-- Posted 16 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $625.00 | -$0.40 |
Silver | $12.53 | -$0.25 |
XAU | 133.01 | -1.31% |
HUI | 316.35 | -1.18% |
GDM | 1019.46 | -0.91% |
JSE Gold | 2728.60 | -1.35% |
USD | 85.07 | +0.04 |
Euro | 129.22 | UNCH |
Yen | 82.91 | -0.16 |
Oil | $51.21 | -$1.78 |
10-Year | 4.751% | -0.020 |
T-Bond | 111.00 | +0.1875 |
Dow | 12582.59 | +0.21% |
Nasdaq | 2497.78 | -0.20% |
S&P | 1431.90 | +0.08% |
The Metals:
Gold traded a couple dollars on either side of unchanged in world trade on Monday and early Tuesday and then rose a few dollars above Friday’s close in morning New York trade today, but it then dropped and traded a few dollars lower at $622.20 before it rallied back higher into the close and ended with a loss of just 0.06%. Silver traded mostly slightly higher in world trade on Monday before it fell off a bit in London today and then extended its losses in New York and ended near its lows with a loss of 1.96%.
Euro gold held near €485, platinum lost $9 to $1,137, palladium remained unchanged at $330, and copper remained at about $2.49.
Gold and silver equities fell nearly 2% in morning trade before they rebounded in afternoon trade, but they still ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
NY Empire State Index | Jan | 9.1 | 20.0 | 22.2 |
Tomorrow at 8:30AM EST brings PPI for December expected at 0.5% and Core PPI expected at 0.1%. At 9am are Net Foreign Purchase for November, at 9:15 are Industrial Production for December expected at 0.1% and Capacity Utilization expected at 81.7%, and at 2PM is the fed’s Beige Book. Traders will also have their eyes on the National Association of Home Builders sentiment index.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil again fell markedly to the lowest since May 2005 as Saudi Arabia denied the need for any production cuts by OPEC after recent speculation that OPEC was considering an emergency meeting in order to consider further production cuts.
The U.S. dollar index found slight gains as the yen dropped after it became less likely that the Bank of Japan would raise interest rates at the conclusion of their meeting this Thursday.
Treasuries rose after the NY Empire State Index came in less than expected, but gains were somewhat limited ahead of tomorrow’s deluge of economic data.
The Dow, Nasdaq, and S&P traded on either side of unchanged and ended mixed as significantly lower oil battled worries over upcoming earnings reports.
Among the big names making news in the market today were TD Ameritrade, Express Scripts and Caremark, Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley, Carlyle Group, Wells Fargo, GE, Centex, and Symantec.
The Commentary:
“The COT gold report was nothing less than breathtaking and represents one of the largest changes of positions I can recall. Lately, this report has been a non-event. Not this time ...
*The large specs decreased longs by 15,482 contacts and increased shorts by 9,533.
*The commercials increased longs by 13,680 and decreased shorts by 17,093 contracts.
*The small specs decreased longs by 3,760 contracts and increased shorts by 1,998.
The Gold Cartel has done its thing AGAIN, fleecing numerous longs out of the market. With the gold open interest where it is, we have a set up to flush out many more spec shorts, while, as the market moves up, spec longs pour in.
The fundamental and technical set up for both gold and silver could not be better.” - From last Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“February Gold finished down 1 at 625.9, 3.1 off the high and 2.7 up from the low.
March Silver closed down 0.255 at 12.625. This was 0.005 up from the low and 0.315 off the high.
The gold market seemed to have positive momentum early but then seemed to become very weak into mid session. However, despite the fact that the Dollar remained in positive ground and that oil prices remained extremely weak, the gold market eventually managed to reject a moderate portion of the early selling pressure. With the US equity market weak and choppy and the US economic numbers released during the session very soft, it would not have been surprising to see the gold market remain on its lows into the close. While OPEC might still surprise the trade with an emergency meeting, it seems like the oil market is discounting the potential for cold weather and therefore a number of gold traders are fearful that weak oil prices will continue to plague gold prices. The market discounted potentially bullish demand stories from Dubai during the session and also seemed to discount the argument that weak US economic numbers this week would restart the selling in the US Dollar.
The silver market seemed to come under more liquidation pressure than the gold market. With the copper market seeing massive selling pressure throughout the session, oil prices finishing very poorly and the Dollar able to rebound, there was a host of outside market forces that favored long liquidation on Tuesday. While the gold market continued to see Press stories about the expectation of solid physical demand on weakness, the silver market isn't seeing similar stories and that could leave silver vulnerable to more long liquidation selling ahead. In fact, as long as a quasi deflationary environment exists (brought about by the weak US Fed manufacturing data, falling oil and declining copper prices) the bear camp has to feel much more confident about their positions than the bull camp.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India approves exchange-traded funds for gold
Dollar's prestige falls among Russians
Goldman expects 'modest' fall in dollar, interest rate cuts
Peter Brimelow: After rude start to '07, gold bugs have reason to hope
GoldMoney's Turk, Resource Investor's Arensberg see upward turn for gold
Euro continues to displace dollar in bond markets
Chavez says private firms can hold minority shares in Venezuelan oilfields
Nationalization in Latin America may not be expropriation
Central banks may put more reserves into equities, less into bonds
Mere celebrities get more gold in their medals than real heroes do
Bahrain rejects change in currency's dollar peg
The Statistics:
As of close of business: 1/12/2007
Gold Warehouse Stocks: | 7,530,519 | -292 |
Silver Warehouse Stocks: | 113,160,130 | - 606,525 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 448.76 | 14,428,096 | US$ 8,941m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.49 | 2,780,716 | US$ 1,741m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,772 | US$ 215m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,442 | US$ 204m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 4.32 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/12/2007 | |
Total Net Assets | $893,688,117 | Ounces of Gold
in Trust | 1,428,943.630 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/12/2007 | |
Total Net Assets | $1,517,340,935 | Ounces of Silver
in Trust | 122,091,233.400 |
Shares Outstanding | 12,250,000 | Tonnes of Silver
in Trust | 3,797.46 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport’s (FCX) earnings, New Gold’s (NGD) mine permit application, Gammon Lake’s (GRS) high grade discoveries, Kirkland’s (KGI.TO) drill results, Queenstake’s (QEE) fourth quarter production and bridge loan financing, Claude’s (CGR) new Board member, Eldorado’s (EGO) pre-feasibility study results, Palmarejo’s (PJO.V) initial resource statement, Hochschild Mining’s (HOC.L) second-half output, Strategic Nevada’s (SNS.V) hiring of Stewart contracting, and Silvercorp’s (SVM.TO) acquired interest in the HPG property were among the big stories in the gold and silver mining industry making headlines today and yesterday.
WINNERS
1. Mines MGMT | MGN+9.16% $5.72 |
2. Kimber | KBX +4.48% $2.10 |
3. Minefinders | MFN +3.08% $9.38 |
LOSERS
1. Seabridge | SA-5.49% $11.71 |
2. Cardero | CDY-5.42% $1.57 |
3. Solitario | XPL -4.02% $3.82 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's and yesterday’s gold and silver stock news:
Virginia Grants 124,000 Stock Options - More
- January 16, 2007 | Item | E-mail
HuntMountain Announces Positive Drill Intercepts at Its Dun Glen Nevada Property - More
- January 16, 2007 | Item | E-mail
Eaglecrest Discovers New High-Grade Gold Shoots - More
- January 16, 2007 | Item | E-mail
Running Fox: Making Progress With New Technology and Completes $2.4 Million Private Placement Financing - More
- January 16, 2007 | Item | E-mail
Roxmark ships moly concentrate milled from Nortoba-Tyson bulk sample, receives permits for underground development - More
- January 16, 2007 | Item | E-mail
Pele Mountain Reports NI 43-101 Mineral Resource of 33 Million Pounds Uranium Oxide at Elliot Lake - More
- January 16, 2007 | Item | E-mail
Kinbauri Signs Option to Purchase Rio Narcea Gold Assets in Spain - More
- January 16, 2007 | Item | E-mail
TSX: GEM - Pele Mountain Reports NI 43-101 Mineral Resource of 33 Million Pounds Uranium Oxide at Elliot Lake
- January 16, 2007 | Item | E-mail
MGM Mineral Resources Announces Early 2007 Corporate Update - More
- January 16, 2007 | Item | E-mail
Eagle Plains/Blind Creek Release Results From Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- January 16, 2007 | Item | E-mail
VenCan Gold Zeroing in on VMS Targets in the Western Abitibi and Outlines Significant Potential for Shear Zone Hosted Lode Gold Deposits - More
- January 16, 2007 | Item | E-mail
American Creek satisfies funding condition for 2007 Tide Project exploration program - More
- January 16, 2007 | Item | E-mail
Sparton Signs Letter of Intent With Xiaolongtang Guodian Power Station for Coal Ash Uranium Extraction Testing - More
- January 16, 2007 | Item | E-mail
Ruby Red Resources expands exploration plans for Southeastern B.C. - More
- January 16, 2007 | Item | E-mail
Purepoint Uranium Group Inc.: Dale Huffman Joins Management Team - More
- January 16, 2007 | Item | E-mail
Agnico-Eagle provides notice of release of year end 2006 results and conference call - "Agnico-Eagle Mines Limited announced today that it will release its year end 2006 results on Wednesday, February 21, 2007, after normal local trading hours." More
- January 16, 2007 | Item | E-mail
Rocmec: Jean Lafleur Joins the Board of Directors - More
- January 16, 2007 | Item | E-mail
Tumi Resources Limited - Tumi Resources Commences Drilling at the La Trini Silver-Gold Project, Jalisco, Mexico - More
- January 16, 2007 | Item | E-mail
Soltoro Completes $600,000 Private Placement and Commences Drilling on El Rayo Silver Project - More
- January 16, 2007 | Item | E-mail
Azimut's partner Eastmain makes progress at Eléonore South - More
- January 16, 2007 | Item | E-mail
Dutch Gold Resources Completes Acquisition of Dutch Mining, LLC - More
- January 16, 2007 | Item | E-mail
4% Copper assay value found in former Noranda test pit at Caldera - More
- January 16, 2007 | Item | E-mail
Eastmain Resources Inc.: Roberto-Type Gold Occurrence Detected At Eleonore South - More
- January 16, 2007 | Item | E-mail
Brazauro Announces Promising Drill Results From First-Stage Drilling at Sucuri in Brazil -- Details Plans for Next Actions at Tocantinzinho - More
- January 16, 2007 | Item | E-mail
Ressources Appalaches/Ashini Property: Two New Pegmatite Veins With Uranium - More
- January 16, 2007 | Item | E-mail
Russell Industries Update: Preliminary Geology Report - More
- January 16, 2007 | Item | E-mail
Mediterranean announces appointment of Vice President Corporate Development - More
- January 16, 2007 | Item | E-mail
Grenville Announces Rio De Oro JV With Acquisition of 80,000 ha Mineral Concessions in Southern Ecuador - More
- January 16, 2007 | Item | E-mail
Northland Cuts More Iron-Copper-Gold Mineralization at the Hannukainen Project, Finland - More
- January 16, 2007 | Item | E-mail
Farallon Makes Major Equipment Purchase for Campo Morado - More
- January 16, 2007 | Item | E-mail
Adanac Ruby Creek Molybdenum Project Review - More
- January 16, 2007 | Item | E-mail
Royal Standard Minerals Inc.: Potential for Large Copper Oxide Play South of the Near Surface Gold Oxide Deposits on the Railroad Property, Elko County Nevada - More
- January 16, 2007 | Item | E-mail
Rocher Deboule Property Review With IOCG Target and High-Grade Base & Precious Metal Veins - More
- January 16, 2007 | Item | E-mail
Norsemont Extends Mineralization and Intersects 74 Metres at 1.07% Cu '1.45% CuEQ'1'' and 144 Metres at 0.86% Cu '1.04% CuEQ'1'' at Constancia Project - More
- January 16, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project - More
- January 16, 2007 | Item | E-mail
Raven Gold Corp.: Mining Commences as Mill Expansion Nears Completion at La Currita - More
- January 16, 2007 | Item | E-mail
Alexis Lac Herbin Reconciliation Shows 98.3% Recoveries on 2,322 oz. of Gold Milled-Supports Higher Mined Grade Versus Drilled Resource Grade - More
- January 16, 2007 | Item | E-mail
Company Moves Head Office to Finland - More
- January 16, 2007 | Item | E-mail
Copper Fox announces the final assay results for the 2006 season which include a 67.1 m intersection grading 0.74% copper and 1.32 g/t gold - More
- January 16, 2007 | Item | E-mail
Mirasol Explores Prospective Gold-Silver Trend on its new Espejo Property - More
- January 16, 2007 | Item | E-mail
Golden Phoenix Resolves All Remaining Issues at Contact Mine; Removes $3.25 Million in Debt From Balance Sheet - More
- January 16, 2007 | Item | E-mail
Inter-Citic Receives Results from Final 25 New Drill Holes from 2006 at Dachang Gold Project - More
- January 16, 2007 | Item | E-mail
Romarco Commences Drilling at Pinos Gold District, Mexico - More
- January 16, 2007 | Item | E-mail
Franklin, COMIBOL Review Plan for Cerro Rico Mining Operations - More
- January 16, 2007 | Item | E-mail
Midlands Minerals Reports Significant Widths and Gold Grades on Sian Esaase Deposit-Ghana - More
- January 16, 2007 | Item | E-mail
Nevada Copper Drills 104 Meters of 2.03% Copper - More
- January 16, 2007 | Item | E-mail
Melkior Resources Inc.: 1,400,000 Stock Options Granted - More
- January 16, 2007 | Item | E-mail
Gold World Files Xiqinggangping 43-101 Technical Report and Implements Recommendations - More
- January 16, 2007 | Item | E-mail
Stellar Pacific to option gold property in republic of Guinea (West Africa) - More
- January 16, 2007 | Item | E-mail
North American Palladium Ends 2006 With Robust Fourth Quarter & Annual Production - More
- January 16, 2007 | Item | E-mail
Mining Commences as Mill Expansion Nears Completion at La Currita - More
- January 16, 2007 | Item | E-mail
Southwestern Resources Appoints Stan Myers as Director of Exploration-Latin America - More
- January 16, 2007 | Item | E-mail
Sutcliffe Resources Closes $30,000,000 Equity Offering - More
- January 16, 2007 | Item | E-mail
Option Extended on Globex's Nordeau Gold Properties - More
- January 16, 2007 | Item | E-mail
Bullion River Gold Corp. Releases New Techical Reports on French Gulch Mine, Mission and Wenban Spring Properties - More
- January 16, 2007 | Item | E-mail
Eureka to purchase two mining properties - More
- January 16, 2007 | Item | E-mail
St Andrew Increases Strategic Position in Apollo Gold Corporation to Ten Percent - More
- January 16, 2007 | Item | E-mail
Romios Announces Appointment of Marketing and Investor Communication Consultant - More
- January 16, 2007 | Item | E-mail
Goldcliff Resource Corporation: New Panorama Ridge Trenching Results Expand York-Viking Gold Zone - More
- January 16, 2007 | Item | E-mail
Azteca Gold Corp. Signs Letter of Intent for 100% Interest in MSM Resources' Gold-Silver Prospect, Mineral County, Nevada - More
- January 16, 2007 | Item | E-mail
American Bonanza Increases Interest in Northway to 100% - More
- January 16, 2007 | Item | E-mail
Armistice Resources Corp. Appoints New Director - More
- January 16, 2007 | Item | E-mail
Goldstake to drill for diamond bearing kimberlite and gold on McGarry, Ontario, Canada - More
- January 16, 2007 | Item | E-mail
Freegold Sampling Returns 617 g/t Gold Over 3 Feet at Golden Summit - Drilling Commences - More
- January 16, 2007 | Item | E-mail
Western Warrior completes over-subscribed equity offering - More
- January 16, 2007 | Item | E-mail
Maxy Gold Corp and Western Mining China Group unveil the high potential "Huangnan" Copper-Gold Property as the first property of their strategic allia - More
- January 16, 2007 | Item | E-mail
Maestro Announces 204,000 Oz. Historic Gold Resource and 2007 Exploration Program at Kings Canyon, Utah - More
- January 16, 2007 | Item | E-mail
Palladon Gold Exploration Update-Kings Canyon, Utah - More
- January 16, 2007 | Item | E-mail
Sunridge Gold Announces Gupo Gold Drill Results-Confirms Open-Pit Potential - More
- January 16, 2007 | Item | E-mail
Kyrgyz Governmental State Agency for Geology and Mineral Resources and Jerooy Altyn CJSC Conclude New License Agreement - More
- January 16, 2007 | Item | E-mail
Superior Diamonds and Lake Shore Gold Sign Joint Venture - More
- January 16, 2007 | Item | E-mail
Anvil Mining Limited - New Appointments - More
- January 16, 2007 | Item | E-mail
Vannessa announces feasibility study results on Crucitas project - More
- January 16, 2007 | Item | E-mail
Red Dragon Resources Corp. - Christian Bué Joins Board - More
- January 16, 2007 | Item | E-mail
Aurora Wraps Up 2006 Jacques Lake Drill Program With 0.16% U3O8 Over 17.13 Metres - More
- January 16, 2007 | Item | E-mail
Monster Copper Announces Plans to Resume Drilling on the Mustang Lake Uranium Property, Labrador - More
- January 16, 2007 | Item | E-mail
Cash Minerals Announces A New Discovery at the Bonnie Property, Wernecke Uranium District in Yukon, with First Drill Hole Intersection of 0.078% U3O8 - More
- January 16, 2007 | Item | E-mail
Santoy Announces Plans to Resume Drilling on Uranium Properties, Labrador - More
- January 16, 2007 | Item | E-mail
UEX Announces 2007 Shea Creek Drilling Program Begins - More
- January 16, 2007 | Item | E-mail
Ur-Energy Uranium Mine Permitting on Schedule-Webcast Today - More
- January 16, 2007 | Item | E-mail
Uravan Adds New Depth and Strength to its Management Team - More
- January 16, 2007 | Item | E-mail
Paladin Resources Ltd.: Uranium Marketing Team Strengthened - More
- January 16, 2007 | Item | E-mail
Trigon Extends Henry Mountain Holdings along Uranium Trend and Commences Drilling Permit Application Process - More
- January 16, 2007 | Item | E-mail
Quinto options Lumby property to private mining company - More
- January 16, 2007 | Item | E-mail
Commander Resources Ltd.: Drilling to Resume at Hermitage Uranium Project, Newfoundland - More
- January 16, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Drill Crew Mobilizing to Athabasca Basin; Closing of Secondary Offering - More
- January 16, 2007 | Item | E-mail
Bayswater Approves Aggressive $20 Million Exploration Program for Uranium Properties in 2007 - More
- January 16, 2007 | Item | E-mail
Ur-Energy Expands Uranium Search Outside Wyoming - More
- January 16, 2007 | Item | E-mail
Langer Heinrich Uranium Project, Namibia NI 43-101 Report Filed - More
- January 16, 2007 | Item | E-mail
Energy Metals Corporation and High Plains Uranium, Inc. set Friday, January 19, 2007 as Final Trading Day and Closing Date for Business Combination - More
- January 16, 2007 | Item | E-mail
Crescent Negotiates Extension of Boulder Lake Uranium Project Exploration Program - More
- January 16, 2007 | Item | E-mail
Uranium One to sell uranium from S African mine - More
- January 16, 2007 | Item | E-mail
New Gold Inc.: Mine Permit Application Filed - "New Gold Inc. (TSX:NGD - News; AMEX:NGD - News) is pleased to announce that it has filed an application with the Ministry of Energy, Mines and Petroleum Resources of British Columbia, for a Permit to develop its New Afton Copper-Gold Project, located near Kamloops, British Columbia, into one of Canada's largest underground metal mines." More
- January 16, 2007 | Item | E-mail
Palmarejo Announces Initial Resource Statement for the La Patria Project - "La Patria's initial inferred resource is estimated to be 171,000 ounces of gold and 4.03 million ounces of silver, or 244,300 ounces gold equivalent at a gold to silver price ratio of 1:55 (see table below)." More
- January 16, 2007 | Item | E-mail
Gammon Lake Resources Reports High Grade Discoveries in New Areas of the Ocampo Underground Mine - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce new exploration results from sill sampling in the Ocampo Underground Mine in Chihuahua, Mexico. Sill sampling in new areas of exploration in the Mine have resulted in the new discovery of high grade gold-silver zones on multiple levels of the underground mine. Samples were collected over a combined total of 767-metres, resulting in average grades of 11.55 grams per tonne gold equivalent (5.47 grams per tonne gold and 304 grams per tonne silver) over average widths of 2.33-metres." More
- January 16, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter and Twelve-Month 2006 Results - "Fourth-quarter 2006 net income of $426 million, $1.99 per share, compared with net income of $463 million, $2.19 per share, for the fourth quarter of 2005. Net income of $1.4 billion, $6.63 per share, for 2006, compared with $935 million, $4.67 per share, for 2005." More
- January 16, 2007 | Item | E-mail
Kirkland Lake Gold Inc.: Drill Hole 50-743W to the South Returns 1.58 Ounces of Gold over 66.1 Feet 'Uncut' - "The Company has received assays for nineteen drill holes testing mineralization south of the mine workings. The Company continues to intersect multiple zones of mineralization both above and below the 5300 level cross cut and has expanded the dimensions of the New South Zone." More
- January 16, 2007 | Item | E-mail
Queenstake Reports Fourth Quarter Production and Improved Cash Balance - "Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) produced approximately 45,700 ounces of gold during the fourth quarter of 2006, including production from ore purchased from Newmont. The Company's unaudited cash and cash equivalents at the end of 2006 was US$6.6 million, compared to US$5.5 million in cash and cash equivalents at the end of the third quarter of 2006." More
- January 16, 2007 | Item | E-mail
Queenstake Arranges Bridge Loan Financing; Strategic Alternatives Review Continuing - "Queenstake Resources Ltd. (Amex: QEE - News; Toronto: QRL - News) arranged a bridge loan financing facility (the "Facility") of US$8 million with Auramet Trading LLC, which is closing today, subject to legal documentation and regulatory approvals. The borrowed funds, less costs of the transaction, are primarily intended to pay the costs of a new evaporation pond at the Jerritt Canyon gold mining and processing operations in northeastern Nevada, which was mandated by the Nevada Department of Environmental Protection ("NDEP")." More
- January 16, 2007 | Item | E-mail
Hochschild Mining output ticks up, growth in silver - "South America-focused precious metals company Hochschild Mining Plc (HOC.L: Quote, Profile , Research) said second-half production rose slightly versus the first half and was in line with expectations, thanks to a growth in silver output. Total production was 6.1 million ounces of silver and 93,000 ounces of gold in the six months to end-December, bringing full-year production to 11.6 million ounces of silver and 196,000 ounces of gold." More
- January 16, 2007 | Item | E-mail
Freeport-McMoRan quarterly profit off 8 percent - "Freeport-McMoRan Copper & Gold Inc. (FCX.N: Quote, Profile , Research), which is buying rival Phelps Dodge Corp. for $25.9 billion, reported an 8 percent drop in fourth-quarter profit on Tuesday due to lower copper and gold output and continued high mining costs.
With copper prices falling recently from historic highs last year, the company said that although first-quarter production was expected to be strong, it would be lower during the rest of the year, as miners worked through lower-grade ores at its vast Grasberg mine in Indonesia." More
- January 16, 2007 | Item | E-mail
Ted Nieman joins Claude's Board - "Josef Spross, Chairman of the Board of Claude Resources Inc., (TSX: CRJ, AMEX: CGR) is pleased to announce that Ted Nieman has joined the Company's Board of Directors. Mr. Nieman, a resident of Saskatoon, began his career with the law firm of Estey, Robertson, Muzyka, Beaumont, Barton & Bell in Saskatoon, Saskatchewan, Canada in 1973." More
- January 15, 2007 | Item | E-mail
Eldorado Gold Announces Increased Resources and Pre-Feasibility Study Results for the Vila Nova Iron Ore Deposit, Brazil - "Eldorado can earn into 50% of the Project by fully funding the first US$8 million of project capital, and then 50% of the capital requirements beyond the first US$8 million. Total capital for the Project has been estimated at US$16.3 million." More
- January 15, 2007 | Item | E-mail
Strategic Nevada Resources Hires Stewart Contracting to Begin Rehabilitation Work on the Crescent Mine - "Strategic Nevada Resources (TSX VENTURE:SNS - News) is pleased to announce that it has engaged Stewart Contracting of Pinehurst, Idaho to commence rehabilitation of the surface structures at the Crescent Mine. Stewart Contracting is a licensed and bonded contractor that provides services to the civil construction, environmental reclamation and mining sectors.Strategic Nevada Resources (TSX VENTURE:SNS - News) is pleased to announce that it has engaged Stewart Contracting of Pinehurst, Idaho to commence rehabilitation of the surface structures at the Crescent Mine. Stewart Contracting is a licensed and bonded contractor that provides services to the civil construction, environmental reclamation and mining sectors." More
- January 15, 2007 | Item | E-mail
Silvercorp Acquires Sixty Percent Interest in the HPG Gold-Silver-Lead Property, Henan, China - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News) is pleased to announce that it has received all necessary government approvals, including approval from the Ministry of Commerce of China, to form a joint venture company to explore and develop the HPG gold-silver-lead property. The HPG property consists of two adjacent mining licenses surrounded by one exploration permit of approximately 6.4 square kilometres in total within the Ying Silver Project area in Henan, and a 200 tonne per day flotation mill and associated facilities." More
- January 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 January, 2007 | |
