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IMF says it sold less gold in October
By Frank Tang and Lesley Wroughton
Reuters
Monday, November 29, 2010
http://af.reuters.com/article/metalsNews/idAFN2922871120101129
The International Monetary Fund has slowed the rate of selling its gold by 40 percent in October from the previous month, as interest among central banks to own the metal increased as a hedge against economic uncertainty.
The IMF sold 628,000 ounces (19.5 tonnes) of gold in October as part of its previously announced open-market bullion sales plan, an IMF spokesman said on Monday.
October's gold sales were sharply below the 1.04 million ounces sold in September, when nearly a third of the sale was going to Bangladesh.
... Dispatch continues below ...
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 IMF said late last year it would sell 403.3 tonnes or one-eighth of its total gold reserves to boost its lending resources. The fund said the sale would avoid disruptions to the gold market.
Many analysts expect world central banks as a group could become net buyers this year despite the IMF's gold sales, reversing a trend in the last several decades.
Based on information from the IMF's Financial Statistics database, the spokesman said cumulative on-market sales of IMF gold to the end of October was 4.8 million ounces (148.6 tonnes).
The sales were part of IMF plans announced in February to begin phased sales of 191.3 tonnes of gold in the open market this year.
Gold previously sold directly to central banks were 222 tonnes to India, 200 tonnes to Mauritius, 10 tonnes to Sri Lanka, and 10 tonnes to Bangladesh.
Gold prices hit an all-time high of $1,424.10 early this month before retreating. The rally was driven in part by expectations that the Federal Reserve would buy back U.S. Treasuries to stimulate economic growth.
However, gold's rally appeared to stall despite concerns about the fiscal health of euro zone economies after a bailout on debt-stricken Ireland and rising tensions on the Korean peninsula.
On Monday, spot gold traded at around $1,365 an ounce. Still, the metal has rallied more than five-fold from about $250 an ounce back in 2001.
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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:
