-- Posted 8 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1403.70 | +$6.20 |
Silver | $27.40 | +$0.66 |
XAU | 220.17 | +2.45% |
HUI | 567.91 | +3.27% |
GDM | 1702.60 | +2.83% |
JSE Gold | 2704.34 | +0.39 |
USD | 77.04 | +0.46 |
Euro | 139.22 | -1.09 |
Yen | 123.20 | +0.15 |
Oil | $87.06 | +$0.21 |
10-Year | 2.563% | +0.027 |
T-Bond | 130.40625 | -0.28125 |
Dow | 11406.84 | -0.33% |
Nasdaq | 2580.05 | +0.04% |
S&P | 1223.25 | -0.21% |
The Metals:
Gold rose to a new all-time high of $1398.45 in early Australian trade before it fell back to $1386.73 at around 4AM EST, but it then shot back higher in late New York trade and ended near its early afternoon high of $1407.15 with a gain of 0.44%. Silver fell to as low as $26.505 before it also surged back higher in late trade and ended near its new 30-year high of $27.632 with a gain of 2.47%. Both metals have also risen to new highs in after hours access trade.
Euro gold rose to about €1007 (still shy of its €1040 record of this past June 8th), platinum lost $2 to $1763, and copper climbed to about $3.95.
Gold and silver equities rose throughout most of the afternoon and ended with about 3% gains.
Q+A-Could world markets warm to a gold standard? Reuters
World Bank chief surprises with gold standard idea Reuters
The Economy:
There were no major economic headlines today. Tomorrow at 10AM EST brings Wholesale Inventories for September expected at 0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil waffled near unchanged while the U.S. dollar index rose on renewed sovereign debt worries in Europe that sent the euro lower.
Treasuries and the Dow, Nasdaq, and S&P traded mostly slightly lower as traders continued to digest last week’s fed move.
Among the big names making news in the market today were AOL. Citigroup, Gartmore, Chrysler, Amazon, and McDonald’s.
The Commentary:
“Dear CIGAs,
It is fascinating watching the transition occurring in the gold market from purely a dollar related phenomenon to one in which it is moving as a currency in its own right. Early in the session, the Euro was under strong pressure that brought in a general wave of selling into both gold and silver, even as silver was making a fresh 30 year high. That selling took both metals down on the day, with gold in particular seeing more weakness than silver. About mid-morning however, buyers showed up in size and brought about an abrupt about-face in both markets with silver roaring above $27.50 and gold clearing $1400 with relative ease.
To see these markets shrug off Dollar strength is just one more indication that they are moving on their own merits and that those buying them in such quantity are looking well past any short term blips in the Dollar. What we are seeing is further evidence that the current global monetary system is under extreme stress and many investors world-wide are rapidly losing confidence in both it and its managers. This is the reason that the perma bears in both metals are in serious trouble for they are now coming face to face with a crowd that is not the least bit impressed by their ability to formerly engineer price sell offs. Buyers are in control and the bears damn well know it.
The same holds true for the hedge funds who have now met their Waterloo in that infernal ratio trade of theirs that for far too long kept the mining shares severely undervalued in relation to the bullion price of both metals. As mentioned in the recent radio interview, the gap higher in the HUI is now confirmed as a breakaway gap, and not an exhaustion gap on the technical charts. Depending on the extent of those hedge funds still trapped in that ratio trade and the extent of others in that same crowd who smell blood in the water, the shares could easily outperform on the upside as buyers outnumber sellers at current levels.
What is most remarkable is that this is occurring even in the face of general equity market weakness. I think it is fairly safe to say that the mining shares are separating themselves from the performance of the broader markets with buyers beginning to focus on their earnings and increasing profit margins instead of the fickle sentiment towards risk trades or risk aversion trades. I will attempt to post an updated HUI/Gold ratio chart after the close of trading today to give the readers a view of how that chart is changing.
“Bubble, bubble, toil and trouble; fire burn and cauldron bubble”. I’ve taken a few liberties with Shakespeare’s witches in Macbeth (Double, double) to illustrate that if the Fed has desired to puff up another bubble, they have gotten their wish but for the rest of us who have to live with their mendacity, it will end with toil and trouble. I say, “mendacity”, because it is a lie that inflation can be controlled. Now the Fed may believe their own lies but the truth is that they cannot control the fears and suspicions of the public who have now lost confidence (that ethereal, fleeting substance which cannot easily be defined but once forfeited is nigh impossible to regain) in their attempted management of the economy. We will yet see more woes resulting from this ill-conceived course which is going to contribute to the eventual ruin of the Dollar and with it, our way of life.
That brings me to crude oil – I keep focusing on the energy markets because they have heretofore been somewhat tame and have not participated to any extent in the overall commodity sector ramp in prices. That seems to now be changing with crude dangerously flirting with a close above the technically significant $87 level. That is the last line of defense against a run towards the $90 level. Even natural gas, which has been comatose is clawing above the $4 market, which will extremely cheap by most standards of comparison, is significantly higher than its level a mere two week’s ago. Watch out for the double whammy of both rising food and energy prices.
I think this the reason that the bonds on the long end are refusing to move higher to any degree. Based on what we have seen of that market, buyers were formerly giddy with delight at the idea that the Fed was there to backstop them with more QE. What appears to be happening however is that bonds on the long end are having to now deal with what many are seeing is an unavoidable surge in inflation, which of course is the nemesis to bond holders. They are perched quite tenuously above a strong chart support level just below the 130 mark. Should that give way it will indicate that the ability of the long bond to levitate higher in the face of massive supply concerns has given way to larger fears of the effects of Bernanke’s foolish QE infusion. Is this the end of the decade plus bull market in the long bond? The jury is still out but we will soon learn its verdict.
Technical levels in gold are as follows: Resistance should appear near the $1,420 level. Above that $1,440 comes into play. Downside initial support lies close to $1,380 followed by $1,370 and then $1,355.
Silver is blowing through upside resistance levels so quickly that is almost seems futile to list them. $30 now seems easily attainable given the ease with which it knifed through $27. Indeed, silver is moving in what can now be described as parabolic fashion based on the steep angle of ascent on the technical price charts. Open interest readings do not yet indicate a commercial signal failure is occurring but there are evidentially shorts that are getting their heads handed to them and are bailing out. It might be the swap dealers who based on the last COT report were attempting to move towards being flat but they do not hold the lion’s share of the short positions in the market. The big “commercial” class is the ones I am watching for signs of throwing in the towel. Personally I do not see how they can go much longer given the size of that naked short position and the enormous paper losses that they are incurring in what is left of their dwindling trading accounts. We all know that they are extremely well capitalized but someone as well capitalized as they are continues to buy so it is now a matter of how much more pain they can withstand.
The Dollar is seeing a bit of upside follow through from last Friday’s session but it would have to get above 78.50 to convince me that there is anything more to this than a bounce in a long term bear market.
Oh, and by the way, cotton is yet again locked limit up with no end in sight to its rise. A lot of North Texas cotton growers are going to be extremely prosperous at this rate and will soon become lords and barons. As said many times now since its rise, that market terrifies me as I wonder who will become the last buyer just before it plunges.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Ron Paul will revolutionize House monetary subcommittee
Peter Brimelow: What if GATA is even slightly right?
World Bank president sees gold regaining monetary functions
Gene Arensberg analyzes the big banks in silver futures
NY Times notes CFTC's new interest in silver market manipulation
Chicago Mercantile Exchange tells CFTC's Chilton to drop dead
'Conspiracy Theory' episode featuring GATA is posted at YouTube
The Statistics:
Activity from: 10/05/2010
Gold Warehouse Stocks: | 11,209,431 | -27,323 |
Silver Warehouse Stocks: | 109,162,586 | -19,056 |
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 | 1291.766 | 41,531,577 | US$57,661m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 122.40 | 3,935,122 | US$5,500m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.97 | 4,210,799 | US$5,885m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,253 | US$643m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.56 | 1,593,488 | US$2,224m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,966 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.424 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.89: +0.24 tonne change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,195.71: +57.79 change from yesterday’s data.
The Miners:
Randgold’s (GOLD) gold pour at Tongon, Aurizon’s (AZK) discovery, Midway’s (MDW) assay results, Claude’s (CGR) third quarter results, Fronteer’s (FG) drill results, Gammon’s (GRS) third quarter results, Silvercorp’s (SVSM) mine acquisition, Great Panther’s (GPR.TO) drill results, ECU Silver’s (ECU.TO) new mineralization, and Huldra Silver’s (HAD.V) stockpile assays were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mines MGN | MGN+19.05% $3.50 |
2. Hecla | HL +12.99% $8.96 |
3. Kimber | KBX +9.90% $1.11 |
LOSERS
1. Gammon Gold | GRS -2.81% $6.91 |
2. Taseko | TGB -2.14% $4.57 |
3. Ivanhoe | IVN -1.58% $26.08 |
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:
VISIBLE GOLD MINES GRANT OPTIONS - More
- November 08, 2010 | Item | ShareThis
Silvercorp to Acquire BYP Gold-Lead-Zinc Mine in Hunan Province, China - "Silvercorp Metals Inc. (TSX:SVM - News)(NYSE:SVM - News) ("Silvercorp" or the "Company") is pleased to announce that it has signed a share purchase agreement and a Sino-Foreign cooperative joint venture contract to acquire a 70% equity interest in Yunxiang Mining Co. Ltd. ("Yunxiang"), a local private mining company in Hunan Province. Yunxiang's primary asset is the BYP Gold-Lead-Zinc ("Au-Pb-Zn") Mine, located 220 km southwest, or a 3 hour drive, from Changsha, Hunan's capital city." More
- November 08, 2010 | Item | ShareThis
Golden Touch Resources Corp. - NEWS RELEASE - More
- November 08, 2010 | Item | ShareThis
Northern Gold Posts Garrcon Technical Report on Sedar - More
- November 08, 2010 | Item | ShareThis
Mesa Uranium Announces Private Placement - More
- November 08, 2010 | Item | ShareThis
Kodiak Exploration Ltd.: Golden Goose Sets Date for Special Shareholder Meeting - More
- November 08, 2010 | Item | ShareThis
Xemplar Provides Update on Namibian Uranium Exploration - More
- November 08, 2010 | Item | ShareThis
NQ Exploration Prepares a Non-Brokered Private Placement and Announces the Departure of Andre Audet - More
- November 08, 2010 | Item | ShareThis
Mustang Geothermal Corp. Completes Purchase of Andean Geothermic Energy S.A.C. of Peru - More
- November 08, 2010 | Item | ShareThis
Crocodile Gold Reports Net Earnings of $2.4 Million and Positive Operating Cash Flow for the Third Quarter of 2010 - More
- November 08, 2010 | Item | ShareThis
Great Panther Expands High Grade Silver-Gold-Lead-Zinc Mineralization With Surface Drilling and Underground Development at Topia Mine - "GREAT PANTHER SILVER LIMITED (TSX:GPR - News) (the "Company") is pleased to report final results from the recently completed 8,815.4 metre (expanded from the initial 6,000 metre) surface drill program on the Topia mine veins. The drilling was extremely successful and will guide mine development to continue to expand silver production from the San Gregorio, Recompensa, and Cantarranas (Hormiguera mine) veins plus enable new production to be added from veins where no mining is currently taking place. Drilling on the recently acquired La Prieta property proved the potential for this to be an additional mine for the Topia operations, with high silver values in the three drill holes of up to 2,500g/t over 0.25 metres. There were also several significant intercepts of other veins that are not currently being mined, including the Higuera vein (close to the San Gregorio vein), and the western portion of the Oliva vein (close to the Recompensa vein)." More
- November 08, 2010 | Item | ShareThis
St. Eugene Announces the Filing of Its NI43-101 Compliant Resource Estimate on Tartan Lake Gold Mine - More
- November 08, 2010 | Item | ShareThis
Lithium One Closes $5 Million Financing - More
- November 08, 2010 | Item | ShareThis
Merrex Gold-Analysts Tour of Siribaya Gold Project - More
- November 08, 2010 | Item | ShareThis
La Quinta Resources Announces Geophysics Program at BlackJack Project - More
- November 08, 2010 | Item | ShareThis
BonTerra Increases Stake in Urban-Barry, Arranges Financing - More
- November 08, 2010 | Item | ShareThis
Queenston Announces $20 Million Financing - More
- November 08, 2010 | Item | ShareThis
Urastar Options Major Gold Property in Sonora, Mexico - More
- November 08, 2010 | Item | ShareThis
GoviEx Uranium Announces Positive Results of Preliminary Economic Assessment of Mine Planned at Company's Madaouela Project in Niger - More
- November 08, 2010 | Item | ShareThis
Baffinland Director Resigns - More
- November 08, 2010 | Item | ShareThis
AVANTI MINING ISSUES SHARES IN LIEU OF CASH FOR INTEREST PAYABLE UNDER TERMS OF BRIDGE LOAN - More
- November 08, 2010 | Item | ShareThis
Comstock Mining Commences Drilling Program to Advance Strategic Plan - More
- November 08, 2010 | Item | ShareThis
Duncan Park Files Updated Technical Report on Dome Property in Red Lake - More
- November 08, 2010 | Item | ShareThis
General Metals Drills 445 Feet (135 Meters) of Surface Oxide Gold Mineralization Near High Grade Assaying Over 1 Ounce per Ton at Independence Project, Nevada - More
- November 08, 2010 | Item | ShareThis
ECU Silver Uncovers New Mineralization at Santa Juana Mine - "The A-2 vein was recently opened on level 15.5 over a strike length of 127 meters grading 4.90 grams per tonne (g/t) gold (Au), 386 g/t silver (Ag), 2.55% lead (Pb) and 1.72% zinc (Zn) over an average width of 0.86 meters, including a section that graded 10.47 g/t Au, 354 g/t Ag, 4.93% Pb and 6.39% Zn over 1.10 meters." More
- November 08, 2010 | Item | ShareThis
Supreme Resources Completes TAS, Verde Drilling, Continues Exploration - More
- November 08, 2010 | Item | ShareThis
Barkerville Completes Purchase of Second Gold Mill Facility - More
- November 08, 2010 | Item | ShareThis
Cobre Exploration Corp. Closes Non-Brokered Private Placement - More
- November 08, 2010 | Item | ShareThis
Marifil Options the Las Aguilas Project to Pacific Coast Nickel Corp. - More
- November 08, 2010 | Item | ShareThis
Geologix Explorations Inc.:Libertad Drill Results Intersect 94 Metres of 0.74 Grams Per Tonne Gold Equivalent - More
- November 08, 2010 | Item | ShareThis
Redzone Resources to Drill Lara - More
- November 08, 2010 | Item | ShareThis
Steele Resources, Inc. Enters an LOI to Acquire the Mineral Hill Exploration Project - More
- November 08, 2010 | Item | ShareThis
CanAlaska Uranium Common Shares to Commence Trading on a Consolidated Basis - More
- November 08, 2010 | Item | ShareThis
Animas Resources Closes $1.7 Million Financing - More
- November 08, 2010 | Item | ShareThis
Premium Exploration: 30-km Airborne Survey Results in Expanded Phase-Three Exploration Program; Phase-Four Preparation Underway - More
- November 08, 2010 | Item | ShareThis
Acrex Ventures Confirms Presence of Gold-Bearing Structure on its Spanish Mountain Gold Property, Bc - More
- November 08, 2010 | Item | ShareThis
Hana Announces Recoveries of 92.75% Copper; 80.58% Silver; and 78.28% Molybdenum From Metallurgical Testing on Sulphides From the Banana Zone - More
- November 08, 2010 | Item | ShareThis
AmeriLithium Releases Details on 8-Hole Drill Program for Nevada-Based Paymaster Project - More
- November 08, 2010 | Item | ShareThis
Mirasol Receives Approval for Drilling the Virginia Silver Project, Argentina - More
- November 08, 2010 | Item | ShareThis
Uranium Resources, Inc. Provides Third Quarter 2010 Update - More
- November 08, 2010 | Item | ShareThis
Sultan Minerals to Attend China Mining Convention - More
- November 08, 2010 | Item | ShareThis
Brazilian Gold Provides Update on Tapajós Exploration Programs - More
- November 08, 2010 | Item | ShareThis
Kalahari Resources Commences 8000 Meter Drill Program on Lamaque Gold Project in Val d'Or Quebec - More
- November 08, 2010 | Item | ShareThis
Skyline Announces Closing of Final Tranche of $1.13 Million Private Placement - More
- November 08, 2010 | Item | ShareThis
TIEX INC. ANNOUNCES New Director & $500,000 Private Placement - More
- November 08, 2010 | Item | ShareThis
Alto Group Holdings Commences Further Due Diligence on the Mojave Sonoran Gold Belt at La Cienega Sonora, Mexico - More
- November 08, 2010 | Item | ShareThis
Xmet Inc. Files NI 43-101 Gold Mineral Resource on Duquesne-Ottoman - More
- November 08, 2010 | Item | ShareThis
Orosur Mining Inc. Issue of Ordinary Shares upon Exercise of Stock Options - More
- November 08, 2010 | Item | ShareThis
Kilo Raises a Further $4.7 Million Under Brokered Private Placement - More
- November 08, 2010 | Item | ShareThis
Lexam Explorations Signs Definitive Arrangement Agreement With VG Gold Corp. - More
- November 08, 2010 | Item | ShareThis
Robex Announces Closing of Private Placement of $270,000 - More
- November 08, 2010 | Item | ShareThis
North Arrow Reports McAvoy Pegmatite Represents a Potential Source for Technical Grade Spodumene - More
- November 08, 2010 | Item | ShareThis
Renforth Announces Drilling Program on New Alger Project and an Amendment of Terms in the Joint Venture Agreement - More
- November 08, 2010 | Item | ShareThis
Intrepid Mines Limited: Tujuh Bukit Indonesia - More
- November 08, 2010 | Item | ShareThis
Cameco profit slips on higher costs - More
- November 08, 2010 | Item | ShareThis
Lithium Americas Corp. Announces Significant Resource Upgrades to Its Cauchari-Olaroz Lithium-Potassium Property in Argentina - More
- November 08, 2010 | Item | ShareThis
Romios Welcomes Jack McOuat to its Board of Directors - More
- November 08, 2010 | Item | ShareThis
Cameco Reports Third Quarter Earnings - More
- November 08, 2010 | Item | ShareThis
Mercer Gold Commences Drilling of Third Hole to 600 Meters Depth at Guayabales Gold Project, Colombia - More
- November 08, 2010 | Item | ShareThis
Sulliden Appoints New CFO - More
- November 08, 2010 | Item | ShareThis
Riverside Resources' Partner Geologix Reports 94 Metres of 0.74 Grams Per Tonne Gold Equvilent in New Drilling Resultsfrom Libertad Gold Project, Mexico - More
- November 08, 2010 | Item | ShareThis
Wallbridge Mining and Lonmin Plc Approve $1.25 million 2011 Program for Sudbury Camp Joint Venture - More
- November 08, 2010 | Item | ShareThis
Lara Exploration Ltd.: Drill Permit & Contractor Secured for the Lara Copper Project in Southern Peru - More
- November 08, 2010 | Item | ShareThis
VMS Ventures Engages Launch IR Inc. for Investor Relations Services - More
- November 08, 2010 | Item | ShareThis
Ventana Announces Positive Scoping Study Results for La Bodega Project and Initial NI 43-101 Compliant Mineral Resource Estimate - More
- November 08, 2010 | Item | ShareThis
Canadian Zinc Reports Net Income of $10.9 Million for Nine Months - More
- November 08, 2010 | Item | ShareThis
Quantum Closes $6.5 Million Financing Led by MGI Securities - More
- November 08, 2010 | Item | ShareThis
EUROPEAN GOLDFIELDS LIMITED - PUBLIC CONSULTATION UNDERWAY FOR GREEK EIS - More
- November 08, 2010 | Item | ShareThis
Greystar Resources Ltd.: Information Hearings on The Angostura Project Were Held in the Municipalities of California and Vetas, Santander, Colombia - More
- November 08, 2010 | Item | ShareThis
Randgold Resources: New Tongon Mine Pours First Gold - "Randgold Resources' (NASDAQ:GOLD - News) (LSE:RRS - News) new mine at Tongon in the Côte d'Ivoire officially poured its first bar of gold today in a ceremony attended by government representatives and other dignitaries." More
- November 08, 2010 | Item | ShareThis
Huldra Silver Inc. Receives Stockpile Assays Averaging 645 g/t Ag, 5.05% Pb and 3.2% Zn at Treasure Mountain and the Receipt of METC - "Huldra Silver Inc. (TSX VENTURE:HDA - News; the "Company" or "Huldra Silver") is pleased to announce assay results from an ore stockpile of adit and raise materials removed during development work between 1987-1989. The samples were taken between September 25 and 26, 2010 by independent QP Erik Ostensoe, P.Geo and averaged 645 gm/t Ag, 5.05% Pb and 3.2% Zn. The existing stockpiles had nine trenches cut over the entire width at varying depths and each of the nine composite samples were taken over the entire length of each trench. All samples were analyzed at the ACME laboratory in Vancouver, B.C., a full service, ISO 9001:2008 accredited analytical laboratory. All lab quality control protocols were observed." More
- November 08, 2010 | Item | ShareThis
Aurizon and Azimut Discover Major Polymetallic Porphyry-Type Mineralization (Gold-Silver-Copper-Tungsten) at Rex South, Nunavik, Quebec - "Aurizon Mines Ltd. ("Aurizon") is pleased to announce the discovery of a major gold-silver-copper-tungsten mineralized zone on the Rex South property in Nunavik, Northern Quebec. Twenty (20) other significant mineralized prospects have also been identified on the property." More
- November 08, 2010 | Item | ShareThis
Midway Finds Higher Gold Grades and New Gold Zone at Pan Project, Nevada - "Midway Gold Corp. (“Midway”) (MDW: TSX-V and NYSE-AMEX) is pleased to announce that higher gold grades are present in the last three core holes drilled for metallurgical testing at its 100 percent controlled Pan Project, White Pine County, Nevada. Assays include 46.3 meters of 1.4 grams per tonne (gpt) (152 ft of 0.042 ounce per ton (opt)) gold in hole PN10-6c, and 89.9 meters of 0.8 gpt (295 feet of 0.022 opt) including 3.0 meters of 4.1 gpt (10 feet of 0.120 opt) gold in hole PN10-09c. The gold grades in these core holes continue to be higher than expected based on previous analyses from nearby holes. An average global resource grade of 0.55 gpt (0.016 opt) gold was verified in the independently prepared Preliminary Economic Assessment technical report published in July 20101." More
- November 08, 2010 | Item | ShareThis
Claude Resources Inc. Reports Third Quarter Results - "Claude Resources Inc. ("Claude" or the "Company") today reported its third quarter financial and operating results. For the quarter ended September 30, 2010, the Company recorded net earnings of $4.3 million, or $0.03 per share. This compares to a net loss of $0.4 million for the same period in 2009, or $0.00 per share." More
- November 08, 2010 | Item | ShareThis
Fronteer Builds Additional High-Grade Gold at Long Canyon With 10.46 g/t Gold Over 39.3 Metres - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) announces that ongoing drilling to the northeast of the current resource area continues to intersect wide intervals of high-grade gold at its wholly owned Long Canyon gold project in Nevada. Fronteer Gold recently completed the acquisition of AuEx Ventures, thereby consolidating 100% ownership of its flagship Long Canyon project and creating a dominant position in the emerging Pequop Gold District." More
- November 08, 2010 | Item | ShareThis
Gammon Gold Reports Third Quarter Financial Results - "As productivities at Ocampo improve quarter over quarter and cash costs decrease, we continue to experience very encouraging results. The Ocampo mine reported cash costs of $411 per gold equivalent ounce(*), which is below industry average and represents a margin of 67% of the average realized gold price in the quarter." stated René Marion, President and Chief Executive Officer. He continued, "Our improving operations and significant cash flow stream continue to provide the leverage required to advance our growth program as well as the next stage in our strategic growth program." More
- November 08, 2010 | Item |
- Chris Mullen, Gold Seeker Report
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-- Posted 8 November, 2010 | |
