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Izabella Kaminska: BIS gold swap intrigue continues
11:10a ET Thursday, July 6, 2010
Dear Friend of GATA and Gold:
At the Financial Times' Alphaville Internet site, intrepid blogger Izabella Kaminska today mulls some of the questions surrounding the recent gold swap transactions of the Bank for International Settlements. She excerpts speculation published today in the FT's "Lex" column. If the Financial Times spent a tenth as much time trying to get public answers from the primary sources in central banks as the newspaper spends speculating or trying to concoct a cover story for them, the mystery here might be solved.
That it remains a mystery is a reminder that the BIS and central banks generally strive to keep the world ignorant of their maneuvers and market interventions and that the mainstream financial press cooperates fully with that objective.
Kaminska's commentary on the BIS gold swaps is headlined "Commercial Bank 'Gold Swap' Intrigue Continues" and you can find it at FTAlphaville here:
http://ftalphaville.ft.com/blog/2010/07/08/281356/commercial-bank-gold-s...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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
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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
