Sutter Gold Appoints New President and CEO - Monday September 15, 3:40 pm ET VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2008) -
Sutter Gold Mining Inc. - (TSX VENTURE:SGM - News; "SGM" or the "Company") is pleased to announce that Mr. Clayr Alexander, has been appointed as President and CEO of the Company.
Hal Herron will continue as the Company's President and CEO until Mr. Alexander joins the Company full time at the end of October.
Mr. Alexander is a mining engineer and senior mining professional with over 30 years experience in virtually all aspects of the mining industry from mine permitting and development to project construction and operations. He has spent 20 years in senior technical and later management positions with Stillwater Mining Company, and has served as an independent consultant. Most recently, with Kinross Gold Corporation, he played a key role in the timely development and construction of the Kupol mine in Far East Russia as Deputy General Manager.
Mr. Alexander will be responsible for all aspects of the Company's growth and development with the focus on advancing - the Sutter Gold Project near Sutter Creek, California, - which is centrally located within a 10-mile section of the Mother Lode Belt where over 7 million ounces have been produced from 16 historic mines.
The Sutter Gold Project - hosts a current NI 43-101 compliant (February 2008) indicated resource of 673,600 tons grading 0.33 (uncut) ounces of gold per ton (11.3 g/t) for 223,044 contained ounces and an inferred resource of 2.38 million tons grading 0.19 (uncut) ounces of gold per ton (6.6 g/t) for 458,914 contained ounces.
The Company has received all the major permits required by the State of California and Amador County for the development and operation of an underground gold mine and milling facility.
With Mr. Alexander's appointment, the immediate efforts of the Company will be:
- Feasibility studies including completion of a comprehensive geologic data base and models (geologic and grade) in support of detailed mine development and production profile.
Confirmatory metallurgical test work for defining a final process flow sheet, equipment selection and construction costing for the processing facility. Completing required monitoring, waste material handling procedures and final reclamation plans for incorporation into SGM's existing permits.
- Recruitment of remaining senior management and systems for the establishment of a standalone corporate office, including a CFO and COO as well as operating management; and,
- Focused investor relations and marketing efforts to ensure the investment community understands the Company, project feasibility, development plans and the inherent value of the Company's assets.
Mr. Alexander commented, "The Sutter Gold Project is a solid foundation on which to advance the Company as an emerging gold producer.
The Sutter Gold Project - has been the subject of multiple non NI 43-101 prefeasibility assessments since the late 1990s that provide the basis for final feasibility evaluation of developing a mining operation on the Lincoln-Comet portion of the Project, indicated resource of 511,700 tons at 0.37 (uncut) ounces per ton (12.6 g/t) and drill indicated inferred resource of 194,100 tons at 0.28 (uncut) ounces per ton (9.5 g/t).
The production opportunity is similar to the historic underground mining of narrow veins that has occurred along the Mother Lode structure and exhibits excellent metallurgy. Narrow vein mines are always challenging but the situation at Sutter Creek is certainly much more favorable than much of the underground development and mining I have been associated with in the past.
Permitting is in its final stages and continues to be well managed by the Sacramento office of Golder Associates.
Less than an acre (0.77 acres) has been identified as perennial wetlands and will require a Section 404 wetlands permit under the Clean Water Act.
Indication from the US Army Corps of Engineers, responsible for administering Section 404, is for a 9 month permitting process.
Final Waste Discharge Requirements (WDR) will be included in the final reclamation design and monitoring plans. Permitting is not expected to negatively impact the project's development schedule.
The final feasibility study will assess developing and mining these resources at a nominal 300 to 500 tons per day processed through a simple gravity separation circuit followed by flotation to produce a gold concentrate that will be shipped for final processing to a Nevada facility.
As such, Sutter Gold Mine - will be one of the most environmentally responsible and sound mining operations in the Western United States while benefiting the local community and economy.
Sutter Gold is committed to developing our operations in a socially and environmentally responsible manner.
Finally, I would like to thank Hal Herron for his past efforts in bringing the Company to a point where feasibility and development considerations are the focus at the Sutter Gold Project and an exciting exploration program is being executed by our joint venture partner Premier Gold at the El Alamo Project in Baja Mexico."
Mr. Mark Payne, P.Geo. Calif. 7067, is the Qualified Person for the Sutter Gold Project, as defined by NI 43-101, and has reviewed this release.
About Sutter Gold Mining Inc.
Sutter Gold Mining Inc. is a junior gold exploration and development company pursuing the goal of becoming an emerging producer through the evaluation of the development of the Lincoln-Comet zone of the Sutter Gold Project on the California Mother Lode. SGM controls 3.2 miles of the Mother Lode where 90% of the property has not been explored despite the definition of nearly 700,000 ounces of indicated and inferred resource. Unexplored potential exists at depth on the known zones, on both the foot wall and hanging wall of the Mother Lode and on the Melones Fault, the principal regional structure giving rise to the Mother Lode that exists on the eastern portion of SGM's property package. In Mexico, SGM holds rights to the geologically similar, high grade El Alamo district of northern Baja where historic mining to the water table produced mined grades of 30 to 60 g/t. Initial exploration in joint venture with Premier Gold has demonstrated the extension of high grade veins on strike and at depth and a second phase of drilling will soon commence.
Hal Herron, President, CEO and Director
This news release was prepared by Company's management who take full responsibility for content.
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Hal Herron Sutter Gold Mining Inc. CEO (307) 851-2742 Email: herron3@yahoo.com
Citigroup says gold could rise above $2,000 next year as world unravels - Gold is poised for a dramatic surge and could blast through $2,000 an ounce by the end of next year as central banks flood the world's monetary system with liquidity, according to an internal client note from the US bank Citigroup.
By Ambrose Evans-Pritchard Last Updated: 7:29AM GMT 27 Nov 2008
Citigroup says gold could rise above $2,000 next year as world unravels An employee of Tanaka Kikinzoku Jewelry K.K. displays a gold bar at the company's store in Tokyo Photo: Reuters
The bank said the damage caused by the financial excesses of the last quarter century was forcing the world's authorities to take steps that had never been tried before.
This gamble was likely to end in one of two extreme ways: with either a resurgence of inflation; or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.
"They are throwing the kitchen sink at this," said Tom Fitzpatrick, the bank's chief technical strategist.
"The world is not going back to normal after the magnitude of what they have done. When the dust settles this will either work, and the money they have pushed into the system will feed though into an inflation shock.
"Or it will not work because too much damage has already been done, and we will see continued financial deterioration, causing further economic deterioration, with the risk of a feedback loop. We don't think this is the more likely outcome, but as each week and month passes, there is a growing danger of vicious circle as confidence erodes," he said.
"This will lead to political instability. We are already seeing countries on the periphery of Europe under severe stress. Some leaders are now at record levels of unpopularity. There is a risk of domestic unrest, starting with strikes because people are feeling disenfranchised."
"What happens if there is a meltdown in a country like Pakistan, which is a nuclear power. People react when they have their backs to the wall. We're already seeing doubts emerge about the sovereign debts of developed AAA-rated countries, which is not something you can ignore," he said.
Gold traders are playing close attention to reports from Beijing that the China is thinking of boosting its gold reserves from 600 tonnes to nearer 4,000 tonnes to diversify away from paper currencies. "If true, this is a very material change," he said.
Mr Fitzpatrick said Britain had made a mistake selling off half its gold at the bottom of the market between 1999 to 2002. "People have started to question the value of government debt," he said.
Citigroup said the blast-off was likely to occur within two years, and possibly as soon as 2009. Gold was trading yesterday at $812 an ounce. It is well off its all-time peak of $1,030 in February but has held up much better than other commodities over the last few months – reverting to is historical role as a safe-haven store of value and a de facto currency.
Gold has tripled in value over the last seven years, vastly outperforming Wall Street and European bourses. --
FYI..ex..dd.. QR Gold Mine - one of the largest gold mine in B.C. - (1000t/day) -
First, in early March, the “yellow metal” hit its all-time high of $1,030 an ounce -
Just three months later, the price of gold for December delivery had plummeted to $681 an ounce, a 21-month low and 33.9% drop from its record high -
Most gold bugs were equal parts puzzled and broken-hearted -
The world’s stock markets tanked, as did some of its biggest economies. In such an environment, they thought, gold should have risen. After all, gold is widely considered to be a safe-haven investment when everything else is spiraling south.
In the past year, commodities prices skyrocketed – across the board. That was especially true of oil, which hit a record high $147 a barrel. Corn, wheat, and soybeans all hit record highs, as well -
That price escalation tightened household and corporate budgets, and was a primary reason why the U.S. economy posted a gross-domestic product (GDP) decline of 0.3%. With that negative growth, the third quarter was the beginning of what many experts believe will be the nation’s first recession since 2001 -
However, the inflation epidemic has waned significantly, as global demand for raw materials has plummeted -
Price for such staple foods as corn, soybeans and wheat have all come down from their record highs – in near-lockstep fashion -
And not coincidentally, gold has fallen 22% in that same time frame -
However, the pending commodities rebound – a projected slow-and-steady increase in commodity prices that will reverse the breakneck plunge below fair value that commodities have experienced for much of this year -
The expected path of gold prices in the New Year - Reveals another wild card inflationary indicator that may carry gold prices to $1,500 an ounce by the end of 2009 -
How does this relate to gold? It drives up the price! -
That naturally translates to higher prices because it squeezes the supply of the particular commodity. And it does so at a time when demand continues to escalate from populations in China, India and Latin America. And higher prices equal inflation.
For gold prices – is there’s another catalyst that’s right now inherent in the U.S. economy that could help vault gold prices to $1,500 an ounce by the end of 2009. And it has to do with the much-ballyhooed $700 billion rescue plan -
The government is pumping money in so many banksters, and that money has to come out somewhere? -
The philosophy behind the rescue plan is:
By providing a portion of the $700 billion to foundering U.S banks, the Treasury Department believed it could provide banks with badly needed capital, and get them to start lending money once again – jump-starting the economy in the process? -
Since September 2007, U.S. Federal Reserve policymakers have cut the benchmark Federal Funds target rate nine times – from 5.25% down to the current 1.0% rate – to increase bank-to-bank lending and bank-to-consumer lending - but before that since A.Greenspan time - fed did raise it 17 times to create the housing bubble - in the first case -
The government is pumping money in so many banksters pockets, and that money has to come out somewhere - to china subsidiary banksters? -
Right now, banksters aren’t boosting lending. Instead, they are using the cash to finance buyouts of other banksters - Even so, that money will “come out” into the economy in the form of higher stock prices for banksters? -
Ex..Are we the people much better off with ex. credit unions were all members shares the profit? -
That will make consumer/investors wealthier, and could make them more confidence in the economy. If they’re more confident, they will spend.
As that happens, food prices should begin ticking upward, adding another set of thrusters to gold prices -
We’re having a horrible recession, we’re not to going have inflation. Gold has quite good hidden-store value - As gold prices increase, count on more investors leaving the sidelines to invest, too, causing the surge in gold prices to accelerate and steepen -
As gold goes up, it gets more popular and investors start piling into it -
Ex. when I bought Goldcorp from the beginning - all said; its out mined - nothing left - and the mine was shut down - McEvans raised funds for a wildcat hole at the bottom of the outmined mine - an bingo it hit more gold so the mine got restarted - it has about a 700t/day mill and ex. compared to the QR-mill at 1000t/day - QR-mill was put in by Kinross when gold was below $400.- half of todays price range - the ore body is open to deepth and the money is now spend to make the incline to the high grade orebody - it will take a few month for CNR to reach the high grade body - but the ore trucks be able to drive to it - to lode up with the higher grade ore then prev. mined -
Canadian Zinc Corporation: Resignation of Director - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/30/09 --
Canadian Zinc Corporation - (TSX: CZN)(OTCBB: CZICF) announces, with regret, that Alan Savage has resigned from the Board of Directors effective January 29, 2009. Mr. Savage has served as an independent director of the Company since June 2003, during which time he has provided valuable counsel and advice. The Board wishes to thank Mr. Savage for all his contributions to the Company over the past six years.
About Canadian Zinc:
The Company's principal focus is its efforts to advance the Prairie Creek Mine, a zinc/lead/silver property located in the Northwest Territories of Canada, towards production. The Prairie Creek Mine - is partially developed with an existing 1,000 tonne per day mill and related infrastructure.
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