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How many other nations are misreporting gold reserves?
Gold being a strategic weapon, why should ANY official data about it be believed?
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Saudi 'Did Not Buy New Gold Reserves in 2010'
From Reuters
via Trade Arabia, Manama, Bahrain
Sunday, September 26, 2010
http://www.tradearabia.com/news/newsdetails.asp?Sn=ECO&artid=186343
RIYADH, Saudi Arabia -- Saudi Arabia did not buy new gold reserves in 2010 despite data from the World Gold Council that showed the kingdom had doubled its reserves during the first quarter, the central bank governor said on Sunday.
"We did not buy new gold. This was just a merge and reclassifying assets. This gold was under different accounts and was brought under one account,' Muhammad al-Jasser told Reuters, declining to give more details.
In June, the WGC data indicated that Saudi Arabia lifted its reported reserves to 322.9 tonnes from 143 tonnes, making it the world's 16th largest holder of gold.
Gold prices have risen more than 15 per cent this year to record highs as concern over sovereign and financial market risk, low interest rates and fears of inflation further down the line boosted investment in the precious metal.
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
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Toronto Resource Investment Conference
Saturday-Sunday, September 25-26, 2010
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Thursday-Friday, October 21-22, 2010
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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
