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Law firm Girard Gibbs wants to join silver manipulation class action pig pile
Company Press Release via Business Wire
Thursday, November 11, 2010
Girard Gibbs LLP Investigates J.P. Morgan, HSBC for Violations of Antitrust Laws in Silver Futures Trading
Lawsuits Allege that the Banks Manipulated Prices of Silver on the COMEX Exchange
http://www.businesswire.com/news/home/20101111006211/en/Girard-Gibbs-LLP...
SAN FRANCISCO -- Girard Gibbs LLP (www.GirardGibbs.com) is investigating allegations that J.P. Morgan Chase & Co. and HSBC violated federal laws by conspiring to lower the price of silver futures and options contracts. The banks are accused of accumulating heavily concentrated positions in silver futures and options on the Commodity Exchange Inc. (COMEX), beginning in early 2008.
Lawsuits have been filed against HSBC and J.P. Morgan Chase & Co, alleging that the banks manipulated the prices of COMEX silver futures by building up large short positions in silver futures contracts they had no intent to fill, in order to force silver prices down at a time when silver should have been trading at higher levels.
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Prophecy Receives Permit To Mine at Ulaan Ovoo in Mongolia
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY, OTCQX: PRPCF, Frankfurt: 1P2) announces that on November 9, 2010, it received the final permit to commence mining operations at its Ulaan Ovoo coal project in Mongolia. Prophecy is one of few international mining companies to achieve such a milestone. The mine is production-ready, with a mine opening ceremony scheduled for November 20.
Prophecy CEO John Lee said: "I thank the government of Mongolia for the expeditious way this permit was issued. The opening of Ulaan Ovoo is a testament to the industrious and skilled workforce in Mongolia. Prophecy directly and indirectly (through Leighton Asia) employs more than 65 competent Mongolian nationals and four expatriots. The company also reaffirms its commitment to deliver coal to the local Edernet and Darkhan power plants in Mongolia."
The Ulaan Ovoo open pit mine is 10 kilometers from the Russian border and within 120km of the Nauski TransSiberian railway station, enabling transportation of coal to Russia and its eastern seaports. Thermal coal prices are trading at two-year highs at Russian seaports due to strong demand from Asian economies.
For the complete press release, please visit:
http://prophecyresource.com/news_2010_nov11.php
The banks' actions are being investigated by the U.S. Department of Justice as well as the U.S. Commodity Futures Trading Commission (CFTC). On October 26, 2010, CFTC Commissioner Bart Chilton issued a statement, saying:
"[I] believe violations to the Commodity Exchange Act have taken place in silver markets and that any such violation of the law in this regard should be prosecuted."
If you bought or sold COMEX silver futures since March 1, 2008, Girard Gibbs is interested in speaking to you. If you wish to discuss our investigation or have any questions concerning your rights in this case, please contact attorney Elizabeth Pritzker (ecp@girardgibbs.com) at Girard Gibbs LLP or call us at 866-981-4800.
Girard Gibbs LLP, with offices in San Francisco and New York, is one of the nation's leading law firms in prosecuting class actions and other lawsuits on behalf of consumers and investors.
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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:
