-- Posted 29 September, 2010 | | Discuss This Article - Comments:
Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1308.90 | +$1.80 |
Silver | $21.90 | +$0.22 |
XAU | 198.94 | -0.19% |
HUI | 513.95 | +0.08% |
GDM | 1559.78 | -0.03% |
JSE Gold | 2528.06 | -1.25 |
USD | 78.75 | -0.20 |
Euro | 136.25 | +0.44 |
Yen | 119.47 | +0.28 |
Oil | $77.85 | +$1.67 |
10-Year | 2.506% | +0.050 |
T-Bond | 133.65625 | -0.5625 |
Dow | 10835.28 | -0.21% |
Nasdaq | 2376.56 | -0.13% |
S&P | 1144.73 | -0.26% |
The Metals:
Gold climbed to a new all-time high of $1313.15 in Asia before it fell to see a slight loss at $1305.00 by about 8:35AM EST, but it then rallied back higher for most of the rest of trade and ended near its earlier high with a gain of 0.14%. Silver surged to $21.988 in Asia and fell to $21.667 in London before it also rallied back higher and ended near its New York high of $21.97 with a gain of 1.01%.
Euro gold fell to about €960, platinum gained $15.50 to $1646.25, and copper gained another couple of cents to about $3.66.
Gold and silver equities waffled near unchanged and ended mixed.
Fire River Gold announced today results of its Preliminary Economic Assessment for leaching historic tailings at the Nixon Fork Gold Mine in Alaska. Check out the results here.
The Economy:
Report | For | Reading | Expected | Previous |
MBA Mortgage Applications | 9/24 | -0.8% | - | -1.4% |
Tomorrow at 8:30AM EST brings second quarter GDP expected at 1.6%, the GDP Deflator expected at 1.9%, and Initial Jobless Claims for 9/25 expected at 457,000. At 9:45 is Chicago PMI for September expected at 56.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil reversed early losses and ended with an over 2% gain after the Energy Information Administration reported that crude inventories fell 500,000 barrels, gasoline inventories fell 3.5 million barrels, and distillates fell 1.3 million barrels.
The U.S. dollar index extended its recent fall on the continued view that the fed will keep monetary policy easy.
Treasuries remained slightly lower after today’s $29 billion 7-year note auction sold at a high yield of 1.89% with a bid to cover of 3.04.
The Dow, Nasdaq, and S&P traded mostly slightly lower on worries over European debt.
Among the big names making news in the market today were Liberty Mutual, BP, AIG, AOL, Citigroup, and HP.
The Commentary:
“Dear CIGAs,
Another day, another leg lower in the US Dollar, another violation of an important technical support level, ho hum! The manner in which the dollar is falling through one support level after another is rather disturbing, and that is putting it mildly. Side note – the Yen is continuing to move back toward the level which forced the BOJ to pull the intervention trigger and yet there is no action from Japan. As I said yesterday, if the Yen breaks through their recent cap, and they do nothing, it is going to be an ENORMOUS defeat for the prestige of the BOJ and a sign that they have lost to the Fed and its QE plan. I would view it as historical and a game changer. Stay tuned for this one. Tonight might possibly be quite interesting in the Forex markets especially if the yen puts on another full point.
Gold put in another record high price in late Asian/early European trading last evening with silver also following closely behind as it too set another 30 year high during the same interval. As a matter of fact, all of the “precious” metals were higher today with platinum and palladium continuing to work higher on the charts. Palladium is probably the sleeper among the group as it has quietly managed to rally from $160 in late 2008 to nearly $570 as of today. That is a 250% increase in 2 years.
One of the things about the palladium rally is that it now leaves silver as the least expensive precious metal to own. Yes, I know that palladium and platinum are considered industrial metals but they too, as does silver, often act as precious metals. Gold is now over $1300, platinum is over $1650, and palladium is near $570. None of them could be considered especially cheap for the average citizen to buy. Silver however, even after its strong rally is shy of $22. Tell me that the average citizen who has a few hundred dollars laying around and is becoming increasingly worried about the future of the Dollar as they become informed about the woes of the current monetary system, will not look at these metals and feel very comfortable plopping down some cash on the counter for a few rounds of silver.
I keep reading comments about the “Overbought” condition of the metals and the “oversold” condition of the US Dollar. All such comments are true – by all measures of any technical indicators, they are overbought and the Dollar is oversold. The problem however in attempting to pick a top or a bottom is that “overbought” and “oversold” are subjective terms. Markets can continue in such conditions for far longer than many analysts imagine. I should know having been on the wrong side of an “overbought” trade a fair number of times throughout my trading career after boldly initiating short positions in a market I just knew was “overbought” and was going to fall. Oh yes, it did eventually fall but that was after net sum of my trading account value fell first!
One thing about bull markets versus bear markets – one can eventually find relief as a long if you are on the wrong side of a bear market – the price can only fall to ZERO and then you are done with any pain! Being a bear in a bull market however is an entirely different matter. Price can keep rising and rising and rising long after your trading account is wiped out because there is no ultimate price at which the market must stop. In other words, there is no ZERO line to save you. Price will only stop moving higher until the fear, or panic or shortage or whatever it was that took the price to the launching pad subsides. Who can say when that will happen?
The reason the Dollar continues to drop even though it is technically “oversold” is because the Fed has made it perfectly clear that there is essentially no limit to the amount of liquidity that they are willing to inject into the economy in order to stave off a stall in the economic “recovery”. A trillion here, a trillion there, a trillion everywhere and pretty soon the host currency is rendered valueless for all practical purposes.
Compound that with the fact that we now seem to have entered an era in which there is a race to devalue currencies by the respective central banks and monetary authorities around the globe and you have the reason why gold is continuing its ascent. Quite simply, it is acting as a currency and it will continue to attract buying on dips in price as long as there is fear, uncertainty and doubt about the “health” of the current monetary system and a lack of confidence in the willingness of the global monetary authorities to change their tactics of systematically undermining the value of their own domestic currencies. When the metals do get a correction in price, and they will at some point, we will see how the speculative crowd reacts to the dip lower. Thus far every single dip has been shallow and very short-lived. As long as that pattern continues, the path of least resistance for them is higher. Once the dips no longer attract strong buying, we will see a deeper correction but even at that, it would take a huge setback in price to alter the long term bullish chart patterns.
Gold is insurance against the depradations of the central banking class and the parasitical monetary authorities. Do not throw away your insurance because of another effort by some analyst or “expert” trying to make a name for himself by predicting a market top. Such people come and go as they seem to be insecure souls constantly needing some new mountain to climb in order to feel good about themselves, but they will not be around to write you a check should you be foolish enough to listen to their advice and try to time a market moving up on a crisis involving the current global monetary system. Leave the top picking to traders who sometimes get it right and sometimes get it wrong but who can run in or run out quickly enough to minimize the damage resulting from a bad call on a particular market. If you are an investor with a bit of a trading streak in you, and you get nervous about deeper corrections, you can always sell a few calls or buy a few puts for some downside protection. If the market drops you can cover those and make some money to offset the paper loss on the position but just realize you are going to have to be nimble to react fast enough in today’s warp-speed markets.
Keep your eye on the long term consequences of the Fed’s actions and their signaling to all who can see that they intend to sacrifice the Dollar to achieve their goals. That is set in stone and it will take a huge about face on their part (scrapping QE2 completely) to cause anything more than a bounce in the Dollar. Besides, the US has now past the point at which it is mathematically possible to ever repay all of its outstanding debt. Either it defaults which is unthinkable as it would send the entire global economic system into absolute chaos or it effectively defaults by devaluing the Dollar. Which path do you think it will choose to follow? I don’t think this is a secret to anyone on the planet at this point which is why we are seeing Central Banks all over the planet attempting to stem the rise of their own currencies against the Dollar. Everyone knows that the Fed is killing the Dollar by design.
Back to gold –
Open interest readings are a bit murky from yesterday’s session. The exchange released numbers this AM showing an increase of a relatively modest 3200 contracts. Considering the volume of 243,155, a large amount of short covering took place. That would make sense since the price range was $35 from top to bottom – shorts got trapped by the buying interest that came in at yesterday’s low and drove the market past the unchanged level. Once price took out $1300, it was too much for them. However, the big drop in open interest came in the relatively thinly traded October gold contract where over 13,000 contracts were closed out. Open interest in the active December actually increased by over 11,000 contracts. I am not quite sure what to make of this as of yet but I wonder about the October gold contract. Were shorts fearful of possible delivery issues and did they roll to avoid being confronted with that or what? I need to see some more data and the delivery numbers when that process begins later this week to form a better view of what might be occurring.
Gold is encountering opposition to its rise right near another level of “5”. Remember first it was $1260, then $1,285, then $1,300 and now it is $1,315 where the sellers are or were making their stands. They were driven out of their dens at the first three levels and have now retreated to another “5” den. If they get smoked out from there, price will make a rise towards $1,330. If they are able to hold the line, price should drop towards $1,300 first and then towards $1,285 if that fails to hold.
One thing about the enemies of gold is that they are not the sharpest tacks on the planet as it is too easy to see their tactics on the price chart but they do have lots of financial firepower. Were it not for that, they would be easily dismissed for their clumsiness. Smart traders have learned how not to leave footprints. Then again, this crowd does not care since it is evident that bravado is all part of their strategy when it comes to the gold price. Intimidation is one of their tactics and for many years it has served them well. The problem is that the long term chart shows that while they have won many a battle, they are slowly losing the war for gold. The rising economic powerhouses of Asia are too powerful of a force to contend with in the gold market and they have made it quite clear that they intend to hold gold as part of their official reserves. Price capping efforts by the West only serve to provide a discounted gold price to buyers from the East who must no doubt in private scratch their heads and marvel at such short-sighted madness on display by their debt-plagued counterparts on the other side of the globe. I have said it once and will say it again – the war for gold is the war for economic supremacy in the 21rst century.
My hope is that at some point the US elects leaders who understand the significance of a strong national currency and who will hopefully work to bring gold back into the monetary system in some form to salvage the Dollar. Perhaps things will need to become much worse before wisdom reasserts herself in US monetary matters.
Silver has the more impressive chart of the two metals (gold and silver) as it continues its relentless rise having encountered some light resistance just above $22. There does not seem to be much between that level and $23 to hold it in check from a technical perspective. Support levels are at yesterday’s low which is about $1.00 below its current price.
The HUI is holding above 510 which is constructive but it will still need a closing push past 520 to see the mining shares accelerate as a sector. I would prefer to see it maintain its footing above 510 but as long as it holds above 500, the bulls have the advantage. Bears will start growling if it falls below 495 and fails to recover the 500 level. It is showing some signs of uncertainty today.
Bonds are a tad lower but remain above last week’s high at this point in the trading session. That they will need to do in order to keep the trend moving higher. Failure to hold this line will result in a drop back towards 129.
One thing is for certain, at the current rate of decline there is not much technical support on the price charts for the US Dollar until the region near 75 on the USDX. If that gives way, I think even crude oil is going to respond and move higher as the OPEC nations are not going to exchange their lifeblood for a paper currency that is imploding in value. The supply of easily-accessible crude is finite; the supply of easily-printed Dollars seems to be infinite.”- Dan Norcini, More at JSMineset.com
GATA Posts:
GATA Chairman Murphy interviewed by GoldSeek and 'Financial Physician'
MineWeb interviews GoldMoney's James Turk
Saudi Arabia hid that extra gold, didn't buy it lately
More indications of a gold and silver supply squeeze
GATA clashes with Fed in federal court -- will you join the struggle?
Proud to stand with the tin-foil hatters in Toronto
John Embry: Largest gold swap ever almost escapes notice
Ben Davies: The world monetary earthquake -- the dash from cash
Dollar nears debt crisis, depreciation, China adviser warns
The Statistics:
Activity from: 9/28/2010
Gold Warehouse Stocks: | 10,891,664 | +65,182 |
Silver Warehouse Stocks: | 110,738,126 | -173,259 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1305.688 | 41,979,167 | US$54,870m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 125.13 | 4,023,042 | US$5,274m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 127.64 | 4,103,758 | US$5,380m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,456 | US$598m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.98 | 1,574,622 | US$2,038m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,968 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.167 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 98.75 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9756.04: +143.02 change from yesterday’s data.
The Miners:
Almaden’s (AAU) closed private placement, Entree’s (EGI) exploration update, Allied Nevada’s (ANV) drill results, Northgate’s (NXG) public offering of convertible notes, Freeport’s (FCX) dividend, Metalline’s (MMG) drill results, Alexco’s (AXU) completed mine construction, and Revett’s (RVM.TO) “C-Bed” access were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Timberline | TLR +12.15% $1.20 |
2. Almaden | AAU+10.85% $2.86 |
3. Entree | EGI +7.97% $2.98 |
LOSERS
1. Minefinders | MFN-8.52% $9.77 |
2. Northgate | NXG-7.92% $3.14 |
3. ITH | THM-5.47% $6.22 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Cameco Provides Date for Q3 Results and Conference Call - More
- September 29, 2010 | Item | ShareThis
SAMEX Mining Corp.: Drilling Begins at Cinchado Gold Project-Los Zorros, Chile - More
- September 29, 2010 | Item | ShareThis
Phase Two Drilling Completed on Hudson's Rare Earth Project in Greenland, Resource Modelling Commenced - More
- September 29, 2010 | Item | ShareThis
Talison Lithium Limited - Press Release - More
- September 29, 2010 | Item | ShareThis
Edgewater Announces Additional $5.2 Million Private Placement - More
- September 29, 2010 | Item | ShareThis
Catalyst hits 0.42% Copper over 634.8 meters - More
- September 29, 2010 | Item | ShareThis
Maiden Porphyry Copper-Gold Resource Estimate 500 Million Tonnes at 0.4% Copper, 0.5g/t Gold - More
- September 29, 2010 | Item | ShareThis
Duncastle Commences Drilling at Porphyry Creek - More
- September 29, 2010 | Item | ShareThis
Almaden Minerals Ltd. Announces Closing of Private Placement-Over-Allotment Option - "Almaden Minerals Ltd. (TSX:AMM - News)(AMEX:AAU - News) (the "Company") announces that it has closed the Over-allotment Option portion of the Private Placement which was outlined in a News Release of September 8, 2010. The Over-allotment Option granted to the Agents, Industrial Alliance Securities Inc. ("IAS"), Secutor Capital Management Corp. ("Secutor") and PI Financial Corp. ("Option") consists of 450,000 Common Shares at a price of $2.50 per Share. The hold period in Canada on the securities expires on January 29, 2011." More
- September 29, 2010 | Item | ShareThis
Beaufield Resources Inc.: Schefferville Airborne Gravity Gradiometer Survey Completed, Targets Identified - More
- September 29, 2010 | Item | ShareThis
Bridgeport Ventures Inc. Announces New President and Chief Executive Officer - More
- September 29, 2010 | Item | ShareThis
Southern Andes Energy Inc. Creates Caracara Mining Inc. - More
- September 29, 2010 | Item | ShareThis
Ethos Appoints Two New Directors to Board - More
- September 29, 2010 | Item | ShareThis
Thomas M. Conway Appointed to i-minerals Board of Directors - More
- September 29, 2010 | Item | ShareThis
Malaga: Corporate Update on Tungsten Production at Pasto Bueno, Peru - More
- September 29, 2010 | Item | ShareThis
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividend on Common Stock - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) today declared a cash dividend of $0.30 per share payable on November 1, 2010 to holders of record as of October 15, 2010 for its common stock." More
- September 29, 2010 | Item | ShareThis
JOURDAN Commences Exploration at the Pivert-Stairs Rare Metals Property Contiguous to and Within First Gold Exploration's Pivert/Rose Rare Metals Property - More
- September 29, 2010 | Item | ShareThis
Test Pit Program for Mega's Lake Maitland Uranium Project Approved by WA Government - More
- September 29, 2010 | Item | ShareThis
Skyline Gold Identifies Snip-1 High Grade Gold Outcrop and Announces Follow-Up Drilling - More
- September 29, 2010 | Item | ShareThis
U.S. Precious Metals, Inc. Announces Drill Hole #5 Shows Significant Assay Results - More
- September 29, 2010 | Item | ShareThis
Nuinsco Begins Field Exploration at Bukari Gold Concession in Egypt's Eastern Desert - More
- September 29, 2010 | Item | ShareThis
St. Eugene Mining Corporation Announces Private Placement - More
- September 29, 2010 | Item | ShareThis
Halo Announces CDN$400,000 Financing - More
- September 29, 2010 | Item | ShareThis
Helio Reports on the NI 43-101 Resource Pending for the Porcupine and Kenge Targets - SMP Gold Project, Tanzania - More
- September 29, 2010 | Item | ShareThis
TIGRIS URANIUM APPOINTS MR. STEPHEN MORZENTI TECHNICAL ADVISORY BOARD CHAIRMAN - More
- September 29, 2010 | Item | ShareThis
First Gold Drills the Best Hole to Date and Receives a Positive 43-101 Property Report - More
- September 29, 2010 | Item | ShareThis
Laurentian Goldfields Ltd. Targets Gold in Quebec Abitibi Greenstone Belt - More
- September 29, 2010 | Item | ShareThis
VG Gold and Lexam Explorations to Combine - More
- September 29, 2010 | Item | ShareThis
URACAN DISCOVERS 0.432 % (8.64 lbs/t) U3O8 OVER 2 METRES ON ITS 100% OWNED COSTEBELLE CLAIMS - More
- September 29, 2010 | Item | ShareThis
New 18,500 Metre Drilling Program Begins at San José de Gracia - More
- September 29, 2010 | Item | ShareThis
First Point Releases Additional Assay Results From Baptiste Target, Decar Nickel-Iron Alloy Property - More
- September 29, 2010 | Item | ShareThis
Bonaparte Receives Drilling Results on 2010 Drill Program on Rosy Property and Announces Option Grant - More
- September 29, 2010 | Item | ShareThis
Paget Minerals Discovers High-Grade Gold-Silver in Large VMS System at Chist Creek - More
- September 29, 2010 | Item | ShareThis
Corvus Gold Inc. Announces 2010 Drilling Plan for North Bullfrog Gold Project, Nevada - More
- September 29, 2010 | Item | ShareThis
UC Resources Ltd. Re-Starts Production at La Yesca Mill - More
- September 29, 2010 | Item | ShareThis
Fire River Gold Announces Results of its Preliminary Economic Assessment for Leaching Historic Tailings at Nixon Fork Gold Mine, Alaska - More
- September 29, 2010 | Item | ShareThis
Search Minerals and Great Western Minerals Group Confirm REE Mineralization at Depth on Red Wine REE Property, Labrador - More
- September 29, 2010 | Item | ShareThis
First Liberty Power Announces Availability of Hasbrouck Geophysics Gravity Survey Reports on Company Website - More
- September 29, 2010 | Item | ShareThis
Barkerville Completes 22 Hole Drill Program to Expand Gold Resource at Bonanza Ledge-Additional Sample Assays Pending From New Discovery - More
- September 29, 2010 | Item | ShareThis
Bear Lake Gold Announces Warrant Extension Application - More
- September 29, 2010 | Item | ShareThis
Aura Silver Soil Survey at Greyhound, NU Expands Size of the Newly Discovered High-Grade Gold/Silver Prospect - More
- September 29, 2010 | Item | ShareThis
Rodinia Lithium Inc. Announces Increased Resource Potential at Salar de Diablillos Based on Independent Gravity Survey - More
- September 29, 2010 | Item | ShareThis
Baja Signs US$858 Million of Financing Facilities for the Development of Boleo Project - More
- September 29, 2010 | Item | ShareThis
MEDITERRANEAN SIGNS MOU FOR SALE OF YUSUFELI PROJECT - More
- September 29, 2010 | Item | ShareThis
Mercer Gold Corp. Appoints Lorne M. Gertner as Director - More
- September 29, 2010 | Item | ShareThis
Virgin Metals Inc.: Los Verdes Update - More
- September 29, 2010 | Item | ShareThis
Probe Mines Substantially Extends Black Creek Chromite Deposit, James Bay Lowlands, Ontario - More
- September 29, 2010 | Item | ShareThis
Cadillac Completes First Hole at Thierry - More
- September 29, 2010 | Item | ShareThis
Analysts to Visit Duquesne-Ottoman - More
- September 29, 2010 | Item | ShareThis
Marathon Barge Drilling Fills 100 m Gap in Centre of Leprechaun Gold Deposit - More
- September 29, 2010 | Item | ShareThis
Barge Drilling Fills 100 Metre Gap in Center of Mountain Lake's Leprechaun Gold Deposit - More
- September 29, 2010 | Item | ShareThis
Paladin Energy Ltd: Angela JV-Statement of Northern Territory Government - More
- September 29, 2010 | Item | ShareThis
Red Metal Resources Announces Results from Mining Program at Irene Property in III Region Chile - More
- September 29, 2010 | Item | ShareThis
Molycor Gold Corp.: Surface Sampling Extends the Magnesium Zone an Additional 1000 Meters - More
- September 29, 2010 | Item | ShareThis
Drilling Update Urban-Barry & Eastern Extension Properties - More
- September 29, 2010 | Item | ShareThis
RockBridge Expands and Realigns Prospective Gold Properties - More
- September 29, 2010 | Item | ShareThis
Iron Glen's Drilling Program has Commenced - More
- September 29, 2010 | Item | ShareThis
Metalline Reports More Drill Results from the Shallow Silver-Zinc Zone Sierra Mojada Project, Coahuila, Mexico - "Metalline Mining Company (NYSE Amex: MMG; TSX: MMZ) is pleased to announce additional drilling results from the ongoing 2010 drilling program at the shallow silver-zinc resource area ("Area A") at the Sierra Mojada Project located in Coahuila, Mexico. Results reported below are at a 30 gpt Ag or 1% Zn external cut-off. Individual assay intervals ranged from 0.1 meter to 1 meter in length. A halo of variable thickness of 10-30 gpt Ag and less than 1.0% Zn surrounds the intercepts reported below." More
- September 29, 2010 | Item | ShareThis
Alexco Completes Construction at Bellekeno Mine on Schedule-Initiates Mill Commissioning - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to report the completion of mine and mill construction, and the initiation of mill commissioning, at its wholly owned Bellekeno project, located within the Keno Hill Silver District in Canada's Yukon Territory. Construction of the 400 tonne per day conventional flotation concentrator and preproduction development of the Bellekeno underground mine has been completed on schedule and within 3% of budget." More
- September 29, 2010 | Item | ShareThis
EntrÉE Gold Provides Mongolia Exploration Update - ""Entrée" or the "Company") has committed a further US$1.9 million to continue its systematic work targeting prospective formations on its 100%-owned Shivee West property in Mongolia. The Shivee West exploration program reflects Entrée's strategy to explore for and potentially expand its growing portfolio of gold and copper resources in Mongolia and on its other projects worldwide." More
- September 29, 2010 | Item | ShareThis
Revett Announces Completion of "C-Bed" Access at the Troy Mine - "Revett Minerals Inc. ("Revett" or the "Company") (TSX:RVM - News; OTCBB:RVMIF - News) is pleased to announce that contractor Small Mines Development (SMD) has demobilized and completed the access to the "C-Bed" area at the Troy Mine. SMD initiated the 3,100 foot decline in February of 2010 and has completed the project on time and on budget." More
- September 29, 2010 | Item | ShareThis
Allied Nevada Drills 32 Meters Grading 2.20 g/t Gold Equivalent (1.59 g/t Gold and 35 g/t Silver) in the Central Zone at Hycroft - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to provide an update to recent oxide drilling in the Central Zone, at its wholly owned Hycroft mine located near Winnemucca, Nevada. These holes have been drilled adjacent to the historically mined Central Pit, west of the producing Brimstone Pit. Highlights from this drilling include 32 meters grading 2.20 g/t AuEq (1.59 g/t Au and 35 g/t Ag), 27 meters grading 1.65 g/t AuEq (1.31 g/t Au and 19 g/t Ag), 44 meters grading 1.64 g/t AuEq (0.45 g/t Au and 68 g/t Ag) and 62 meters grading 1.59 g/t AuEq (0.80 g/t Au and 45 g/t Ag)." More
- September 29, 2010 | Item | ShareThis
Northgate Minerals Announces Launch of US$135 Million Public Offering of Convertible Notes - "Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) ("Northgate") announced today that it intends to offer US$135 million of its convertible senior notes due 2016 (the "Convertible Notes") in the United States and Canada pursuant to a preliminary prospectus supplement to its base shelf prospectus dated July 2, 2010. Northgate will grant the underwriters of the offering a 30-day option to purchase up to an additional US$15 million of Convertible Notes to cover over-allotments, if any." More
- September 29, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 29 September, 2010 | | Discuss This Article - Comments:
