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It stomps on one gold market after another (indirectly, by pressuring local governments) and demand surges in two more markets, like a never-ending (and futile) game of whack-a-mole.
Is it possible that the One Bank can/will do something to sabotage Turkish demand -- as it has done with several other Asian markets? Certainly. But it's not possible for it to 'sit on' all of these markets permanently/simultaneously, and even if it tried to do so, the primary result would be an explosion of blackmarket activity.
And as I explained in my most-recent commentary; the growth of a blackmarket trade in gold is yet another potential path toward Decoupling -- and a "road" along which we are now well-advanced.
Turkey's Gold imports, investment demand hit record high so far this year
ANKARA (Scrap Register): Turkey's gold imports and gold investment demand hit a new record high level so far this year.
According to the latest figures from Borsa Istanbu, country imported 270.7 tons of gold during the first eleven months of this year more than double as compare to 2012’s full-year imports of 120.8 tons.
“Turkey, like most of the price-sensitive markets, saw this year’s lower price level as an opportunity to replenish stocks and release some of the pent-up demand that has been building as consumers have been priced out of the market,” said Cameron Alexander, an analyst with Thomson Reuters GFMS.
“Official gold coin demand has more than doubled so far this year, gold investment demand has also more than doubled, and jewellery demand has rebounded by around a fifth this year.”...
This is now "Bre-X" (i.e. some sort of fly-by-night fraud). Rather; it is the site of some of the world's richest gold/palladium/platinum ore, and given the dramatic turn of events here, it's certainly open to investors to wonder whether there has been some sort of negligence or malfeasance involved...
I believe you meant this is NO "Bre-X" rather than NOW.
We averaged down on this one at .22, as I really believe in this compnay, but I wonder if they can let it go bankrupt intentionally and then someone with deep pockets will buy it at pennies on the dollar with no shareholders at all. My questions may reveal my lack of understand, but maybe you could address this concern, Jeff.
I am considering averaging dowm some more.... but it is a tough call, as we bought in at $5.50 not that long ago.
As I suggested yesterday; despite the huge/absurd lie in today's jobs-report, and despite another algorithm-induced plunge in the prices, bullion prices are now up -- not down -- in today's trading in the paper fraud markets.
First a quick review of the fictional jobs-report, and then a comparison with reality. In the Mythical Land of Us; we're told that there were over 200,000 net, new jobs created in the month of November, and that the official unemployment rate has now dropped to 7.0%; which equates to roughly 11 million Americans looking for work.
Then there is REALITY, as represented by a familiar chart:
This shows the percentage of the U.S. population which is actually working. As we can see, not only is the U.S. economy losing jobs every month (reflected by a lower and lower percentage of employed individuals), but the collapse in employment has once again gotten nearly VERTICAL.
As I explained in a recent commentary; this chart implies there are over 50 MILLION Americans looking for work, with an unemployment rate of approximately 25%. As we can see with our own eyes, we now have the U.S. government claiming the economy is accelerating upward, while it is actually accelerating downward.
So this is one half of our 'Matrix' world for precious metals investors: the perverse propaganda. Then we have the other half of the Matrix: perverse movements in markets.
With the U.S. economy actually accelerating its collapse; we had the One Bank (as usual) defying reality, hitting a few keys on a keyboard, and using its fraudulent trading algorithms to drag down bullion prices in the trademark vertical-line of manipulation...
...but then, as we now see on a less-frequent basis than before, another Invisible Hand stepped into the market, and instantaneously jerked these markets right back up again. And as usual, not only were 100% of the losses erased; but the markets were pushed ABOVE where they started the day.
As I've pointed out in the past; this is instructive in two respects. First of all it reminds us that even with these Hostage Markets that the One Bank and its minions are not invincible -- at least not in bullion markets, not any longer.
The One Bank is not the only player in these markets sitting with virtually infinite stacks of U.S. dollar pretend-money. There are also the heterogenous collection of players whom I have labeled "the Big Buyers". While it's impossible to fill-out this list with any degree of precision; it's reasonable to assume that at the top of the list are governments like China and Russia.
They want to accumulate cheap bullion, themselves, but (on the other hand) they don't want to watch (and will not tolerate) the One Bank totally destroying the value of their assets -- even temporarily. So whenever these Big Buyers deem that the One Bank has pushed prices "too far"; their Invisible Hand steps into the market.
And (as we have seen in the past) it is the Big Buyers who are supreme. While we have seen -- on many occasions -- the downward ambushes of the One Bank being instantly reversed; on the (now) rare occasions when there is an upward spike in the daily trading we NEVER see a similar "V-pattern" (in reverse): prices going straight up, and then (immediately) straight down.
The problem (as I have lamented in the past) is that the Big Buyers are not "our friends". They have no interest (at least not at this time) in endeavouring to smash the One Bank's grip on these Hostage Markets. They have no desire to see precious metals prices close to reality -- not unless/until they have decided they are "finished" acquiring bullion.
That day would/will not likely arrive until we are on the verge of certain inventory-default in one of the major, paper markets (London, New York, or Shanghai). As long as the One Bank is able to continue to produce enough bullion to feed the appetites of the Big Buyers; they have no interest in derailing the One Bank's bullion-fraud -- since they (along with the One Bank) are the big beneficiaries.
This, in turn explains why the One Bank is looking to (on the one hand) crush bullion demand from the Little People, so more physical bullion is available to satisfy the Big Buyers. It also explains numerous RUMORS which have been passed along to me lately, or which I have come across myself.
For example; one rumor passed along to me is that the One Bank is currently pressuring Venezuela with respect to its massive, foreign debt, and attempting to induce it to sell/pledge much of its gold as collateral -- with One Bank tentacle Goldman Sachs being the party rumored to be holding out the pretend-money to "buy" that bullion.
Thus while most of the time we see nothing but depressing news/movement in these markets; we must never forget that as with most of the rest of our Matrix societies, that these markets are mere facades for reality -- and what they seem to be indicating to us is often the precise opposite of what is actually transpiring in the real world.
"Change" is coming. While it never seems to come fast enough (when we are anticipating positive changes - lol), our ability to perceive change is impaired not only by the saturation propaganda, by also by the paradox of our own senses. We can't "see", "hear", "smell", or "touch" Change, and short of watching time-lapse photography, we can never perceive it directly.
This is why the One Bank continually engages in psychological warfare against bullion investors; knowing that is easy to demoralize ones "enemies" when they can only perceive the setbacks, and rarely perceive the progress occurring in these markets.
Never forget that all we have to do is NOTHING (lol); simply continue to hold or bullion (or perhaps add to it), and stand firm. It is the One Bank which, on a daily basis, fights to prop-up/prolong scams and crimes all over the world -- and we see these scams/crimes now being exposed on an ever more-frequent basis.
It is the One Bank itself which will inevitably cause Change to occur, by ensuring the reek of its Corruption reaches the senses of even the most-brainwashed Sheep. This is the Achilles Heel of all psychopaths: the incapacity to ever cease their malevolent behavior, and simply say "I've stolen enough."
So have a good chuckle looking at today's bullion charts, and have a good weekend!
Gold Sinks To 5-Mo. Low In Wake Of Upbeat U.S. Jobs Data, But Then Quickly Recovers
Indeed, it's precisely because of events like these that I've now (formally) incorporated the "Matrix" analogy into my own commentaries. It's no longer merely a matter of the propaganda and market valuations being "wrong" (as they have been for nearly a quarter century).
It's no longer even a matter of the propaganda/valuations being somewhat perverse (as has been the case for the last 5 years or so). What we see now is outright INSANITY, something which only people totally divorced from reality (in their own, little Matrix) could accept as "reality".
We have, on the one hand, the supply of USD's going literally straight up, while demand for dollar falls in a fairly steep curve -- which just got a little steeper with this announcement. And the dollar itself is "backed" by nothing but a hopelessly bankrupt, hollowed-out economy. Yet it's been rising in value versus most of the other forms of (nearly as fraudulent paper).
Then we have the gold market; where we see the precise opposite: demand goes upward in a steep curve; while the PRICE goes steadily lower. That's "perverse" when it happens once, or over a short period of time. It's totally insane when this goes on month-after-month for an entire year.
But the One Bank simply has its media mouthpieces lie, and claim that the world is exactly the opposite of reality, and all the Matrix Sheep swallow every word.
Four hundred years ago; the Dutch people suffered such an acute bout of (economic) Cultural Insanity that at the worst point of Tulipmania one could buy a HOUSE with a single, prized tulip bulb.
They wouldn't even allow the bulbs to sprout (to become flowers), because they were too valuable as bulbs to ever allow the tulips to actually grow -- except for the tulip-farmers, wanting to produce more bulbs (lol).
I wrote this one about 3 1/2 years ago, and I think it's fair to say that it now literal truth:
U.S. Dollar is the new 'Tulip'
In January, 2012 the renminbi's share of the global market was just 1.9%. In just two years this has grown to 8.6%. One would expect that the agreement, between the Singapore and Hong Kong financial exchanges, will cause this growth to accelerate.
December 4, 2013
On the other side of the world today, a couple of gentlemen that few people have ever heard of signed an agreement that has massive consequences for the global financial system.
It was a Memorandum of Understanding signed by representatives of the Singapore Exchange and Hong Kong Exchange. Their aim– to combine their forces in rolling out more financial products denominated in Chinese renminbi.
This is huge.
Hong Kong and Singapore are THE two dominant financial centers in Asia. For years they’ve been locked in competition with one another, much like New York and London. So their public partnership is a very big deal… indicative of the clear objective they have in front of them.
Bottom line– finance executives in Asia see the writing on the wall. They can see that the dollar is in a period of terminal decline, and it’s clear that the Chinese renminbi is going to take tremendous market share away from the dollar. They want a big piece of the action.
The renminbi has already surpassed the euro to become the #2 most-used currency in the world when it comes to trade settlement, according to a report released yesterday by the Society of Worldwide Interbank Financial Telecommunication (SWIFT).
Right now the renminbi has about an 8.6% share of the global market for trade settlement. Granted, the dollar has the lion’s share of trade settlement at more than 80%.
But just look at how quickly the renminbi has grown; in January 2012, its share of the global market was just 1.9%. So it’s grown by nearly a factor of 5x in less than two years.
With today’s agreement between Hong Kong’s and Singapore’s financial exchanges, that growth will likely accelerate.
As we’ve discussed before, the dollar is in a unique position simply because it is the world’s dominant reserve currency.
This means that when a rice distributor in Vietnam does business with a Brazilian merchant, they’ll close the deal by trading US dollars with each other… even though neither nation actually uses the dollar.
It’s been this way since World War II, simply because there has been such a long tradition of trust in the United States, and a steady supply of dollars throughout the world.
But this confidence is fading rapidly as merchants and banks around the world have been seeking alternatives, primarily the Chinese renminbi.
As the dollar’s market share in international trade decreases, it will mean the end of US financial privilege. No longer will the US be able to print money without repercussions.
And as so many other nations have learned the hard way, when you print money with wanton abandon and indebt your nation to the hilt, there are severe consequences to pay.
Today’s move between Hong Kong and Singapore gives us a glimpse into this future.
We’ll soon see more financial products– oil, gold, Fortune 500 corporate bonds, etc. denominated in renminbi and traded in Asia.
And as trade in these renminbi products grows, the dollar will be closer and closer to its reckoning day.
Years from now when this has played out, it’s going to seem so obvious.
Just like the post-Lehman crash in 2008, people will scratch their heads and wonder– ‘why didn’t I see that coming? Why didn’t I recognize that it was a bad idea to loan millions of dollars to unemployed / dead people?’
Duh. Same thing. People will look back in the future and wonder why they didn’t see the dollar collapse coming… why they didn’t recognize that it was a bad idea for the greatest debtor nation in the history of the world to simultaneously control the global reserve currency…
The warning signs are all in front of us. And today’s agreement between Hong Kong and Singapore is one of the strongest signs yet.
Having spent well over an hour working on a long, detailed post on today's (absurd) "revision" of third quarter U.S. GDP, where I explained how it could all be part of an intricate plot by the One Bank; I hit a wrong key (when my mind was momentarily elsewhere) and erased every word. D'oh!!!!!!!!!
So now you only get the "abbreviated" version, as there is no way I'll torture myself by spending all that time re-writing the same post. Some will be thankful for this.
OK, here's the abbreviated version. Going back 5 - 6 months when the talk about "government shut-down" began; we were all warned that even BEFORE the shut-down this would cause U.S. mega-corporations to pull back -- in anticipation of that shut-down.
Instead, we get the Whopper Lie that the U.S. economy accelerated during Q3. Now we get an even bigger Lie that Q3 was one of the fastest rates of "growth" of the entire Fantasy Recovery.
Then we had the shit-down itself, which (in the real world) was crippling for the U.S. economy. But what if the Puppet Liars in the U.S. government are instructed to tell an even more outrageous lie about Q4 GDP (during the shut-down itself), claiming the U.S. continued to be strong?
What would it mean in Act Two of the Debt-Ceiling Farce if the Tea-Party Republicans who caused the original shut-down with their obstructionism were told that the shut-down was "good for the economy"???
The abbreviated answer to that question would be to (re-)read these two commentaries:
U.S. Shut-Down An Excuse For Debt-Default?
U.S. Debt-Default: Then What?
I will repeat one observation I made in my now-destroyed original post. While it would be absurd to try to sell the lie that the U.S. defaulted on its debts "by accident" (i.e. a Republican temper-tantrum) rather than because it was/is bankrupt; that lie becomes less and less absurd each time the Puppets take the U.S. government to the brink of default.
Perhaps Act One was merely the "dress-rehearsal" for U.S. debt-default...?
Meanwhile, there was another news item which definitely requires mentioning, because it is another one of the One Bank's ongoing propaganda campagins: convincing the Stooges running all of the Senior gold-producers to start hedging their production again.
Barrick shakes up board, new chairman muses on hedging
What would it mean if the One Bank was successful in convincing these Stooges (the same ones who run the World Gold Council) to re-hedge their production, as was done during the Dark Days of the 1990's?
MILLIONS OF OUNCES of gold (thousands of tons) which have not even dug out of the ground yet would be sold onto the market as "physical bullion".
This would, of course, explain the Hostage Markets I've talked about for months (and essentially for nearly three years now): a campaign to dupe the Stooges who produce the current trickle of gold to forward-sell YEARS worth of production onto the market.
So instead of selling the Chumps paper-called-gold, which even the Chumps are finally shying away from; the One Bank plans to sell the Chumps "gold" which at this point is little more than the gleam in the eye of a mining CEO.
And for those readers who fear that the One Bank will convince these Mining Stooges that we're headed for YEARS more of "low gold prices" (while Hyperinflation takes hold in our economies); here are two more commentaries which you will certainly want to (re-)read:
U.S. Hyperinflation and Cultural Insanity
Precious Metals Markets: Welcome to ‘The Matrix’
US economy grows at 3.6 percent rate in 3rd qtr
Barrick shakes up board, new chairman muses on hedging
First of all, regarding the "amazing progress in cost-cutting"; I would suggest that the progress here has been somewhat exaggerated. My understanding is that GPR has generally been mining its silver at close to a $10/oz cast-cost previously, so the explosion to $18/oz is likely some lax quality-control -- with a couple of mines which require very careful monitoring.
This is because (like many deposits) GPR's mines tend to be high-grade/narrow-vein, as opposed to the low-grade/thick veins we see with the other type of mine we see most often. High grades AND thick veins are now something rarely seen.
On to the second topic: the resource estimates. Having had the opportunity to chat with Robert Archer personally in the past, he explained to me that GPR (like many operating miners) is only concerned with proving-out enough resources for them to plan production roughly five years into the future.
In the case of the Guanajuato mine; most of the remaining silver (likely HUNDREDS of millions of ounces) is below the 400-meter level. It would be prohibitively expensive to drill-out the whole resource (or even a large chunk of it) -- simply for the sake of "proving" how much silver is there.
It's much more cost-effective to simply drill out the areas which are already relatively exposed, assuming (of course) that you continue to have no problem in finding enough ore to keep the mill fed.
To put it in Robert Archers own words, he expects them to still be mining silver out of Guanajuato long after he's dead (lol). Of course with a mine which has already been producing silver for FOUR HUNDRED YEARS, that doesn't exactly qualify as "a bold prediction"...
Look around in the world; and what you see is that most of the gold/silver "mega-mines" which were supposed to be going into production around this time are either way behind schedule -- or completely mothballed.
With this company simply at the "advanced exploration stage"; there is a long, long road ahead if their projects will ever go into production.
I continue to hold all of my mining shares (including a few shares in this one); but I seldom post about the miners now because I just don't know what to tell readers.
Personally, I still believe they are an effective way to "diversify within the sector", and even after this latest (extended) blood-bath represent the most-prospective equity investments around.
At the same time; as we've seen with several quality miners, the One Bank (and its minions) have the capacity to destroy companies in our lawless markets. And so an investor who isn't adequately spread-out in a "basket" of these companies (or is simply really unlucky) could end up getting nearly wiped-out (in terms of what they invest in these miners).
With respect to the particulars of this release, I'm not concerned about the long-term value of this property/project. My only concern (given the difficulty for these miners to obtain financing) is in forking-out precious capital for this property when they are already in the process of financing their tailings project into production.
The ink wasn't even dry yet on that bold prediction, when prices went straight up -- in another textbook trading-algorithm operation. Lol!!
Obviously with these Hostage Markets one cannot even "rely" upon the negative propaganda. Here's an important consideration which is often overlooked with our North American-centric perspective (and the analysis which comes with it): currency exchange rates.
I always quote the (phony) USD prices for gold and silver, rather than other (phony) paper prices; but we can never forget that MOST of the gold in the world is being purchased with non-North American (and, indeed, non-European) currencies. Thus while it may hurt our arrogant North American egos to hear this; the One Bank's daily price-manipulation in these markets may be much more closely attuned to the RENMINBI-price for gold or the RUPEE-price for gold -- rather than dollars, euros, or other fraudulent Western paper.
This is yet one more reason why readers should ignore all the absurd T/A jockeys, who continue to make bold predictions about the direction of prices for gold and silver based on technical analysis of TRIVIAL gold markets.
At least 3/4 of the real bullion in the world is being purchased by Asians; so if any of the T/A jockeys wanted to even pretend to be relevant with their analysis, they should be spending their time looking at gold/rupee charts and gold/renminbi charts -- not the irrelevant gold/dollar charts which is almost all that these Clowns ever look at.
Beyond that brief rant, there really isn't much to say today. It's another U.S. Jobs-Farce Friday coming up this week, but our Hostage Markets have become so tightly wrapped in the One Bank's straitjacket that this now has little significance -- even for the Western paper-fraud markets.
Pushing bullion prices lower only aggravates the gold demand/smuggling/inventory problems which the One Bank has created for itself; and keeping the price of gold below the real/full cost of production continues to cripple the supply-chain. So while it's always possible we could see these phony paper prices dip substantially on Friday; it's hard not to see how the One Bank would be the big loser in doing so.
Nothing more can be done to damage "sentiment" (lol); and any/all margin and leverage (on the long side) has long since been choked out of these markets. So one has to suspect that irrespective of how big the lie is this Friday in the jobs report that bullion markets will react little to it.
But we will (perhaps) get a few more clues about what to expect Friday in tomorrow's propaganda...
In 'Chilling' Ruling, Chevron Granted Access to Activists' Private Internet Data
"Sweeping" subpoena violates rights of those who spoke out against oil giant's devastating actions in Ecuador
- Lauren McCauley, staff writer
The US government is not the only entity who, with judicial approval, is amassing massive amounts of personal information against their so-called enemies.
A federal judge has ruled to allow Chevron, through a subpoena to Microsoft, to collect the IP usage records and identity information for email accounts owned by over 100 environmental activists, journalists and attorneys.
The oil giant is demanding the records in an attempt to cull together a lawsuit which alleges that the company was the victim of a conspiracy in the $18.2 billion judgment against it for dumping 18.5 billion gallons of oil waste in the Ecuadorean Amazon, causing untold damage to the rainforest.
The "sweeping" subpoena was one of three issued to Google, Yahoo! and Microsoft.
"Environmental advocates have the right to speak anonymously and travel without their every move and association being exposed to Chevron," said Marcia Hofmann, Senior Staff Attorney with the Electronic Frontier Foundation, who—along with environmental rights group EarthRights International (ERI)—had filed a motion last fall to "quash" the subpoenas...
And (of course) where things really get scary is when we consider that Big Brother, and Big Oil, and Big Agri, and Big Pharma are all simply tentacles of the One Bank...
Debsyl, you missed the point entirely. You demean an entire class of people, on the basis of a few anecdotes. The already prejudiced (right-wing) minds who already think that everyone on welfare "is lazy" will use trash like this to reinforce their prejudice -- and then propose slashing benefits for EVERYONE on the basis of individual abusers.
And no, taking a few THOUSAND dollars a year in welfare is NOT "equal to" stealing BILLIONS of dollars of dollars every year. Pull out your calculator if you don't believe me.
Shame on you, Jeff, for suggesting I demean an entire class of people? I did not state that, nor do I think that everyone on welfare is lazy. One of my closest friends, who recently passed away, was on welfare; she was NOT ABLE to work. Please don’t think you know me, or my thoughts.
I also did not state, nor suggest, slashing benefits for everyone.
Finally, I did not state NOR imply that the two crimes were equal in monetary value.
You may have some interesting and valid points with respect to a DIFFERENT subject you introduced into this thread; however, when you accuse me of thinking a given way or accuse me of writing something I must certainly did not write, my desire to discuss the subject further with you goes to NIL.
You would do well to stop judging me.
Debsyl, when you pick out an outrageous anecdote REPRESENTING an entire class of people ("people on welfare") who are already ostracized by much of society, then yes, you are absolutely demeaning the entire class.
It's no different than pointing to the behavior of a "bad Muslim", in societies with Islamaphobia. Lol! You're suggestion that picking on this one individual does not demean the entire class is either disingenuous, or very naive.
Of course you did much worse than that; you equated "welfare abuse" with the worst white-collar crime in the history of our species. That's like equating jay-walking with premeditated murder.
But this, in turn, creates further undesirable dynamics from the perspective of the Banksters: blackmarkets for gold (and soon silver?), and with it the inevitable Decoupling of prices which I have droned on about (lol) for months now. While I'll save readers another rendition of "I Knew An Old Lady Who Swallowed A Fly", you get the picture. Each time the One Bank seeks to pervert these markets in one manner, new dynamics arise which threaten its bullion market fraud -- but in new ways/directions.
This is another reason why I continue to assure those readers who hold (physical) bullion, in completely un-leveraged holdings that they have nothing to worry about. Ultimately (as we saw in the Spring) the only thing which the Banksters are capable of permanently destroying are their own, paper markets.
The Flight Out Of Paper we saw in the Spring has eased, but never stopped. The paper-bullion fraud funds of the One Bank are dying slow-and-ugly deaths. And should the Banksters engage in more of their new favorite form of stealing ("bail-ins"), we could see a further -- and even greater -- Exodus out of these paper markets (and all paper markets) by frightened paper-holders.
And where will at least SOME of that "frightened money" end up...?
The only reason the One Bank appears more formidable than Wile E. Coyote is because of the enormous advantage it has in size, resources, and (evil) planning. This Corporate Cancer has been growing for well over a century (as all viewers of are well aware), it controls or bullies the vast majority of the world's governments; has $TRILLIONS in current financial resources, and the ability to literally-and-instantly conjure more $Trillions for itself by simply snapping its fingers, and commanding its central bank lackeys.
Given these extraordinary advantages, and near omnipotence; contemplate how badly this Mega-Monopoly has screwed-up its own position -- wholly and totally due its obsessive, psychopathic greed. As I've reminded readers on many occasions; had the One Bank simply opted for a moderate level of price-manipulation in bullion markets (back when it had thousands of tons of (gold) bullion at its disposal); it could have maintained price-manipulation of these markets indefinitely -- without ever needing to squander its precious reserves.
It was these Banksters' (evil) desire to crush these markets which led to the squandering of thousands of tons (and perhaps tens of thousands) of gold; with much of this bullion already sold several times. What we see here is not some Master Planner, executing its schemes with finesse and precision. Rather, we see instead a Vicious Bully; whose only "plan" is to attempt to destroy anything-and-everything that stands in its way -- in ever more-blatant fashion.
Part of this lack of effort (now) to conceal its Dirty Deeds is clearly desperation, as its entire Paper Empire threatens to blow apart any day. But part of it is also unquestionably arrogance; the same arrogance which led to it squandering its vast gold reserves in the name of (greedy) short-term objectives.
Actions have consequences. And while readers may now be getting tired of hearing this truism; I can assure you that the One Bank and their minions detest this expression much more vehemently.
The paper-fraud markets are dying. Bullion prices are now starting to visibly Decouple, globally. And inventories remain dangerously close to default levels. If this constitutes "success" for the One Bank; clearly the Banksters don't ever want to witness what they would consider "failure".
Great Panther Updates Mineral Resource Estimates at the Guanajuato Mine Complex
Dec 03, 2013
GREAT PANTHER SILVER LIMITED (TSX: GPR)(NYSE MKT: GPL) ("the Company") announces the completion of the updated mineral resource estimates at the Company's wholly-owned Guanajuato Mine Complex ("Guanajuato Mine") in Guanajuato, Mexico. This update does not affect the San Ignacio Inferred resource estimate, which remains as reported in 2012.
Updated Measured and Indicated ("M&I") mineral resources at the Guanajuato Mine Complex comprise 504,700 tonnes at a grade of 174g/t silver ("Ag") and 1.65g/t gold ("Au"), containing 4,430,000 silver equivalent ounces ("Ag eq oz"), using a 50g/t silver equivalent ("Ag eq") cut-off;
Inferred mineral resources at the Guanajuato Mine Complex are estimated to comprise 434,000 tonnes at a grade of 140g/t Ag and 2.32g/t Au, containing 3,900,000 Ag eq oz. Different cut-off grades were used for the seven mineralized zones as indicated in the table below.
"We are pleased that ongoing underground drilling and development continues to extend the mineralized zones in advance of production," stated Robert Archer , President & CEO. "Although the M&I resource declined from previous levels, the Inferred resource increased substantially so we will be focusing our efforts on upgrading these ounces into the M&I category in 2014. The Inferred resource is based strictly upon drilling whereas the M&I resource also incorporates mine development and underground sampling. As such, the classification of a particular resource can often be a timing issue based upon mine development schedules. What is important for an underground operation like Guanajuato is that we are replacing ounces as they are being mined, as a 'rolling resource'."
Results of the recently completed development along the Veta Madre on the 525 metre level (lowest level) of the Cata Clavo included a 50 metre strike length grading 794g/t silver and 1.85g/t gold across an average true width of 3.6 metres. Underground drilling continues to explore the Veta Madre at Cata Clavo below the 525 level.
The 2013 Guanajuato Mine Complex mineral resource estimate contains Measured and Indicated mineral resources of 4,430,000 Ag eq oz including 3,348,000 Ag eq oz in the Measured category and 1,081,000 Ag eq oz in the Indicated category (see table below). Inferred mineral resources are estimated at 3,900,000 Ag eq oz. These are contained in the Cata Clavo, Los Pozos, Santa Margarita, San Cayetano, Promontorio, Valenciana and Guanajuatito zones. The Guanajuatito zone has been expanded with the addition of the Northwest and Southeast zones (see Company news release dated February 15, 2013), illustrating that additional mineralization is being found and added to inventory with systematic and focused drilling. A new zone, designated Los Pozos SE, has been added due to successful exploration immediately southeast of the Los Pozos zone. Additionally, initial Inferred mineral resource estimates have been added for the San Cayetano (Rayas shaft area south of Santa Margarita), Valenciana, and Promontorio zones.
Overall, from the last mineral resource estimate (effective date January 31, 2012), the Measured and Indicated classification decreased 21.6% (-1,219,000 Ag eq oz), while the Inferred mineral resource increased 55.8% (+1,397,000 Ag eq oz). Management is committed to maintaining or increasing mineral resources at the Guanajuato Mine, a commitment shown through focused drilling, and through better understanding of the complex structurally controlled mineralized zones.
Mining of four zones, namely Cata, Los Pozos, Santa Margarita and Guanajuatito, currently accounts for most of the Guanajuato metal production. This updated mineral resource will help in guiding development and with improving grades at the mines. Underground drilling will resume in 2014 with three drill rigs to delineate new resources on the upper extensions of Los Pozos SE (Veta Madre) and Santa Margarita, and the down dip extensions of the Cata Clavo zones.
Development and exploration are ongoing to expand mineral resources 1) along the Santa Margarita structure (hanging wall zone to Veta Madre) both to the southeast strike extension and between the 390 and 270 levels (above present mining), 2) at Guanajuatito (Veta Madre and a footwall zone) both laterally (50-120 level) and in deep extensions (245-390 levels), 3) at Valenciana (Veta Madre and both footwall and hanging wall zones as well as exploration both at depth and proximal to old workings), 4) at San Cayetano (Veta Madre), 5) at Cata in the upper areas along strike both to the SE and NW, and 6) at Promontorio (Veta Madre and both footwall and hanging wall zones).
Through a collaborate effort, a Special Projects team from the Company's Geology, Mining, and Planning Departments is reviewing all previously mined areas for opportunities in further exploitation. This has been a particularly successful effort as new opportunities can be turned into "un-official" mineral resources and mined within months due to existing access. Examples include the exploitation of high grade material from an old Los Pozos stope above the 250 level, along with expansion of the stope itself, and the further definition of mineralization presently being exploited on the Santa Margarita vein from the 390, 365, and 345 levels.
The updated mineral resource estimate for the Guanajuato Mine is valid as of July 31, 2013. Block model graphics, maps, sections and previous news releases can be viewed on the Company's website at www.greatpanther.com. The estimates were classified according to the CIM Definition Standards on Mineral Resources and Mineral Reserves and, as such, are consistent with the requirements of NI 43-101. The mineral resource estimate was completed by Linda Sprigg , RPGeo AIG, consultant mineral resource geologist for the Company and a Qualified Person ("Q.P."), and Robert Brown , P.Eng., and Company Q.P.
Guanajuato Mine Complex: Mineral Resource Estimations and Contained Silver Equivalent, Gold, and Silver
Tonnage Grade g/t Contained kOz
Area kt Ag Eq Au Ag Ag Eq Au Ag
Sub Total Cata 84.9 408 1.34 328 1,114 3.65 894
Sub Total Pozos 138.9 229 0.78 182 1,023 3.48 814
Sub Total Santa Margarita 85 335 4.72 51 914 12.90 140
Sub Total Guanajuatito 53.2 174 0.64 135 298 1.10 232
Total Measured 362 288 1.82 179 3,348 21.14 2,080
Sub Total Cata 33.1 420 1.38 337 448 1.47 359
Sub Total Pozos 35.8 148 0.55 116 171 0.63 133
Sub Total Santa Margarita 23 296 3.3 98 219 2.44 73
Sub Total Guanajuatito 50.7 150 0.65 111 244 1.06 180
Total Indicated 142.6 236 1.22 163 1,081 5.60 745
Sub Total Cata 118.1 411 1.35 330 1,561 5.13 1,254
Sub Total Pozos 174.7 213 0.73 169 1,194 4.11 947
Sub Total Santa Margarita 108 326 4.42 61 1,133 15.34 213
Sub Total Guanajuatito 103.9 162 0.65 123 542 2.16 412
Total Measured + Indicated 504.7 273 1.65 174 4,430 26.74 2,825
Sub Total Cata 12.7 489 1.53 398 199 0.62 162
Sub Total Pozos 17 341 0.65 302 186 0.35 165
Sub Total Santa Margarita 14.3 340 2.18 209 157 1.01 96
Sub Total Guanajuatito 88.8 289 0.99 229 824 2.82 654
Sub Total San Cayetano 41.5 307 3.69 85 410 4.93 114
Total Valenciana 127.2 269 2.58 114 1,101 10.57 467
Total Promontorio 132.4 241 2.84 70 1,024 12.09 298
Total Inferred 434 280 2.32 140 3,900 32.38 1,957
1. CIM Definitions were followed for Mineral Resources.
2. Measured and Indicated Mineral Resources are reported at a cut-off grade of 50g/t Ag Eq.
3. Inferred Mineral Resources are reported at area-specific cut-offs as follows: Cata 176g/t Ag Eq, Guanajuatito 164g/t Ag Eq, Pozos 178g/t Ag Eq, San Cayetano 169g/t Ag Eq, Santa Margarita 166g/t Ag Eq, Valenciana 167g/t Ag Eq, and Promontorio 166g/t Ag Eq.
4. Prices of US$1,280/Au oz and US$20.80/Ag oz were used in calculations.
5. Bulk Density is 2.68t/m3.
6. Totals may not agree due to rounding.
7. Ag Eq is given by the formula Ag Eq = Ag + 60*Au.
Both drill core and underground chip samples were assayed independently by SGS at the Company's Guanajuato Mine site laboratory. Aspects relating to mining and metallurgy are overseen by Juan Manuel Flores , V.P. Operations for Great Panther and its Mexican subsidiary, Minera Mexicana El Rosario, S.A. de C.V. Robert F. Brown, P.Eng., and Vice President of Exploration for the Company, is the Qualified Person for the Guanajuato Mine Project under the meaning of NI 43-101 and has reviewed these results. The Company's QA/QC program includes the regular insertion of blanks, duplicates, and standards into the sample shipments.
Pretium Resources Inc.: Underground Exploration Concludes With More High-Grade Gold Intersections and Expansion of the Valley of the Kings
Download this Press Release (PDF 1.03 MB)
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 2, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the remaining assay results from underground exploration drilling in the Valley of the Kings. These results include 8 intersections grading greater than 1,000 grams per tonne gold uncut from 6,164 meters of drilling in 46 holes. (See Table 1 below for assays.)
Selected drill highlights include:
Hole VU-365 intersected 328.91 grams of gold per tonne uncut over 20.50 meters, including 13,400 grams of gold per tonne uncut over 0.50 meters;
Hole VU-369 intersected 96.71 grams of gold per tonne uncut over 44.95 meters, including 7,700 grams of gold per tonne uncut over 0.50 meters;
Hole VU-384 intersected 331.99 grams of gold per tonne uncut over 8.00 meters, including 5,210 grams of gold per tonne uncut over 0.50 meters;
Hole VU-390 intersected 179.14 grams of gold per tonne uncut over 13.50 meters, including 4,780 grams of gold per tonne uncut over 0.50 meters;
Hole VU-397 intersected 175.44 grams of gold per tonne uncut over 10.78 meters, including 3,770 grams of gold per tonne uncut over 0.50 meters;
Hole VU-385 intersected 1,200 grams of gold per tonne uncut over 0.50 meters;
Hole VU-383 intersected 1,095 grams of gold per tonne uncut over 0.50 meters;
Hole VU-391 intersected 1,040 grams of gold per tonne uncut over 0.50 meters.
The bonanza-grade gold intercepts noted above were encountered in drilling to the east and west, as well as above and below the area of the Valley of the Kings Bulk Sample Program (the "Program").
Underground exploration drilling has expanded the defined Valley of the Kings high-grade gold mineralization to the east, and mineralization remains open in all directions.
For plan views of the reported drilling please visit the following link media3.marketwire.com/docs/pretfig21202.pdf.
In 2013 a total of 38,830 meters of underground drilling was completed in the Valley of the Kings, comprising 16,789 meters of Program drilling and 22,041 meters of exploration drilling. Assay results from 2013 drilling include a total of 69 intercepts grading over 1,000 grams per tonne gold uncut (of which 15 were in the Cleopatra Vein).
For a summary table of Valley of the Kings assay results by grade interval please visit the following link media3.marketwire.com/docs/pretfig11202.pdf.
Processing of the approximately 1,500 wet tonnes of bulk sample material remaining from the Program is expected to be completed this week, with final results reported after the completion of assaying.
The results both from the 38,830 meters of underground drilling and from milling will be incorporated into the updated Mineral Resource estimate for the Valley of the Kings expected later this month.
Table 1: Valley of the Kings Drill Results, December 2013 (VU-363 to VU-408)(1,2,3,4)
(meters) Interval (meters) Gold
Exploration Drilling from Drill Bay Section 426700E (180 Azimuth)
VU-363 -44/180 55.50 62.95 7.45 7.05 6.47
incl 62.35 62.95 0.60 79.00 17.30
74.50 80.05 5.55 13.05 11.56
incl 76.26 76.76 0.50 35.30 8.80
incl 78.50 79.00 0.50 30.70 13.00
incl 79.55 80.05 0.50 23.90 15.40
104.50 113.60 9.10 11.91 12.56
105.25 105.75 0.50 207.00 160.00
VU-364 -33/180 3.00 19.50 16.50 21.80 52.67 1 Au sample cut
or 3.00 19.50 16.50 31.52 52.67 Uncut
incl 9.00 10.50 1.50 75.40 156.00
15.10 15.60 0.50 751.00 456.00 Uncut
59.50 63.50 4.00 3.97 6.40
83.55 84.05 0.50 162.00 32.80
VU-365 -18/180 1.00 12.67 11.67 9.37 12.53
incl 1.82 2.32 0.50 78.70 58.90
incl 8.06 8.86 0.80 27.30 24.50
incl 12.17 12.67 0.50 77.80 17.60
21.46 30.03 8.57 5.51 12.13
incl 26.43 26.93 0.50 67.80 47.10
50.50 71.00 20.50 12.57 118.78 1 Au sample cut
or 50.50 71.00 20.50 328.91 118.78 Uncut
incl 69.18 69.68 0.50 13,400 4,690 Uncut
69.68 71.00 1.32 23.10 6.90
VU-366 1/180 0.00 24.00 24.00 3.57 9.67
1.00 2.00 1.00 48.60 42.20
45.00 62.96 17.96 25.39 9.58
incl 48.00 49.50 1.50 283.00 88.50
incl 62.41 62.96 0.55 46.60 24.80
VU-367 24/180 18.00 30.00 12.00 2.64 5.73
VU-368 42/180 55.75 77.60 21.85 11.44 19.87 1 Au sample cut
or 55.75 77.60 21.85 17.89 19.87 Uncut
incl 55.75 56.25 0.50 712.00 577.00 Uncut
77.10 77.60 0.50 49.30 60.90
Exploration Drilling from Drill Bay Section 426700E (165 Azimuth)
VU-369 -35/165 3.55 48.50 44.95 14.10 61.96 2 Au samples cut
or 3.55 48.50 44.95 96.71 61.35 Uncut
incl 4.05 4.50 0.45 24.20 32.90
incl 7.85 8.36 0.51 251.00 90.30
incl 34.47 34.97 0.50 7,770 3,880 Uncut
incl 47.54 48.04 0.50 516.00 352.00 Uncut
68.00 76.00 8.00 29.38 46.17 1 Au sample cut
or 68.00 76.00 8.00 57.88 46.17 Uncut
incl 72.99 73.49 0.50 886.00 624.00 Uncut
VU-370 -20/165 13.50 25.25 11.75 14.63 14.15
incl 17.70 18.30 0.60 266.00 133.00
39.00 47.00 8.00 8.06 31.49
incl 41.53 42.03 0.50 88.70 56.30
VU-371 1/165 28.50 56.00 27.50 7.22 9.65
incl 52.15 52.65 0.50 344.00 280.00
VU-372 30/165 42.00 51.00 9.00 1.38 7.23
VU-373 -45/165 31.00 44.41 13.41 2.25 8.73
57.90 64.20 6.30 19.88 16.79
incl 63.70 64.20 0.50 238.00 163.00
84.40 96.94 12.54 14.10 20.21
incl 93.00 93.50 0.50 300.00 319.00
Exploration Drilling from Drill Bay Section 426700E (150 Azimuth)
VU-374 -40/150 9.00 13.74 4.74 9.10 42.69
incl 11.90 12.50 0.60 64.10 49.00
24.60 34.50 9.90 10.36 35.33
incl 26.20 26.65 0.45 22.30 6.10
incl 28.35 28.95 0.60 96.60 68.20
incl 30.37 30.87 0.50 40.20 289.00
42.77 43.27 0.50 17.05 5.80
64.50 75.50 11.00 10.31 13.94
incl 64.50 65.00 0.50 186.50 131.00
104.50 122.50 18.00 12.26 12.53
incl 112.23 112.73 0.50 175.00 79.00
incl 121.00 122.50 1.50 68.10 29.00
VU-375 -29/150 10.45 26.15 15.70 12.66 25.98
incl 10.45 11.00 0.55 26.00 68.10
incl 17.68 18.18 0.50 275.00 176.00
incl 22.00 22.50 0.50 16.30 62.90
48.70 51.25 2.55 16.02 10.65
incl 48.70 49.20 0.50 73.30 28.00
VU-377 -16/150 22.80 43.43 20.63 11.78 24.04
incl 24.77 25.27 0.50 54.00 24.77
incl 31.25 31.75 0.50 285.00 197.00
incl 42.43 42.93 0.50 103.00 333.00
VU-379 1/150 36.00 65.50 29.50 0.91 5.20
VU-380 16/150 51.50 61.00 9.50 2.59 15.90
VU-382 40/150 21.00 39.00 18.00 1.25 3.54
112.00 113.50 1.50 40.50 25.70
Exploration Drilling from Drill Bay Section 426652E (80 Azimuth)
VU-384 1/80 4.07 15.50 11.43 25.46 28.34 1 Au sample cut
or 4.07 15.50 11.43 41.47 28.34 Uncut
incl 4.07 4.57 0.50 796.00 547.00
incl 14.00 15.50 1.50 48.70 19.00
57.50 72.48 14.98 8.12 13.01
incl 68.25 68.75 0.50 202.00 294.00
136.50 144.50 8.00 33.24 256.74 1 Au sample cut
or 136.50 144.50 8.00 331.99 256.74 Uncut
incl 137.00 137.50 0.50 5,210 2,570 Uncut
137.50 138.00 0.50 48.90 37.90
VU-386 -23/80 100.50 108.00 7.50 1.85 28.13
VU-388 -40/80 3.29 7.50 4.21 7.19 12.21
incl 3.29 3.79 0.50 55.00 84.50
97.50 127.50 30.00 1.47 18.79
VU-390 -52/80 20.14 32.50 12.36 1.82 1.85
94.50 108.00 13.50 18.03 114.47 1 Au sample cut
or 94.50 108.00 13.50 179.14 114.47 Uncut
incl 97.77 98.27 0.50 4,780 1,775 Uncut
VU-392 24/80 68.35 112.00 43.65 6.18 15.04
incl 68.35 68.85 0.50 411.00 99.40
Exploration Drilling from Drill Bay Section 426652E (95 Azimuth)
VU-395 -64/95 20.35 20.85 0.50 68.50 20.10
96.00 137.97 41.97 10.66 15.71
incl 105.38 105.88 0.50 403.00 543.00
incl 113.23 113.73 0.50 47.50 39.90
incl 113.73 114.23 0.50 153.50 97.10
incl 125.67 126.17 0.50 96.10 39.00
incl 133.47 133.97 0.50 21.50 67.30
VU-396 -45/95 100.95 109.00 8.05 13.44 13.50
100.95 101.45 0.50 206.00 140.00
123.40 148.40 25.00 11.09 13.49 1 Au sample cut
or 123.40 148.40 25.00 11.59 13.49 Uncut
incl 123.40 123.90 0.50 455.00 242.00 Uncut
142.02 142.52 0.50 64.40 84.40
VU-400 -23/95 3.73 4.23 0.50 44.80 27.40
27.27 28.27 1.00 92.50 28.80
Exploration Drilling from Drill Bay Section 426652E (110 Azimuth)
VU-403 -62/110 86.90 101.40 14.50 0.69 5.39
VU-404 -50/110 88.30 96.90 8.60 8.55 12.17
incl 91.40 91.90 0.50 69.40 76.40
incl 91.90 92.40 0.50 21.50 20.20
VU-406 -35/110 94.97 95.47 0.50 35.70 13.80
Exploration Drilling from Drill Bay Section 426482E (244 Azimuth)
VU-376 1/244 16.50 18.00 1.50 20.50 15.70
70.46 80.32 9.86 4.17 3.88
incl 70.46 70.96 0.50 66.20 27.70
VU-378 22/244 12.00 37.50 25.50 0.71 6.28
VU-381 40/244 65.00 78.50 13.50 1.30 22.98
VU-383 52/244 46.95 73.50 26.55 1.17 6.74
85.50 106.50 21.00 11.20 25.51 1 Au sample cut
or 85.50 106.50 21.00 27.04 25.51 Uncut
incl 102.97 103.47 0.50 1,095 786.00 Uncut
132.50 142.00 9.50 4.32 8.35
138.62 139.12 0.50 46.90 12.50
VU-385 -22/244 8.77 39.90 31.13 8.77 26.43 1 Au sample cut
or 8.77 39.90 31.13 21.14 26.43 Uncut
incl 8.77 9.27 0.50 1,200 913.00 Uncut
67.00 84.50 17.50 12.81 14.59 1 Au sample cut
or 67.00 84.50 17.50 23.27 14.59 Uncut
incl 76.79 77.29 0.50 796.00 369.00 Uncut
51.00 66.00 15.00 4.69 8.10
incl 63.15 64.85 1.70 23.46 45.94
VU-387 -38/244 13.44 13.94 0.50 18.50 14.30
Exploration Drilling from Drill Bay Section 426482E (231 Azimuth)
VU-389 1/231 23.12 41.50 18.38 8.01 9.38
23.12 23.62 0.50 271.00 152.00
77.50 79.00 1.50 33.40 30.00
VU-391 28/231 50.80 72.50 21.70 13.23 19.74 1 Au sample cut
or 50.80 72.50 21.70 27.29 19.74 Uncut
incl 65.44 65.94 0.50 31.60 20.10
incl 67.44 67.84 0.40 33.30 36.00
incl 67.84 68.34 0.50 1,040 609.00 Uncut
111.50 130.50 19.00 1.86 5.77
VU-393 45/231 37.50 50.15 12.65 8.28 19.24
40.50 42.00 1.50 56.30 37.00
VU-394 -26/231 41.44 77.50 36.06 0.91 2.96
106.10 106.60 0.50 18.50 13.40
VU-397 13.5/231 73.51 84.29 10.78 20.52 111.85 1 Au sample cut
or 73.51 84.29 10.78 175.44 111.85 Uncut
incl 83.29 83.79 0.50 3,770 2,340
Exploration Drilling from Drill Bay Section 426482E (155 Azimuth)
VU-398 23/155 38.72 48.88 10.16 1.39 15.42
VU-399 1/155 39.50 68.00 28.50 1.06 6.19
VU-401(4) -23/155 83.92 101.50 17.58 10.57 6.25
incl 85.74 86.24 0.50 339.00 92.40
VU-402 -44/155 21.00 26.13 5.13 6.31 21.10
incl 25.50 26.13 0.63 36.40 9.20
105.33 144.00 38.67 1.33 9.28
Exploration Drilling from Drill Bay Section 426616E (100 Azimuth)
VU-405 19/100 34.90 37.90 3.00 1.40 34.20
66.20 110.00 43.80 0.96 11.11
incl 115.00 138.55 23.55 2.40 21.72
incl 120.63 121.13 0.50 40.70 20.00
incl 185.00 186.50 1.50 32.90 33.40
VU-407 43/100 98.10 110.41 12.31 7.92 61.22
incl 102.80 103.39 0.59 32.20 327.00
incl 103.39 103.89 0.50 24.80 259.00
incl 109.91 110.41 0.50 56.40 146.00
135.50 140.65 5.15 7.81 144.76
incl 137.50 138.00 0.50 13.50 197.00
incl 138.00 138.50 0.50 19.05 542.00
154.71 163.20 8.49 8.64 41.65
incl 162.70 163.20 0.50 129.50 206.00
VU-408 63/100 91.33 95.83 4.50 9.12 90.00
92.33 92.83 0.50 34.40 296.00
92.83 93.34 0.51 21.80 191.00
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 g/t.
(3) All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
(4) Hole ended in mineralization.
Kenneth C. McNaughton , M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
GoGold Signs LOI with Animas to Buy Santa Gertrudis Open Pit Gold Mine in Mexico
November 25, 2013
PR#13 - 2013
Trading Symbol: TSX: GGD
Shares Issued: 132,981,894
GoGold Signs LOI with Animas to Buy Santa Gertrudis Open Pit Gold Mine in Mexico
GoGold Resources Ltd. (TSX: GGD), (GoGold), has signed a letter of intent (LOI), with Animas Resources Ltd. (“Animas”) (TSX-V: ANI) to buy the past producing Santa Gertrudis Gold Mine located in Sonora Mexico. The LOI allows GoGold to acquire 100% of the Animas Mexican subsidiaries which hold the titles to the Santa Gertrudis Gold Mine. The Letter of Intent is subject to several conditions, including completion of satisfactory due diligence by GoGold, which is currently underway, the signing of a definitive acquisition agreement as well as all necessary regulatory approvals.
The Santa Gertrudis Gold Mine, located 180 km north of Hermosillo, Sonora, Mexico, was discovered by Phelps Dodge in 1986 and advanced to open pit heap leach production in 1991. From May 1991 to October 2000, the Santa Gertrudis Gold Mine produced 564,000 ounces of gold at an average grade of 2.13 grams per tonne. Phelps Dodge sold part of the Santa Gertrudis Gold Mine to Campbell Resources in 1994 for US$ 10 million. Campbell Resources later ceased mining and processing activity due to low gold prices during the late 1990’s and settled some outstanding debts by assigning several core area concessions, including the un-mined Cristina deposit, to certain local Mexican contractors. The Amelia Mine, also located within Animas’ claims, was estimated to have historically produced over 1 million tonnes at 2.88g Au/tonne. Over the past several years all of the above claims have been reassembled by Animas and are being purchased by GoGold. A current 43-101 resource exists in and around the open pits at the Santa Gertrudis Gold Mine, a portion of which at the time of production was in the mine plan for extraction. Currently the resources are classified as inferred under the 43-101 regulations, and consist of 557,000 ounces of gold in 13.5 M tonnes at a grade of 1.28 g/t. (Technical Report and Resource Estimate on the Santa Gertrudis Gold Project, Sonora, Mexico prepared for Animas Resources Ltd. dated December 31, 2010 by Alan Noble, Ore Reserves Engineer and Professional Engineer).
Our technical team is currently evaluating a large database located at the mine site of 2422 drill holes, (250,539 meters of both core and RC drilling) along with more than 100,000 meters of blast holes to upgrade the current resource to measured and indicated to advance the project towards final feasibility and production. Our team believes they can achieve final feasibility by mid-2014. The initial goal is to generate a mine plan to extract the remaining gold around past mining operations and GoGold will ultimately seek to bring more of the project into production over time.
The payment terms of the acquisition are as follows:
$3,000,000 payable in cash over three years from the date of closing of the transaction;
A 3% net smelter returns royalty for gold and silver and a 2% net smelter royalty for all other metals on the Santa Gertrudis Gold project (the “NSR”). The NSR will be calculated and paid before any tax, VAT, or withholding tax. GoGold will also have the right to purchase one-third of the NSR at any time for $5,000,000; and,
Starting January 1, 2017, a minimum advance royalty of $250,000 annually for a period of 4 years in the event the mine is not in production. These advance royalty payments will be credited against any payments of the NSR.
Mr. Terry Coughlan, President and CEO, states that “We are pleased to have the opportunity to put the Santa Gertrudis Gold Mine back into production. We are currently constructing our Parral Tailings Mine in Chihuahua and plan to start production there in May 2014. The Santa Gertrudis mine fits GoGold’s vision to add projects with potentially low start-up costs and a fast track to production. With our teams’ past track record of successfully building and operating mines in Mexico, we believe that we can bring this past producing mine back into operation quickly adding significant value for our shareholders.”
The names of nearly three-quarters of a million individuals have been secretly added to watch lists administered by the United States government, but federal officials are adamant about keeping information about these rosters under wraps.
A report by the New York Times’ Susan Stellin published over the weekend attempted to shine much-deserved light on an otherwise largely unexposed program of federal watch lists, but details about these directories — including the names of individuals on them and what they did to get there — remain as elusive as ever.
More than 12 years after the terrorist attacks of September 11, 2001, federal agencies continue to keep lists on hand containing names of individuals of interest: people who often end up un-cleared to enter or exit the US due to an array of activity that could be considered suspicious or terrorist-related to government officials.
In 2008, the American Civil Liberties Union claimed that an Inspector General of the Department of Justice report found at least 700,000 individual names on the database maintained by the Terrorist Screening Center, the Federal Bureau of Investigation sub-office tasked with overseeing the “single database of identifying information about those known or reasonably suspected of being involved in terrorist activity.” Five years later, that number of suspicious persons is reportedly close to what it was at the time. Half-a-decade down the road, however, Americans and foreign nationals who end up on the government’s radar are offered little chance to find out how they ended there, or even file an appeal.
According to some, that’s just the start of what’s wrong with these lists.
“If you’ve done the paperwork correctly, then you can effectively enter someone onto the watch list,” SUNY Buffalo Law School associate professor Anya Bernstein told Stellin for this weekend’s report. What’s more, though, according to Bernstein, is that “There’s no indication that agencies undertake any kind of regular retrospective review to assess how good they are at predicting the conduct they’re targeting,” suggesting that anyone can be targeted and added to such a list with little oversight to protect them.
“When you have a huge list of people who are likely to commit terrorist acts, it’s easy to think that terrorism is a really big problem and we should be devoting a lot of resources to fighting it,” Bernstein added. With almost no transparency and outrages aplenty, though, she argues that the government’s watch lists are largely flawed and can erroneously ruin an innocent person’s life.
Such is the case with Rahinah Ibrahim, 48-year-old a former Standard University doctoral student who was expected to be in federal court in San Francisco, California Monday morning for the latest hearing in a case that stems from an incident in 2005 that ended with her learning she had been added to a terrorist watch list. Ibrahim was attempting to board a Hawaii-bound plane from San Francisco International Airport in traditional Muslim garb when she was taken into custody and told she had landed herself on a terrorist watch list. Nearly a decade later Ibrahim continues to disavow any connections with terrorism, but the issues surrounding the watch list program has made it seemingly impossible to find out what she did, let alone have her name removed from the list.
“We’ve tried to get discovery into whether our client has been surveilled and have been shut down on that,” Elizabeth Pipkin, a lawyer representing Ms. Ibrahim, added to the Times. “They won’t answer that question for us.”
"She doesn't want this to happen to other people -- to be wrongfully included on these lists that haunt them for years and years," Pipkin said recently to Northern California’s Mercury News.
"No one knows how the targets get on the lists," she said. "The government has never contested this case on the merits. We don't think they have a defense."
But with Monday’s hearing coming nearly a decade after Ibrahim first found herself in trouble, the likelihood of any reform coming soon to the watch list system seems slim-to-none. ACLU lawyer Hina Shamsi even told the Times that the system keeping the watch lists in tact seems to be more flawed than the one guarding over terrorist suspects held at America’s military prison at Guantanamo Bay, Cuba.
“People who are accused of being enemy combatants at Guantánamo have the ability to challenge their detention, however imperfect that now is,” Shamsi told Stellin. “It makes no sense that people who have not actually been accused of any wrongdoing can’t challenge.”
A Terrorist Screening Center official reached for comment by the Times claimed that fewer than one percent of those listed on such rosters are US citizens or legal permanent residents, but as Stellin points out, “there is no way to confirm that number.”
While the rest of the government prepared to shut down this fall, the State Department was busy stocking up on embassy liquor supplies.
In September, the final month of the fiscal year, the State Department spent about $180,000 — and racked up a total of more than $400,000 for the whole year, three times the entire liquor tab for all of 2008.
The liquor bill, split among purchase orders placed at embassies around the world, included some major last-minute pre-shutdown splurges:
• $5,625 in “gratuity wine” at the embassy in Rio de Janeiro on Sept. 29, followed by $5,925 in “gratuity whiskey” on the day the shutdown began.
• $22,416 in wine at the embassy in Tokyo.
**FILE** Bottles of alcohol are seen lining the shelves of a liquor store Aug. 31, 2009, in Springfield, Ill. (Associated Press)
• $15,900 in bourbon and whiskey in Moscow.
U.S. embassies have long served alcohol at diplomatic events under Democratic and Republican administrations alike — and in good economic times as well as bad.
But the booze bill has risen sharply each year since 2008, according to the federal government’s procurement database, which includes a specific code enabling the public to track alcoholic beverage purchase orders.
Those records show the State Department bought $415,000 worth of alcohol in fiscal 2012, which was 25 percent more than the $331,000 spent in 2011 and more than triple the $118,000 spent in 2008.
Saving a few hundred thousand dollars won’t do much to reduce the government’s $17 trillion debt, but any increase in taxpayer dollars spent on wine and whiskey deserves closer scrutiny in tough fiscal times, said Dave Williams, president of the nonprofit Taxpayers Protection Alliance, a watchdog group.
The department went on a buying binge just before the partial federal government shutdown and in the final days of the fiscal year, when many federal agencies try to spend all of the money in their budgets or risk exposing areas for congressional cuts.
“This is what taxpayers don’t understand,” Mr. Williams said. “You have a looming government shutdown but then you have a ‘use-it-or-lose-it’ mentality where someone is spending tens of thousands of dollars because they have to.
“If you’re a family or a business and you’re getting ready for a potential loss of revenue, the first thing you do is get rid of the parties,” he said. “It’s symbolic.”
In a statement to The Times, a State Department representative said “it would be an oversimplification to look at a subset of purchases made by embassies overseas and draw a conclusion about the department’s operational priorities at the time.”
Officials also said, as they did in 2010 when The Times inquired about a sharp increase in alcohol spending, that funds are spent for representational purposes.
Romania riot police clear protesters
PUNGESTI - Hundreds of Romanian riot police armed with batons early on Monday forcibly removed some 100 villagers who had been camping out for weeks in protest of Chevron's plans to drill for shale gas, witnesses said.
The residents of Pungesti in northeastern Romania had set up a protest camp in a privately-owned field next to the site where the US energy giant plans to drill its first exploration well.
"The police arrived, they beat us and dragged us away," said one of the villagers, Elena Privac.
"They forced us out of the camp we had set up and blocked the road, not even school buses are allowed to pass," she added.
Journalists were stopped from going near the scene and the police were not available for comment.
Around 1,000 riot police were involved in the operation, while the police put the number at 300.
The owner of the field where the villagers had been camping out for more than six weeks had agreed to the protest.
Chevron suspended activities in the region after the start of the protests in October and instead launched a door-to-door information campaign about its plans.
Villagers are afraid of the environmental and health impact of the highly controversial drilling method used to unlock shale gas, called hydraulic fracturing or "fracking".
The technique consists of pumping water and chemicals at high pressure into deep rock formations to free oil and gas, with environmentalists warning the process may contaminate ground water and even cause small earthquakes.
Pungesti is one of three villages in Romania's impoverished northeast, along with the country's Black Sea coast, where Chevron has permits to explore for shale gas.
So you are making a moral judgement,which according to you, a Christian should not be making as only God can judge.
Samix, earlier when mention was made of judging, you asked me to judge a person (and/or persons to hell). I clearly told you that it is not for me to judge ones eternal destination. I have God’s word however to assist in determining whether my actions are acceptable or not.
We are always to remember that the “measuring stick” we use to "judge" another will be used by our God to measure us.
Judge not, that ye be not judged. For with what judgment ye judge, ye shall be judged: and with what measure ye mete, it shall be measured to you again. And why beholdest thou the mote that is in thy brother's eye, but considerest not the beam that is in thine own eye? ...
Remember the various trees bringing forth different fruit? We judge a tree by the quality of its fruit, so also we can determine what type of person we are doing business with or the type of friends our children have chosen. What type of “fruit” are they presenting for the entire world to see?
Under the Islamic economic law the husband is responsible for the economic upkeep of his wife and kids, our women do not need to work, their husbands have to do all the hard work for them and feed and clothe them.
That may be “Islamic economic law” and the ideal for Muslims, but the reality is very different for Muslims in Canada.
Interestingly Christian husbands are also responsible for supplying the family’s finances; however, the reality is that it is almost impossible in this economy to support a family on one income. Many Christian families provide day care in their homes for other families. Others find jobs that will allow wives to work different shifts than their husbands; still others have home run businesses to assist with the family finances. Our churches can also be called on to help those in need. Finally, grandparents have been known to assist in financial matters.
The most important aspect is we do not give our children to another to raise them; we understand that it our responsibility to raise and nurture our own children.
Secondly, for people who are healthy and refuse to work, the Islamic state can take action against them because, under the Islamic law, we believe in judging people based on their apparent actions unlike Christians, who as you have informed us, do not judge people at all.
Christians do not take the law in their own hands; they leave enforcing the laws up to the government who created the laws.
So because of that important consideration (lol), I'm going to make today an abbreviated edition, even though the (phony) paper prices have once again dipped today. There's really nothing to say about this, as there is (obviously) no "reason" (ever) for lower bullion prices -- and none of the drivel from the Corporate Media "explaining" the latest price-suppression are even worthy of addressing.
I trust that today's commentary had enough new thoughts/ideas in it to provide some dramatic impact for readers, even after I gave readers here a "sneak preview" of what I would be discussing:
Gold Market Secretly Decoupling
So rather than obsessing about the (totally meaningless) paper-fraud prices for gold and silver; I would encourage readers to dive into today's commentary, and look to thoroughly understand the dynamics involved with price-decoupling. Unless/until the One Bank is smashed into little pieces, and 21st century neo-feudalism is brought to an end; Decoupling offers the ONLY possibility of at least one facet of our lives actually improving...
I say when your dog has this look on his face!
Understand that all savings rates are AVERAGES. So with the Top-1% adding $TRILLIONS per year to their hoards; this drives up the "average savings rate" tremendously. Meanwhile; the bottom-50% have ZERO savings. The next 30% struggle to save anything -- and still try to maintain a "middle class" standard of living.
The only people for whom this characterization is accurate is the top-20%; and they have access to tax-shelters which will insulate them from any of Summers' evil plans. It's only the Little People, whom already have practically nothing in savings who will be crucified even further.
Then there is the lie that "too much savings" is the problem with this DEAD economy. The problem is absurdly excessive levels of DEBT, and the only "cure" is Debt Jubillee. But you will never here One Bank prostitutes like Larry Summers utter those words...
|Friday, 27 April 2012 06:48|
|Sunday, 04 March 2012 12:15|
|Saturday, 25 February 2012 09:31|
|Saturday, 18 February 2012 09:51|
|Friday, 10 February 2012 09:03|
|Friday, 10 February 2012 08:55|
|Wednesday, 25 January 2012 15:41|
|Tuesday, 10 January 2012 14:55|
|Wednesday, 07 December 2011 16:57|
|Saturday, 19 November 2011 10:11|
My twitter updates
My kunena updates
AUN, La Negr, skarn, surface sampling show gold... in Top Picks on Monday, 11 February 2013 10:20
Re: Police acquire military-grade vehicles and weapons in Off Topic on Sunday, 03 February 2013 06:22
Re: Aurcana Announces Commercial Production at Shafter in Top Picks on Friday, 25 January 2013 14:52
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Gold Market Secretly Decoupling
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