Tonogold Resources Inc (TNGL)

[joeblow110percent]

Iron Ore Mine Closures in China, Reduce Supply, Upward Pressure on Price.

“Daily iron ore mine closures in China mean Citigroup is bullish”
http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=245924&sn=Detail

“Supply in China has been decreasing,” Szpakowski said June 27, adding that there is robust support for the commodity at about $90 a ton, with prices unlikely to drop below that level. “Basically, every day there’s a new iron ore mine shutting down, so supply will continue to fall,” he said.

Between 20 percent and 30 percent of the iron ore mines in China have closed down, according to the China Metallurgical Mining Enterprise Association. Local production will decline 16 percent to 310 million tons this year and contract to 275 million tons in 2015, Credit Suisse Group AG said on June 23, citing projections for supply in 62 percent content terms.

“Every significant ore-producing province has mines shutting down,” said Szpakowski. “We think prices will continue to go up.”

Compare that article to the Annual General Meeting June 23, 2014 PDF, pages 11 and 12.

GOOD JOB TO CEO MARK ASHLEY FOR ACCURATELY PREDICTING MARKET CONDITIONS IN THE IRON ORE SECTOR.

See the Tonogold PDF here: http://www.tonogold.com/i/pdf/AGM-June-23-2014.pdf