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With gold market outlawed, Vietnam bans dollar market
Vietnam Moves to Ban Dollar Trade
By Phammuoi Nguyen
The Wall Street Journal
Thursday, March 10, 2011
http://blogs.wsj.com/marketbeat/2011/03/10/vietnam-moves-to-ban-dollar-t...
Vietnam shares ended higher, with buying across the board, after authorities intensified efforts to ban U.S. dollar trading in the free market, including the seizure of some individuals who were trading the dollar without permission.
Traders and bankers in Hanoi and Ho Chi Minh City said gold-shop rates fell as well following the moves.
State-run Vietnam Television late Wednesday reported that police arrested four people in Hanoi in connection with a transaction involving the exchange of $400,000 for 8.5 billion dong.
"More players are switching savings from dollars and gold into the dong funds after police forces have announced that they will arrest anyone who trades dollars outside the banking system, and will confiscate those dollars. The move has brought great benefits to the stock market," a Vietcombank Securities trader.
Bankers said they expect gold-shop rates to continue falling throughout the day as people sell the dollar amid concerns authorities will increase steps to ban its use.
Volume was average at 46.2 million shares valued at 977 billion dong ($46.8 million). Among the most actives, Meco ended up 4.1% at 15,300 dong, Vietinbank closed up 2.7% at 26,500 dong and Saigon Securities finished 4.7% higher at 22,400 dong.
Traders predict more gains Friday, and tip resistance for the key index at 490.
Prophecy Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon
Company Press Release, January 18, 2011
VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.
PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.
Following the transaction:
-- Prophecy will own approximately 90 percent of PCNC.
-- PCNC will consolidate its share capital on a 10 old for one new basis.
-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.
-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.
Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.
For the complete announcement, please visit:
http://prophecyresource.com/news_2011_jan18.php
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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:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
