Asia has a 12% interest in the Sekayu PSC with an option to acquire another 12%.
CBM Asia Chairman Scott Stevens tells ResourceClips.com, “The negotiation was between Medco, as the operator, and BPMigas—which is the government. We’re happy with the agreement. It shows that the government is really motivated to get early production and remove any possible roadblocks.
Read the rest of this article: http://bit.ly/s6v1KI.
Phenomenal Terrain
Sunward Advances in Colombia
By Greg Klein
Talk to COO David Forest about Sunward Resources’ TSX:SWD Titiribi Gold-Copper Project, and you get why so many mining and exploration companies are moving into Colombia. “Geologically, there’s nothing like it,” he says. “There’s nothing on the planet with that kind of potential that’s so underexplored. Nothing happened there for 50 years. It’s phenomenal terrain, completely underexplored. The security and safety situation is fine in 90% of the country now.”
A look at last September’s Titiribi resource update supports his enthusiasm. Using a cutoff of 0.3 grams per tonne, the indicated category estimates 142.94 million tonnes grading 0.48 g/t gold for 2.2 million ounces gold and 0.15% copper for 465.9 million pounds copper. The inferred category projects 372.7 million tonnes grading 0.51 g/t gold for 6.08 million ounces gold and 0.08% copper for 645.7 million pounds copper.
Read the rest of this article: http://bit.ly/tKEMoP
Streaming Through Difficulties
Thompson Creek Sees 3Q 2013 Copper-Gold Production
By Ted Niles
Thompson Creek Metals Company Inc TSX:TCM derived two advantages from its acquisition of Terrane Metals in October 2010. An outstanding asset in the Mt Milligan copper-gold project, due to begin production 3Q 2013, and an opportunity to broaden the company’s focus from pure molybdenum producer. Nevertheless, 2011's growing pains have been sharp, and shares of Thompson Creek have lost half their value. “We’re living in an inflationary world in terms of building these mines,” Chairman and CEO Kevin Loughrey remarks. “It’s just something we have to live with.”
A number of factors have conspired against the company, including the recent drop in value of the Canadian dollar, but the main culprit is the recent increase to capital expenditures at the Mt Milligan project. Located 90 kilometres north of Prince George, BC, it has NI 43-101 proven and probable mineral reserves of an impressive 6.02 million ounces gold and 2.12 billion pounds copper. A 2009 feasibility study estimated a 22-year mine life with annual production of 194,500 ounces gold and 81 million pounds copper. Capex for the project was originally set at $915 million, but Thompson Creek announced May 6 that this had risen to $1.27 billion, due to increases in the cost of labour and material as well as the exchange rate.
Read the rest of this article: http://bit.ly/vSMsdK
Grade A
Eastmain Advances Quebec Gold Projects
By Greg Klein
“What sets this project apart from many others is the grade of the open pit,” says Eastmain Resources TSX:ER President/CEO Donald Robinson of his flagship Clearwater Gold-Tellurium Project in the James Bay region of Quebec. “Right now, it’s 5.7 grams gold per tonne, which is three to five times higher than many of the projects out there. So our No. 1 goal is to make the resource bigger. We’ve been doing that over the last five months.”
As of April, the open-pit resource estimate for Clearwater’s Eau Claire Deposit came to 2.73 million tonnes grading 5.72 g/t for 502,000 gold ounces measured and indicated and 1.4 million tonnes grading 2.83 g/t for 127,000 gold ounces inferred. Eau Claire’s underground resource came to 630,000 tonnes grading 6.46 g/t for 130,000 gold ounces measured and indicated and 3.92 million tonnes grading 7.21 g/t for 910,000 gold ounces inferred.
Read the rest of this article: http://bit.ly/sjNk3u
Grizzly President Brian Testo on BC gold assay of 0.43 g/t gold and 0.15% copper over 51m
Grizzly Discoveries Inc TSXV:GZD announced the discovery of the Dayton gold-copper zone, a bulk-tonnage style low-grade gold-copper zone, at its Greenwood gold project in BC. Results from the first hole of the 2011 drill program revealed 0.25 g/t gold and 0.07% copper over 117 metres (including 0.43 g/t gold and 0.15% copper over 51 metres).
President Brian ‘Griz’ Testo tells ResourceClips.com, “In the last 100 years there’s been about $4 to $5 billion worth of copper, gold and silver taken from the 90-mile area between the US and Canada where Greenwood is located. All the claims at Greenwood were fractured until about 2006. When gold was at $280 to $300 an ounce, some prospectors got this big package together that totalled 235,000 acres. We did a deal with them in 2007, and checked [the claims] out and they were real, so we did a bigger deal with them in 2008. We got all of the ground—all 235,000 contiguous acres—in one package.
Read the rest of this article: http://bit.ly/sFOA2F
Gold At $3,000?
Marshall Auerback: A November 25 Interview
By Kevin Michael Grace
Q: Let’s talk about the effect of the turmoil in Europe on the markets. The line we get from financial reporters is that gold has fallen from $1,900 because of a flight to safety and that people are liquidating their positions in order to cover losses elsewhere. And yet we are confidently informed that not that many people are invested in gold.
Marshall Auerback: A November 25 Interview
A: They’re both right. It’s a small market ultimately, and you don’t have the same level of participation in the gold market that you did in the 1970s where I think 5% of pension funds were in gold. You’ve had a lot of leverage speculators that have held large positions in gold and when they get margin calls, they dump the stuff, and that has an impact on the price. I would argue that gold behaves in a textbook bull market fashion. It goes up; it falls back, it bases at a higher level. Now it’s basing at $1,600, $1,700. Earlier, it was basing at in the $1,400s, but it keeps edging up, and I think it’s poising for another explosive move to the upside. Clearly when de-leveraging strains are very acute, people just want to go for cash. So they sell the profits they’ve been sitting on, and gold gets hit like everything else. In many instances, investors are going after dollars to offset the impact of de-leveraging. How much longer that goes on for I don’t know. If these strains in Europe continue to intensify, I think that will be bullish for gold. I think the policy response you’re ultimately going to see is going to be gold bullish because I think ultimately it will create additional currency turmoil everywhere, and the bid for gold will remain as an insurance policy against it.
Read the rest of this article: http://bit.ly/ujN6CD
Auguries — Insouciance
November 24, 2011
By Kevin Michael Grace
Gold was down (at press time) $11.80 (-0.7%) for the week to $1,695.80, and silver was up
.43 (+1.4%) to $31.93. Gold’s decline was attributed to, well, the same things as last week and all the weeks since it topped $1,900.
Rather than discuss the strange noises emanating from the Continental Suicide Pact (AKA the European Union) and their implications for precious metals, this week we will again examine America. Actually, one American in particular and the implications of his extraordinary career for the future of trading.
There’s an old joke about the United States Marine Corps—“”There are no ex-Marines, except Lee Harvey Oswald.” And now we must add to that short list Jon Corzine, erstwhile CEO of brokerage house Global MF, which declared bankruptcy October 31.
Read the rest of this article: http://bit.ly/tEimzp.
Auguries — Insouciance
November 24, 2011
By Kevin Michael Grace
Gold was down (at press time) $11.80 (-0.7%) for the week to $1,695.80, and silver was up
.43 (+1.4%) to $31.93. Gold’s decline was attributed to, well, the same things as last week and all the weeks since it topped $1,900.
Rather than discuss the strange noises emanating from the Continental Suicide Pact (AKA the European Union) and their implications for precious metals, this week we will again examine America. Actually, one American in particular and the implications of his extraordinary career for the future of trading.
There’s an old joke about the United States Marine Corps—“”There are no ex-Marines, except Lee Harvey Oswald.” And now we must add to that short list Jon Corzine, erstwhile CEO of brokerage house Global MF, which declared bankruptcy October 31.
Read the rest of this article: http://bit.ly/tEimzp.
Avion IR Manager Michael McAllister on Burkina Faso gold assays of 3.74 g/t over 61m
Avion Gold Corp TSX:AVR announced assays from the Vindaloo Zone of its Houndé Project in Burkina Faso. Results include
3.74 g/t gold over 61 metres
4.86 g/t over 38.5 metres
3.75 g/t over 44.9 metres
2.52 g/t over 47 metres (including 3.69 g/t over 23 metres)
3.03 g/t over 35.2 metres
2.2 g/t over 30.4 metres
2.31 g/t over 21.1 metres
11.6 g/t over 4.5 metres
Avion also holds an 80% interest in two open-pit gold producers in Mali, the Tabakoto and Segala projects. The Mali government holds the remaining 20%. The company is currently developing underground operations at both mines.
Read the rest of this interview: http://bit.ly/t4SdPr.
Underperforming? Hardly
Romarco Aims For a 2014 Gold Pour
By Ted Niles
To say that Romarco Minerals Inc TSX:R is making the best of a bad situation is true enough but misleading. The US Army Corps of Engineers’ July requirement of an Environmental Impact Statement on the Haile Gold Mine was a nuisance, no question, but it doesn’t affect the fundamentals. As President and CEO Diane Garrett says, “The project still stands, in my opinion, as one of the most significant and highest quality assets in the industry. We’re in a great jurisdiction, and the grade is almost twice what it is with any other open pit in North America or anywhere.”
Romarco is taking full advantage of the 12-month delay. “We’ve got a lot of guys on the team that aren’t too disappointed,” Garrett remarks. “We spent the first half of this year doing infill drilling because we thought we’d be mining at the end of the year. When we got the EIS news, we focused everything on step-out drilling. We’re spending a lot of time drilling on Horseshoe and Palomino.”
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Auguries — Structural Failure
November 17, 2011
By Kevin Michael Grace
Gold was down (at press time) $41.60 (-2.4%) for the week to $1,717.60, and silver was down $2.46 (-7.2%) to $31.50. Reuters attributed the declines to “investors fearful of deepening European woes bail[ing] on commodities and technical triggers set[ting] off sell orders.”
At MarketPulseFX, Dean Popplewell argues that gold is “suffering from contagion flu. The yellow metal fell just over -1% today, diligently tracking the [Euro] lower. All of this is on fear that the EU debt crisis is spreading and dragging France into the fray, while Greece and Italy battle to save their economies from imploding. Historically, gold is favored in times of uncertainty, however, the commodity is moving in close correlation with riskier assets recently as investors liquidate some of their commodity holding to finance margin requirements in other accounts.”
Read the rest of this article: http://bit.ly/sVhE9P
Auguries — Structural Failure
November 17, 2011
By Kevin Michael Grace
Gold was down (at press time) $41.60 (-2.4%) for the week to $1,717.60, and silver was down $2.46 (-7.2%) to $31.50. Reuters attributed the declines to “investors fearful of deepening European woes bail[ing] on commodities and technical triggers set[ting] off sell orders.”
At MarketPulseFX, Dean Popplewell argues that gold is “suffering from contagion flu. The yellow metal fell just over -1% today, diligently tracking the [Euro] lower. All of this is on fear that the EU debt crisis is spreading and dragging France into the fray, while Greece and Italy battle to save their economies from imploding. Historically, gold is favored in times of uncertainty, however, the commodity is moving in close correlation with riskier assets recently as investors liquidate some of their commodity holding to finance margin requirements in other accounts.”
Read the rest of this article: http://bit.ly/sVhE9P
Goldrush VP Don Willoughby on Burkina Faso gold assays of 2.16 g/t over 25m
Goldrush Resources Ltd TSXV:GOD announced assay results from its Ronguen gold deposit in Burkina Faso, West Africa. Highlights include
2.16 g/t gold over 25 metres
2.55 g/t over 11 metres
2.24 g/t over 12 metres
0.8 g/t over 20 metres (including 1.53 g/t over 14 metres)1.23 g/t over 17 metres
1.27 g/t over 15 metres
VP Corporate Development Don Willoughby tells ResourceClips.com, “The assay results are great. We continue to get economic grades over good widths. The objective of the program is twofold. One is to expand the deposit, and the other is to upgrade from inferred to indicated the saprolitic layer from surface down to, on average, 50 metres. This is in preparation for completing a preliminary economic assessment. We’ve started the baseline work on that; we’ve started work on an environmental impact study. That’ll be done probably by sometime in the new year. We’ve just begun it, so we don’t really have a timetable for it yet. We’re informed that we’ll have the updated resource estimate by sometime in the latter part of 1Q 2012.
Read the rest of this interview: http://bit.ly/uESqxI
La Belle Providence
Aurizon Produces Low-Cost Quebec Gold
By Greg Klein
Ten projects notwithstanding, there’s no mistaking Aurizon Mines’ TSX:ARZ focus. They’re all funded by the flagship Casa Berardi Gold Mine, and they’re all in the same province. Speaking from his Vancouver HQ, the company’s Australian President/CEO talks about why he likes working in Quebec. Yes, it offers some of the world’s cheapest electricity, but George Paspalas gets to the heart of the matter, “People in Quebec generally understand how important mining is, and they embrace it.”
Paspalas adds, “The province has a very onerous regulatory process, but it’s a jurisdiction where, if you’ve done everything thoroughly, you get a permit. And then there’s the historic mining activity—which means there’s gold in the ground.”
Read the rest of this article: http://bit.ly/vewCsP
Auguries — Bonapartism
November 10, 2011
By Kevin Michael Grace
Gold was down (at press time) $5.90 (-0.3%) for the week to $1,759.20, and silver was down
.54 (-1.6%) to $33.96. Gold almost reached $1,800 Monday, a development attributed by Kim Covert in the Financial Post (and many others) to “investors seeking a safe haven amid the turmoil in Europe, where the focus has shifted now to Italy.” By Thursday, gold had fallen back almost to $1,700, a development attributed by Reuters (and many others) to “technical weakness and unwinding safe-haven play as nervous investors reacted to headlines painting a mixed picture of Europe’s debt crisis.”
Given that the Italian debt crisis was just as dire Thursday as it was Monday, the juxtaposition of these quotations proves the difficulty, not to say futility, of attempting up-to-the-minute explanations of gains and losses in a world economy that has broken free of its moorings. The Panic of 2008 (and its unresolved aftermath) is said by many to reveal a “crisis of capitalism.” Perhaps, but the events currently unfolding in Europe certainly reveal a crisis of democracy.
Read the rest of this article: http://bit.ly/rP23hT
Auguries — Bonapartism
November 10, 2011
By Kevin Michael Grace
Gold was down (at press time) $5.90 (-0.3%) for the week to $1,759.20, and silver was down
.54 (-1.6%) to $33.96. Gold almost reached $1,800 Monday, a development attributed by Kim Covert in the Financial Post (and many others) to “investors seeking a safe haven amid the turmoil in Europe, where the focus has shifted now to Italy.” By Thursday, gold had fallen back almost to $1,700, a development attributed by Reuters (and many others) to “technical weakness and unwinding safe-haven play as nervous investors reacted to headlines painting a mixed picture of Europe’s debt crisis.”
Given that the Italian debt crisis was just as dire Thursday as it was Monday, the juxtaposition of these quotations proves the difficulty, not to say futility, of attempting up-to-the-minute explanations of gains and losses in a world economy that has broken free of its moorings. The Panic of 2008 (and its unresolved aftermath) is said by many to reveal a “crisis of capitalism.” Perhaps, but the events currently unfolding in Europe certainly reveal a crisis of democracy.
Read the rest of this article: http://bit.ly/rP23hT
To The Moon—Or 300K Oz Annually
Luna Gold Plans to Upsize Brazil Production
By Ted Niles
Things seem to be coming together for Luna Gold Corp TSX:LGC. That might seem an odd thing to say about a company that’s been producing since February at its Aurizona Gold Mine, but success is not a static achievement. Bringing a mine to production only really marks the transition of a junior miner from adolescence to adulthood. Issues of liquidity, logistical strength and effective management require constant attention for success to burgeon. That’s why John Blake was appointed Luna President and CEO in September 2010.
“My job was to review the company, and I had full support from the board,” Blake says. “We had mechanical issues in the construction phase that have been repaired, and now we’re delivering our feasibility-study production. We’ve revamped our management team, and we’ve got a really strong operational team now to add to the strong team we already had in finance and exploration. We’ve recently recapitalized the company in terms of new project debt financing with WestLB, and we’ve raised equity in the market. So we’ve now got very solid capital structure to move the company forward. The next step is to increase our resource in December so we’ve got a solid platform for growth.”
Read the rest of this article: http://bit.ly/tlo3Tr
Sunward COO David Forest on Colombia assays of 0.56 g/t gold over 315.2m
Sunward Resources Ltd TSXV:SWD announced assays from its Titiribi Project in Antioquia Department, Colombia. Highlights include
0.56 g/t gold and 0.12% copper over 315.2 metres
(including 2.11 g/t gold and 0.34% copper over 22.5 metres)
0.36 g/t gold and 0.24% copper over 135.5 metres
(including 0.54 g/t gold and 0.32% copper over 55.8 metres)
0.33 g/t gold and 0.15% copper over 66.6 metres
0.72 g/t gold and 0.01% copper over 27 metres
0.47 g/t gold and 0.01% copper over 30 metres
1.88 g/t gold and 0.01% copper over 7.5 metres
COO David Forest tells ResourceClips.com, “These results were fairly groundbreaking for the project because it’s a bulk-tonnage porphyry, so the assumption was the grade was always around 0.5 and 0.2. We smashed through that about a year ago, discovering some zones that were above a gram, but this is the first time zones above two grams have been discovered, making a new benchmark for the grade on this project.
Read the rest of this article: http://bit.ly/tiLikv
Exploration Group VP Jim Crawford on BC iron assays of 43.4% over 49m
Ridgemont Iron Ore Corp TSXV:RDG in joint venture with Logan Resources Ltd TSXV:LGR announced results from their Redford Iron Ore Property on Vancouver Island, BC. Assays include
43.4% iron over 49 metres
52.3% over 31 metres
51.5% over 26 metres
56.6% over 21 metres
50.8% over 23 metres
55.5% over 20 metres
60.2% over 13 metres
49.2% over 12 metres
Under a July 2010 option agreement, Ridgemont may acquire up to a 75% interest in the project. To earn the initial 50%, Ridgemont has paid Logan $75,000 and must pay Logan an additional $50,000 a year and issue the company 100,000 shares a year for three years, as well as spend $3 million on exploration. To earn the additional 25%, Ridgemont must pay all costs needed to make a production decision and arrange for any necessary financing to achieve production.
Read the rest of this interview: http://bit.ly/vmvYCv
Auguries — All the King’s Horses
September 8, 2011
By Kevin Michael Grace
In the bad old days, it was popularly believed that the monarch’s touch could cure scrofula. Thank goodness we have put such superstition behind us. Our modern rulers believe merely that their words can cure the economy. Responding to the decision of the Republican Party to not offer a rebuttal to President Obama’s jobs speech today, former Speaker Nancy Pelosi retorted that this “silence” would “speak volumes about their lack of commitment to creating jobs.”
Lest this space be accused of partisanship, it should be pointed out that the Republicans share the delusional Democratic belief that not a sparrow falls to the ground without some politician’s blessing. At last night’s Republican debate, Rick Perry and Mitt Romney went at it hammer and tongs over the question of which of them had triumphed in “creating jobs” in their respective states.
Read the rest of this article: http://bit.ly/u2yVfc