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Good thing Iran hasn't the wit to buy gold and take delivery
Iran to Expunge 'Dirty' Dollar and Euro Reserves
By Ali Akbar Dareini
The Associated Press
via Google News
Monday, August 9, 2010
http://www.google.com/hostednews/ap/article/ALeqM5hEhR845G1QgnUehgXPZUpQ...
TEHRAN, Iran -- Iran announced plans Monday to get rid of its dollar and euro reserves in response to the latest United Nations sanctions over its contested nuclear program.
The U.N. Security Council imposed a fourth round of sanctions on Iran in June because of its refusal to halt uranium enrichment. Tougher unilateral U.S. and European Union sanctions followed in July.
"To fight sanctions, we will remove the dollar and euro from our foreign exchange basket and will replace them with (the Iranian) rial and the currency of any country cooperating with us," Vice President Mohammad Reza Rahimi told Iran's semiofficial Fars news agency. "We consider these currencies (dollar and euro) dirty and won't sell oil in dollar and euro," he added.
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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
The United States and its allies are concerned Iran's continued uranium enrichment could ultimately produce a nuclear weapon. Iran denies this, saying it seeks nuclear energy only for peaceful purposes.
Rahimi said sanctions won't deter Iran from continuing its nuclear program, and instead they are only helping it achieve technological self-sufficiency in various industries.
Rahimi also attacked South Korea, saying Seoul needs to be punished for joining the global coalition of countries sanctioning Iran.
"The Koreans also need to be slapped," he was quoted by Fars as saying.
Ahmadinejad's government has opened Iran's doors to imports in recent years to keep consumer prices low at the expense protecting of domestic industry, but Rahimi said the government is now planning to increase tariffs on imports.
"We will increase tariffs by 200 percent. We will hike it so much so that no one will be able to buy foreign goods. We should not buy the products of our enemies," he said. "Students can force their parents not to buy foreign goods."
Rahimi also called Australians "a bunch of cattlemen." Australia joined the 27-member European Union in imposing additional sanctions against Iran.
While Iranian economists acknowledge that sanctions are biting and have harmed Iran, President Mahmoud Ahmadinejad insisted this week that sanctions will instead serve to eradicate the domination of the dollar in global markets.
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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
