Reporting on its third-quarter profits Thursday, Barrick Gold Corp. announced they fell by 26 percent to $97 million, saying that downward pressure came mainly from the impairment charges.
While gold prices were higher than projected for Barrick, sales dropped by 4 percent to offset the higher price.
Net income for the quarter ending September 30 reached $254 million, or 29 cents a share, down significantly from the $345 million, or 39 cents a share enjoyed in the third quarter of 2007. Analysts had been looking for about 47 cents a share.
The impairment charges came from investments in Highland Gold Mining LTD, a company based in Russia, as well as junior mining companies.
Revenue did increase from $1.68 billion to $1.88 billion for the quarter.
Gold sales came in at 1.8 million ounces at $872 an ounce during the quarter, in contrast to the 1.89 million ounces sold last year during the same period at $681 an ounce. Costs increased year-over-year, rising from $365 an ounce to $466 an ounce.
The company stands by its guidance of production of between 7.6 million to 7.8 million ounces of gold, with costs of between $425 an ounce to $445 an ounce.
Chief Executive Officer Peter Munk said in looking ahead he is very positive on the outlook for gold.
Thursday, October 30, 2008
Reporting on its third-quarter profits Thursday, Barrick Gold Corp. announced they fell by 26 percent to $97 million, saying that downward pressure came mainly from the impairment charges.
Wednesday, October 29, 2008
Newmont Mining Corp. (NEM) released its third-quarter profits on Wednesday, and said profits plunged by over 50 percent, as shipment of gold and copper declined and production cost rose.
The world's second-largest gold miner had overall revenue drop by 13.9 percent to $1.39 billion.
For the quarter net income fell to $196 million, a huge plunge from the $397 million the company enjoyed a year ago. Share price also fell from 88 cents a share to 43 cents a share during that same time period.
Also falling significantly was income from continuing operations, which last year stood at 73 cents a share, and in the third quarter dropped to 39 cents a share.
Another problem the company has is the challenges related to costs in developing its Western Australia Boddington project, which Newmont thought would be ready for operation sometime in the middle of 2009. Original projections were for 600,000 to 700,000 ounces of gold to be produced on average over a five-year period.
Most mining companies will continue to suffer until the forced liquidation period coming from the tight credit market is over. Until then, this will be the story for mining companies across the board.
Tuesday, October 28, 2008
BOCA RATON, Fla., Oct 28, 2008 (GlobeNewswire via COMTEX) -- New Asia Gold Corp. (Pink Sheets:NWAG) is pleased to announce that further evaluation of the existing exploration data shows that there is considerable scope for finding a large gold deposit at depth on the Kapur Project. The Company is confident that its shallow drilling program will substantially increase its proven gold reserves at shallow depths. The existing proven gold reserves were based on only 16 of 41 drill holes and none of the 52 trenches that were excavated. Of the 52 trenches there were excavated, 42 demonstrated different degrees of mineralization as well as many of the drill holes not used in the reserve evaluation had gold intersections.
New Asia Gold Corp. is a successful exploration company that has found and defined proven gold reserves. Based on independent assessment reports, the Company currently has proven gold reserves of 330,000 ounces of gold with a value of $282 million U.S. assuming an average gold price of $850 US per ounce. The Company has further estimated probable reserves of 2.5 million ounces of gold. As the Company completes its drilling program this fall, it is anticipated that the proven reserves will be increased substantially. Currently no inferred or probable reserve can be assigned to the potential for reserves at depth. Based on existing assets, the Company expects explosive growth as the drilling results are obtained.
New Asia Gold Corp. trades in the United States on the NQB Pink Sheets under the symbol "NWAG". For further information, please contact Nancy Goldman at (516) 962-4139 or go to New Asia Gold.
NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: New Asia Gold Corp.
New Asia Gold Corp.
(C) Copyright 2008 GlobeNewswire, Inc. All rights reserved.
Anglo Swiss Resources Inc. to Introduce the Kenville Gold Mine Property to the Mining Public by Technical Presentations and a Guided Tour
VANCOUVER, BC, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Anglo Swiss Resources Inc. (CA:ASW) (ASWRF) (BERLIN: AMO) is pleased to announce the Company is a featured participant at the upcoming Chamber of Mines of Eastern B.C. Minerals South 2008 Conference and Trade Show on November 4 to 7, in Nelson, B.C.
Ted Nunn, P. Eng and Greg Thomson, P. Geo. of Anglo Swiss Resources will be presenting the Kenville Gold Mine property, located within the Nelson Mining Camp at the conference. A tour of the property is arranged for November 7th and interested parties can register by contacting the Chamber of Mines of Eastern B.C., 215 Hall Street, Nelson, B.C. V1L 5X4, their contact number is 250-352-5242 or by email to firstname.lastname@example.org. A virtual tour is located on the Company website under the Video Gallery.
The Kenville Gold Mine is a gold and silver producer with intermittent mining carried out under various owners from 1890 to 1954. Mining has been carried out on a series of northwest trending mesothermal quartz veins containing high grade gold and silver values with accessory values in lead, zinc, copper, cadmium and tungsten. Government records indicate that past production from 181,295 tonnes mined totaled:
* 2,029 kilograms of gold or 4,473 pounds;
* 861 kilograms of silver or 1,848 pounds;
* 23.5 tonnes of lead or 51,808 pounds;
* 15 tonnes of zinc or 33,069 pounds;
* 1.6 tonnes of copper or 3,527 pounds;
* 37 kilograms of cadmium or 81.5 pounds.
Since taking over the Kenville property in 1992, Anglo Swiss Resources Inc. has recognized the strong potential for locating further mineral reserves on the property. Recognizing that the Kenville property has seen very little modern exploration, Anglo Swiss has recently carried out extensive geochemical and geophysical (IP and magnetics) programs in order to better delineate diamond drill targets. Diamond drill programs in 2007 (1365 m in 5 drill holes) and 2008 (14,058 m in 45 drill holes) have located several newly discovered high-grade gold-silver veins on the west side of the property. At least 4 new veins have been discovered and can be followed consistently along strike for at least 700 metres (2300 feet). Diamond drilling has also been carried out beneath and along strike of the historic workings of the Kenville Mine, also with encouraging results. The Kenville property also contains significant zones of disseminated copper and/or molybdenum mineralization and fracture-controlled copper (silver, molybdenum, gold).
About Anglo Swiss Resources
Anglo Swiss is actively exploring and drilling its 100% owned, advanced staged Kenville Gold Property located in southeastern British Columbia with the goal of developing a world-class gold-silver copper deposit. The company is also in the process of exploring a diamondiferous bearing Kimberlite property, known as the Fry Inlet Diamond Property, located in the Lac de Gras region of Canada's Northwest Territories, in which it has the right to earn up to a 60% interest pursuant to an option and joint venture agreement with New Shoshoni Ventures Ltd.
For further information, investors are asked to visit the Anglo Swiss Resources Investor Relations Hub at Anglo Swiss Resources or email to ASW@agoracom.com. Please visit the company's website at www.anglo-swiss.com or contact:
The TSX Venture Exchange has not reviewed and does not accept responsibility for http://www.investorawareness.com the adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
President and Chief Executive Officer
Tel: (604) 683-0484
Fax: (604) 683-7497
Email: Email Contact
Investor Relations Contacts:
Jeff Walker or Grant Howard
The Howard Group Inc.
Toll Free: 1-888-221-0915
Tony Schor or Jim Foy
Investor Awareness Inc.
SOURCE: Anglo Swiss Resources Inc.
Copyright 2008 Market Wire, All rights reserved.
LAKEWOOD, Colo., Oct 28, 2008 (BUSINESS WIRE) -- Colorado Goldfields Inc. (CGFI), puts the spotlight on Consultant Jerry Sandell direct from the Company's properties in Silverton, Colorado. In a candid unrehearsed video interview by Chief Financial Officer C. Stephen Guyer, Mr. Sandell talks about his life, and the future prospects for Colorado Goldfields.
A second generation miner, born in a mining camp, who has been underground numerous times in the Gold King Mine, Mr. Sandell sits for a thoughtful interview regarding the potential for the company, his personal experience with the Gold King Mine, and what the "old-timers" have to say about Colorado Goldfields' prospects. With its unmatched authenticity, Colorado Goldfields is pleased to share Mr. Sandell's observations directly from the mine sites in Silverton, Colorado.
To view the spotlight, visit:
In other recent events, on Friday, October 17, 2008, the Company's Board of Directors authorized a 30% (thirty percent) dividend of the Company's Common Stock for its Stockholders of Record as of Thursday, November 6, 2008. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008.
About Colorado Goldfields, Inc.
Colorado Goldfields Inc. (CGFI), http://www.cologold.com, is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discovery. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. We expect that this strategic plan will allow Colorado Goldfields to reach its goal of profitability, potentially within the next 18 months.
The Company has made available a current CGFI Fact Sheet in PDF format. An audio presentation of the CGFI 2009 business plan is available on the web. The most recent live investor conference (of September 4, 2008), is available at http://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma.
Notice regarding forward-looking statements
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements or information includes statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.
Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at. This press release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE: Colorado Goldfields Inc.
Colorado Goldfields Inc.
Brad Long, 866-579-2434 or 303-984-0524
Director of Investor Relations
Copyright Business Wire 2008
Friday, October 24, 2008
The sell-off of gold continues, as institutional investors scramble to cover the loans being called for bad investments.
Today's prices fell to a 21-month low, and may end the day at its lowest historical weekly performance.
With the gold and general commodity sell-off, the normal market reaction to poor economic times isn't being played out, as various institutional funds look everywhere for cash. It has also uniquely strengthened the U.S. dollar because of commodities being denominated in it.
Gold today dropped as low as $681 an ounce early in the session on the New York Mercantile Exchange, although rebounding later to $708.70. That's the lowest gold has been since January 11, 2007.
There's nothing gold investors can do but wait for the unwinding of the positions held by large institutions before things will revert back to normal measurements.
The problem is some of the financial instruments are so complex that we have no idea of the timeframe involved before the positions are covered.
Thursday, October 23, 2008
Downward pressure on gold continues as gold futures today fell as low as $695.20 an ounce before closing the session at $714.70 an ounce. After hours it was up over $723 an ounce as of about 6:30 EST.
Forced liquidation by funds continues to be the story with gold prices, along with the strength of the U.S. dollar.
December delivery for gold dropped by 2.9 percent or $20.50 to close at $714.20 an ounce on the Comex.
Wednesday, October 22, 2008
NEW YORK, NY, Oct 22, 2008 (MARKET WIRE via COMTEX) -- Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, announced today that it has completed its acquisition of gold-rich Fifa area properties in Guinea, West Africa. These latest acquisitions effectively expand Hidalgo's gold mining project to encompass the entire area comprising the Fifa license, bringing the company's total mineable area to twenty-five square miles.
Mark Daniel Klok, President of HMIT, stated: "We are very pleased to have closed the agreement expanding our Fifa area interests. We now hold the entire area under the Fifa license and are poised for extensive production throughout the area laden with extensive hydrothermal gold veins. This is a landmark day for the company and its shareholders."
For more information, visit www.hidalgominingint.com.
ABOUT THE FIFA LAND PROJECT
The Fifa land prospecting permit is located in the northwest corner of the Siguiri Basin, approximately 88 kilometres west of the town of Siguiri and approximately 65 kilometres west of the Siguiri gold mine operation that is owned and operated by AngloGold Ashanti. On May 7, 2003, the Guinean Government granted HMM a prospecting permit for gold and associated minerals over an area that forms a rectangle extending north from the Tinkisso River.
This permit was issued for a period of two years and is renewable twice for two years, but each time its surface needs to be reduced by half. The permit has been renewed until April 2009. The Fifa land prospecting permit is bound to the south by the Tinkisso River dredging permit. The Fifa permit area is underlain by finely stratified siltites, argillites and minor feldspathic sandstones typical of continental marine platform deposits and filling up most of the Siguiri Basin and is almost entirely covered with laterite duricrust plateaus, pediments and recent alluvial deposits.
Outcrops are rare and mostly saprolitic in nature. Immediately south of the Fifa permit area, the pelitic sequences are cut by lenses and larger bodies of monzogranite and granodiorite of the type recognized throughout the Siguiri Basin. Altered and weathered cobbles of a fine to medium grain rock of basic composition (diabase) have also been observed in the area. The ductile deformation affecting the sedimentary sequences is along a general north-northeast axis. East-west attitudes are also noted south of the projects.
The linear pattern of some of the streams draining towards the Tinkisso River in and around the area suggests that north-northeast to north-south and east-northeast to north-northeast structures have affected the rocks. The various orientations of quartz veins and some of the ridges observed on the projects and elsewhere are concordant with these orientations. Evidence of hydrothermal activity is obvious on the projects where extensive quartz veining and kaolinite alteration is pervasive. The free gold recovered from the alluvial deposits on the permit area finds its source in the country rocks.
Lateritic processes acting in tropical climates have extensively transformed these rocks. Reconnaissance prospecting and soil sampling around the village of Fifa has highlighted the potential of the permit for both lateritic type and primary gold deposits. Several quartz veins related to hydrothermal activities, often associated with gold mineralization, have been found on the permit. Pits and a trench have been excavated to properly sample one of the veins located south of the village of Fifa. The trench revealed that the vein is part of an extensive hydrothermal veining system similar to the one hosting some of the gold deposits at the nearby Siguiri gold mine. Sampling in this trench returned anomalous gold concentration in the altered wall rocks. The highest value obtained was 13.4 grams of gold per tonne over a 60 centimetre section of the trench.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hidalgo Mining International to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hidalgo Mining International undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in Hidalgo Mining International's expectations.
Mark Daniel Klok
Hidalgo Mining International
SOURCE: Hidalgo Mining International
Copyright 2008 Market Wire, All rights reserved.
Tuesday, October 21, 2008
For the eighth time in nine sessions, gold futures fell as the U.S. dollar continues to be one of the major safety choices of investors. The yen is the other choice for regular investors seeking safety.
Gold for December delivery dropped by 2.8 percent or $22 to end the session at $768 an ounce on the Comex division of the NYMEX.
Forced liquidation continues to pummel gold, along with most commodities, as funds seek liquidity.
Gold will eventually recover because of the financing of the bailout by the government of the U.S economy. Once that starts to kick in, we should see a significant weakening of the dollar, increased inflation, and gold starting to rise again. It's only a matter of when, not if.
For now though, lack of liquidity is forcing funds especially to sell gold positions. That's driving down the price of gold for now, while the dollar continues to strengthen.
Friday, October 17, 2008
The gravity of the financial crisis continues to pull gold down rather than up, as it plunged Friday for the seventh session in a row, with investors looking to the U.S. dollar for safety rather than the proven precious metal.
Today December delivery for gold fell by $16.80 to end at $787.7 an ounce, a 2.1 percent drop on the Comex division of the New York Mercantile Exchange. For the week that's an 8.3 percent fall.
What is causing the gravitational pull on gold is the huge size of deleveraging across the world, which is battering everything, including commodities. This has caught a lot of analysts off guard who have expected gold to perform as the typical safe haven it usually is.
Funds desperate for cash are being forced to sell off their gold assets, even as they were hoping to keep them.
While most still think that inflationary pressures should eventually bring the gold price back up, the extraordinary circumstances now playing themselves out make it impossible to really know which way things will go; there's too much we don't know and too many complexities involved for anyone to be able to project with certainty.
That leaves us with probabilities but no surety.
Thursday, October 16, 2008
Skyline Gold Announces Receipt of Assignment by Barrick Gold of Snip/Bronson Creek Airstrip Licence of Occupation
Also: Bronson Slope Project Update
RICHMOND, BRITISH COLUMBIA, Oct 16, 2008 (MARKET WIRE via COMTEX) -- Skyline Gold Corp. ("Skyline") (CA:SK) , a company engaged in the exploration and development of its Bronson Slope mining development property in north western British Columbia's 'Golden Triangle', is pleased to announce that Barrick Gold Corp. has assigned to Skyline, and Skyline has accepted with appreciation, Barrick Gold's licence of occupation from the Province of British Columbia for the Snip / Bronson Creek airstrip.
Included in the licence of occupation, which is renewable for successive 10 year terms, is approximately 39 hectares of land approximately 900 metres from the outcrop of the Bronson Slope deposit. The 6,000 foot airstrip, which is capable of serving C-130 Hercules cargo aircraft, provides Skyline with direct air access from Vancouver to its Bronson Slope development property until an access road is permitted and constructed.
Skyline submitted a Special Use Permit ("SUP") application for the access road to the B.C. Ministry of Forest and Range (MOFR) on May 12, 2008. The SUP access road will require construction of a 28 km. road extension from AltaGas's Forrest Kerr access road which itself extends from the Eskay Creek Mine's access road.
The airstrip's location relative to the Bronson Slope deposit can be viewed online at the following link:
Skyline Gold would also like to provide the following update on its Bronson Slope project:
- Preliminary Economic Assessment ("PEA"): Work on the PEA, underway at Leighton Asia which is a division of The Leighton Group of Australia, continues to advance and is now approximately 75% complete. The PEA is tracking for completion by November 30, 2008.
- Environmental Assessment Certificate application: Skyline has submitted its Bronson Slope Project Description to the BC Environmental Assessment Office and the federal Canadian Environmental Assessment Agency. As the Bronson Slope project was extensively advanced in the Environmental Assessment ("EA") and Mine Act approval process in the mid 1990s, including the completion of a Mine Approval Certificate Application Report, Skyline is working with governmental permitting authorities with a view to identifying potential efficiencies in the EA and Mine Act application process to avoid duplication of work and speed the Bronson Slope permitting process.
- First Nations and community consultation: Skyline has scheduled meetings in October with the Tahltan and Iskut First Nations Chiefs and Tahltan Central Council. Skyline will work closely with the Tahltan First Nation and Iskut First Nation and communities near the Bronson Slope project to develop strong and productive relations during the consultation process and during the development, operation and reclamation phases of the Bronson Slope project.
- SUP Application: Skyline continues its discussion with the MOFR regarding Skyline's submitted application for an SUP to construct an access road from the extant Forrest Kerr access road. Skyline has also scheduled a meeting with AltaGas representatives to investigate a mutual Road Use Agreement between the companies.
- Magnetite and Pre-Concentration Studies: Skyline has received draft copies of the subject reports from BC Mining Research and is currently reviewing the reports. Skyline's goal is to re-assay drill cores samples for iron magnetite to quantify the magnetite component in the National Instrument (N.I.) 43-101 compliant Bronson Slope resource in 2009.
- Electrical Power: Skyline is delighted that the BC government's September 26, 2008 announcement that it is resuming advancement of the Northern Transmission Line project to extend the BC transmission grid from Terrace B.C. to the Bob Quinn Lake junction of the Eskay Creek access road and Highway 37. Skyline also continues studies underway at Sigma Engineering of Vancouver to advance Skyline's self-generation hydro electric licence applications for the generation of hydro electrical power for the Bronson Slope project. Skyline has also been approached by an industry group from Alaska seeking to interconnect surplus hydro power from the Alaskan panhandle to British Columbia customers.
Skyline's President, David Jensen, P.Eng. comments "We are focusing on advancing the Bronson Slope project through the PEA process, with a view to initiating the Feasibility Study early in 2009, permitting of the project, and consultation with First Nations and other local communities.
The Bronson Slope deposit has a mid-point of its outcrop lying some 400 m. above and 750 m. laterally from the proposed mill location. We are encouraged by the potential to use the favourable orientation and outcropping of the Bronson Slope deposit to develop a mining operation with both a very low operating cost and low capital cost design utilizing a conveyor-based mining operation powered by electricity. The ability to contain operating cost components through access to low cost grid power or locally generated hydro power and eliminating the requirement for a fleet of diesel haul trucks is one of the keys to positioning Skyline to become a low cost producer. The rapid development of the Bronson Slope deposit as a low cost project will allow Skyline to capitalize on what we feel will be an especially strong gold market in the years ahead."
Cliff Grandison, Skyline's CEO comments "Development of the Bronson Slope deposit is a key to the company's future and we look forward to significant progress in building our relations with the First Nations, in permitting the project, and the engineering and design necessary to complete a feasibility study next year."
The N.I. 43-101 compliant resource for Bronson Slope contains an estimated 2.6 million oz. of gold in a 225 million tonne Measured and Indicated resource grading an average of .36 g/t gold, 2.22 g/t silver, 0.13% copper, and .0077% molybdenum utilizing a $9.00/tonne cut-off grade using long term prices of $650/oz. gold, $2.00 /lb. copper, $10 /lb. silver, and $12 /lb. molybdenum (Burgoyne & Giroux, April 30, 2008).
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION.
David Jensen, P.Eng., President
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfil such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Skyline Gold Corporation
David Jensen, P.Eng.
(604) 270-3858 (FAX)
SOURCE: Skyline Gold Corporation
Copyright 2008 Market Wire, All rights reserved.
Wednesday, October 15, 2008
Gold Fields, which is the fourth largest gold producer in the world, closed down its Driefontein mine after some tremors caused the death of one worker, and trapped another one in the mine. Four other workers were injured in the incident.
In the past Gold Fields has said they would stop mining if they couldn't improve their safety record, as they're at the bottom of safe mining companies; the worst in the business.
South Africa is also terrible on mining safety, as so far this year 140 workers have perished in the mines, while last year 221 died, and in 2006 200 died in the country.
At this time the company has no idea when they'll bring the mine back online, as their focus is on finding the missing worker trapped in the mine.
Along with South Africa, Gold Fields also operates mines in Peru, Ghana and Australia.
Monday, October 13, 2008
The attempted government bailouts around the world, along with announcements by major economic powers that they are going to prop up the failed global banking systems, has many investors seeing stars, while bringing the illusion of safety.
Those factors are keeping gold from moving upward over the last several days, and is putting downward pressure on the metal instead.
December delivery for gold dropped $16.50 to end the session at $842.50 an ounce on the Comex division of the New York Mercantile Exchange. This is the third straight trading day gold has fallen.
In an unprecedented move, some major central banks announced they'll be working together with the Federal Reserve to offer auctions for unlimited U.S. dollar funds. In the past the funds were capped. This is an attempt to ease up the credit crisis and put liquidity back into the market.
The Dow also enjoyed an expected rebound today, as it broke the all time record for a point gain in a day, surging by 936 points, finishing the day at 9387.61
With all the government interference across the world, gold will probably swing up and down in big ways from day to day, as the uncertainty and almost daily announcements by central banks and governments leave investors unsure where things will go.
Any smart investor should know that much of what is happening now are moves related more to PR than it is to practical help. It's to soothe the fears of people rather than make any true positive impact.
History has shown that government interference only prolongs the pain, not helps ease it.
Gold is ready on the sidelines waiting for any excuse for investors to run to it for safety. I don't think its run up is anywhere near over, but the interference in the market makes it much harder to measure.
Friday, October 10, 2008
Even though gold futures plummeted for the second straight day, falling $27.50 for December delivery, they still managed to finish the week in positive territory, ending up by close to 3.1 percent. It settled at $859 on the Comex division of the NYMEX. It had went as high as $936.30 earlier in the session before plunging later in the day.
Part of the reason for the decline over the last two days has been institutional investors selling off their positions in order to secure needed cash.
The other obvious reason was the strength of the U.S. dollar, which has been putting downward pressure on the metal.
Paramount Gold and Silver Corp. Reports High Grade Gold Assays at Clavo 66 (11.35 g/t Au Over 3.5 Metres)
CHIHUAHUA, MEXICO, Oct 10, 2008 (MARKET WIRE via COMTEX) -- Paramount Gold and Silver Corp. (CA:PZG) (PZG:Paramount Gold and Silver Corp) (FRANKFURT: P6G)(WKN: A0HGKQ) has received the assays from drill hole LU-18 from the heart of Clavo 66, which intersected the main mineralized structure at a depth of approximately 80 meters from the surface drilled to expand the resource. The structure contained a 3.52 meter (true width) intercept of 11.35 g/t gold with additional 1.48 to 1.85 g/t Au Eq. mineralization for approximately 2 meters in the hanging wall and 1 meter in the footwall.
Highlights are below (visit www.paramountgold.com for further details):
Inter- True Equiv. Equiv.
Hole From To val Width Gold Silver (i) (i) Pb Zn
Number (m) (m) (m) (m) (g/t) (g/t) (g/t) (g x m) % %
LU-18 108.00 108.85 0.85 0.80 0.06 65.0 1.36 1.09 3.63 4.89
110.85 112.00 1.15 1.08 1.08 9.0 1.26 1.36 0.10 0.23
117.00 119.00 2.00 1.88 1.80 3.0 1.85 3.47 0.03 0.15
119.00 122.75 3.75 3.52 11.35 13.0 11.62 40.92 0.14 0.63
122.75 123.75 1.00 0.94 1.48 0.0 1.48 1.39 0.01 0.04
156.00 157.00 1.00 0.94 0.78 1.0 0.80 0.75 0.00 0.01
177.00 180.00 3.00 2.82 0.57 1.0 0.59 1.66 0.00 0.01
180.00 181.00 1.00 0.94 2.28 5.0 2.38 2.23 0.00 0.01
(i) Calculated at Ag/Au = 50
Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "LU-18 is very encouraging in its confirmation of the continuity of thick high gold mineralization at Clavo 66 and supports Paramount's decision to proceed to prefeasibility studies at Clavo 66."
Also reported is important drill hole SJ-13, which was drilled to test a geophysical anomaly below surface mineralization in the San Jose area. Surface mapping and earlier drilling indicated that the mineralized zone generally dips east. However, there are some veins at the surface that also dip west, towards a strong geophysical anomaly. Drill hole SJ-13 confirmed that veining dips west. The geophysical anomaly appears to be owing to the steep side of a shallow intrusion that underlies the San Jose area to the immediate east at a much higher level than where it was intersected in this hole. Further drill testing is planned in this area.
Paramount takes detailed digital photos of the entire core before it is cut by saw to half core which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QA/QC), Paramount has put into place a detailed program of periodically introducing certified standards, blanks and duplicates into the sample stream. Half-core samples are being retained on site for verification and reference purposes.
The qualified person who has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886).
Paramount Gold and Silver Corp. is the operator and 100% owner of the San Miguel Project.
Paramount Gold and Silver Corp.
Larry Segerstrom, COO
866-481-2233 / 613-226-9881
Paramount Gold and Silver Corp.
Chris Halkai, Investor Relations
866-481-2233 / 613-226-9881
SOURCE: Paramount Gold and Silver Corp.
Copyright 2008 Market Wire, All rights reserved.
Wednesday, October 8, 2008
The cut by the U.S. Federal Reserve and several other central banks around the world helped gold futures rally again today, as at noon EST it was up by almost $25 an ounce to $911.80.
Investors have started to move their capital to the safe haven of gold as the U.S. dollar is starting to show signs of weakness after a period of strength.
U.S. Federal Reserve rates now stand at 1.5 percent, with the discount rate also dropping by half a point to 1.75 percent.
Other banks cutting rates were the European Central Bank, which dropped it rates from 3.75 percent from 4.25 percent. The Bank of England trimmed their rates from 5 percent to 4.5 percent. Other central banks cutting rates were the Swiss National Bank, The Bank of Canada and the Swedish Riksbank.
Now with more cuts hinted they're on the way, we should see gold start to make the upward run that has been expected for some time.
Monday, October 6, 2008
While gold was the only commodity in the positive today, it hasn't performed quite as strongly as one would expect in the economic conditions we face. There are three reasons for this, with one being the major one to look to as a signal to buy.
The three reasons are a slowing demand for jewelery, speculators holding back, and most importantly, the dollar has remained too strong to cause gold to surge.
When the U.S. dollar starts to drop again, we'll see gold take a big step forward as it becomes the usual safe haven during difficult economic times.
I don't think there's much more to watch for in reference to gold investing at this time than the movement of the dollar.
Speculators and jewelery demand, while part of the picture, aren't the primary movers of gold, so we simply need to watch the performance of the dollar and respond accordingly.