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Philippines central bank adopts policy of active gold trading
By Ditas B Lopez
Bloomberg News
Saturday, September 5, 2020
https://www.bloomberg.com/news/articles/2020-09-05/philippines-central-b...
The Philippine central bank is shifting to active gold trading as the monetary authority seeks to better manage the country's international reserves, Governor Benjamin Diokno said on today.
The bank has moved from "passive" gold trading because of a change in the price dynamics of the metal, a new law that makes purchases of it from small miners more attractive, and the country's record-high reserves, Diokno said in a mobile-phone message to reporters.
... Dispatch continues below ...
Kodiak Drills 282 meters of 0.70% Copper
and 0.49 Grams per Tonne Gold (1.16% CuEq),
Including 45.7 meters of 1.41% Copper
and 1.46 grams per tonne Gold (2.75% CuEq)
Company Announcement
Thursday, September 3, 2020
VANCOUVER, British Columbia -- Kodiak Copper Corp. (TSX-V: KDK; OTC: KDKCF) today reported the discovery of a significant high-grade copper-gold extension of the recently discovered Gate Zone at the company's fully owned MPD copper-gold porphyry project in southern British Columbia. The MPD project is accessible year-round from paved highways 5A and 97C.
Chris Taylor, chairman of Kodiak, said: "As compelling as our 2019 discovery of the Gate Zone was, it now appears we had only grazed the margins of a much stronger copper-gold zone that we have now successfully targeted. Our new results include discovery of a central high-grade copper-gold zone within the wider copper-gold mineralized envelope of the Gate Zone. These drill results are among the strongest reported from this well-established copper mining district. Drilling is ongoing and we will be releasing additional results throughout the coming months."
Kodiak President and CEO Claudia Tornquist said: "While we are just beginning to unlock the untapped potential of the MPD project, we view this new discovery as transformative for the project and by extension for Kodiak. Especially remarkable are the new high gold values, which we would have viewed as a successful stand-alone gold discovery in the absence of any copper. Given our 100% ownership of MPD, and its position adjacent to highways with year-round accessibility, we anticipate a very active remainder of 2020 and that 2021 will be our most exciting and productive year so far."
For the remainder of the announcement:
https://www.kodiakcoppercorp.com/news/news-releases/kodiak-drills-282-m-...
Studies show that the optimal portfolio mix of gold to reserves should be 9.8%, while a World Bank survey suggested around 9.55%, according to Diokno. The Philippines' ratio exceeds 10%.
The Bangko Sentral ng Pilipinas "will always be opportunistic in its reserves management," the central bank chief said. The country posted gross international reserves of $98 billion at end-July.
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