Mining CEO McEwen cites GATA's work on Bloomberg TV
11:19a ET Saturday, April 28, 2012
Dear Friend of GATA and Gold:
In its struggle against the gold price suppression scheme and surreptitious market rigging by governments generally, GATA long has failed to win support from major gold and silver mining companies, despite our frequent solicitation, perhaps because mining companies are so vulnerable to the scheme's instigators -- governments, which control mining licenses, royalty requirements, and environmental regulations -- and to the scheme's agents and profiteers -- big investment houses, which control mine finance, mining being the most capital-intensive industry.
But this lack of support doesn't mean that GATA isn't being watched closely by some major miners, as was suggested Friday when Bloomberg Television's Trish Regan interviewed McEwen Mining CEO and Goldcorp founder Rob McEwen on her program "Street Smart." Also interviewed was Philadelphia Trust Co. CEO Michael Crofton.
The program's issue was whether the United States should return to a gold standard, and while the discussion was a bit disjointed, it made plain that the gold issue is a conflict between, on one hand, the international political power amassed by the United States and imposed through its issuance of the only world reserve currency, and, on the other hand, the desire for more limited government and free markets.
... Dispatch continues below ...
Prophecy Platinum (TSXV: NKL) and Ursa Major Minerals
Sign Combination Agreement
Company Press Release
Friday, March 2, 2012
VANCOUVER, British Columbia, Canada -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) and Ursa Major Minerals Inc. have signed a binding letter of agreement for a business combination through a proposed all-share transaction. In doing so Prophecy and Ursa have acted at arm's length and the transaction has been negotiated at arm's length.
Prophecy will issue one common share in exchange for every 25 outstanding common shares of Ursa. Ursa options and warrants will be exchanged for options and warrants of Prophecy on an agreed schedule.
Prophecy's offer represents a value of about $0.15 per each common share of Ursa based on Prophecy's share price of $3.70 as at March 1, representing a premium of 130 percent to Ursa's March 1 closing price of $0.065.
Prophecy is to subscribe for $1 million common shares of Ursa by way of private placement financing at $0.06 per share, subject to regulatory approval. Upon placement completion, John Lee and Greg Hall, current Prophecy directors, will be appointed to Ursa's board.
Prophecy thus will become a mid-tier resource company with a robust and diversified pipeline of platinum nickel projects, including:
-- The fully permitted open-pit Shakespeare PGM-Ni-Cu mine close to Sudbury, Ontario, infrastructure with near-term production capabilities.
-- The flagship Wellgreen (Yukon) PGM-Ni-Cu project with more than 10 million ounces of Pt-Pd-Au inferred resource. Drilling is under way and a preliminary economic assessment study is pending.
-- Manitoba's Lynn Lake Ni-Cu project with more than 262 million pounds Ni and 138 million pounds Cu measured and indicated.
For the complete announcement, please visit Prophecy Platinum's Internet site here:
As the discussion raised the possibility that a massive upward revaluation of gold would be necessary to implement a gold standard, Crofton argued that this would be the same sort of government intervention deplored by gold advocates.
McEwen was cut off a bit before he was able to clarify his counterpoint, but it was that powerful forces are already intervening surreptitiously in the gold market. He said he recently had seen "a very interesting study" showing that the gold price always rises when Asia is trading and falls when London and New York are trading and that anyone buying at the open in New York and London and selling at the close would have lost most of his money for years even as the gold price was rising dramatically over the same period.
Of course that conclusion was originally the work of GATA board member Adrian Douglas and GATA consultant Dimitri Speck and was recently elaborated upon by Sam and Bob Kirtley of SK Options Trading in Wellington, New Zealand, whose work GATA also publicized in January and likely is the recent "very interesting study" to which McEwen referred on Bloomberg TV yesterday:
The excerpt with McEwen and Crofton from yesterday's "Street Smart" program is posted at the Bloomberg Internet site here:
McEwen's comment about the "very interesting study" begins at the 5:35 point.
GATA and its supporters may take heart from this, at least as it shows that our work is getting around and becoming a sort of open secret. And our friends are fond of quoting the aphorism attributed to Gandhi that "first they ignore you, then they laugh at you, then they fight you, and then you win." But your secretary/treasurer suspects that, when the gold price suppression scheme blows up or central bank policy on gold is suddenly and openly changed from suppression to revaluation, the golden codicil to Gandhi's remark will make it read: "First they ignore you, then they laugh at you, then they fight you, and then you win but are still ignored."
We could live with that, as GATA was formed to help right a cosmic wrong, not to glorify anyone. But if Gandhi's remark has to be modified in regard to GATA, winning sooner rather than later would be nice, if only because your secretary/treasurer would enjoy spending much more time this summer outside in his little garden, where mere vegetables are infinitely more appreciative than the most respectable gold mining executives.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Sona Discovers Potential High-Grade Gold Mineralization
at Blackdome in British Columbia -- 13.6g over 1.5 Meters
From a Company Press Release
November 22, 2011
VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling.
"We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company."
Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered.
For the company's complete press release, please visit: