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Central bank gold sales minimal as IMF sales continue
5:30p ET Friday, August 6, 2010
Dear Friend of GATA and Gold:
MineWeb's Rhona O'Connell reports today that European central bank gold sales have declined to almost nothing, that the International Monetary Fund has been selling 14 to 19 tonnes per month since March, and that at its current rate the IMF could be done with its planned quota of dishoarding by the end of the year. Since nobody is allowed to see the central bank gold involved, it's not audited in any public sense, and financial journalists never ask any critical questions about it, it may be a little silly to pay much attention to these figures. But right or wrong what passes for the gold "market" still does, so you can find O'Connell's commentary, headlined "CBGA Gold Sales Minimal as IMF Sales Continue," at MineWeb here:
http://www.mineweb.net/mineweb/view/mineweb/en/page33?oid=109370&sn=Deta...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Sona Resources Expects Positive Cash Flow from Blackdome,
Plans Aggressive Exploration of Elizabeth Gold Property
On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia.
Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013."
For complete information on Sona Resources Corp. please visit: www.SonaResources.com
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New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel
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Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource
Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.
For Prophecy's complete press release about its production plans, please visit:
http://www.prophecyresource.com/news_2010_may11.php
