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Arbitration claim will target Morgan, HSBC for silver market rigging
4p ET Wednesday, November 10, 2010
Dear Friend of GATA and Gold (and Silver):
GATA has received the notice below from New York lawyer John Lawrence Allen about an arbitration claim to be made against J.P. Morgan Chase and HSBC Bank over silver market manipulation. It may be another way for silver futures buyers to gain satisfaction, though GATA doesn't specifically endorse any particular legal action in this regard.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Announcement from the Law Office of John Lawrence Allen
Wednesday, November 10, 2010
The Law Office of John Lawrence Allen is preparing to file an arbitration claim before the National Futures Association (NFA) against J.P. Morgan Chase & Co. and HSBC for silver market manipulation, fraud, and conspiracy to violate Section 22(a)(1) of the U.S. Commodity Exchange Act.
We believe that a consolidated arbitration before the NFA is significantly superior to filing a traditional lawsuit in court for several reasons.
First, arbitration is substantially less costly and more efficient than a suit in court. Generally an arbitration claim can be resolved within 12 to 15 months from filing as opposed to the years involved in a court proceeding. There is no right to appeal an arbitration claim, whereas in court, even if the case is won, it can be tied up in the appeal process for years.
Second, arbitration is an equitable proceeding guided by equitable principles, whereas a court case is a legal proceeding guided by strict legal principles of proof.
Third, arbiters are generally business people who understand what is fair and equitable as opposed to lay jury members who can be easily swayed by conflicting expert testimony.
Finally, as there is no right to the formal appeal process, if the case is won, investors can expect to receive payment within a short time following the conclusion of the arbitration proceeding.
Investors wishing to obtain information about joining the arbitration claim can visit investorbeware.org or call the Law Office of John Lawrence Allen at 1-800 345-1888.
Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit,
Extending the Mineralization of the Southwest Vein on the Property
Company Press Release, October 27, 2010
VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:
-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.
-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.
-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.
Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.
"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."
For the company's full press release, please visit:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
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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
