Spanish Mountain Gold (SPA) launches Feasibility Study
Klondex Mines (KDX) reports “very encouraging” results at Fire Creek
Canaco Resources’ (CAN) gold discovery keeps growing
Claude Resources (CGR) expands gold mineralization at Santoy Gap
Crocodile Gold (CRK) reports completion of Luxor Group bid
Premier Gold Mines (PG) expands presence in Red Lake District
Gold prices continued their ascent on the last trading day of May, rising $17.55 to $977 per ounce. The month of May brought a spectacular rise in nearly all reflation plays, as market worries over the inflationary impact of government policy steadily rose. The U.S. Dollar Index (DXY 79.46) is off 6.1% in May, trading [...]
For the second time this week an unusually large trade went up in the ISHARES Silver Trust (SLV $15.42). An investor sold 100,000 January 13 puts, bought 75,000 January 14 calls and sold 100,000 Jan 19 calls. As a net result of the trade, this unidentified investor initiated a long 4 million delta position, essentially [...]
Kinross Gold (KGC) announced that the company has subscribed to a private placement for 2.19 million units in explorer Millrock Resources (MRO). Each unit entitles Kinross to purchase one share and one-half purchase warrant. The private placement subscription of $320,000 will give Kinross a 6.5% interest in Millrock, which will use the proceeds to undertake [...]
The gold price continued its ascent, rising $13 to 962.90 per ounce, as the U.S. dollar declined against most global currencies. Continued speculation regarding the willingness of foreigners to fund growing U.S. deficits has fueled the decline in the greenback. The yield curve, as measured by the Treasury 2-year and 10-year durations, has steepened to [...]
Rainy River (RR-TSXV) announced an updated resource estimate on their 100%-owned gold project in northern Ontario, Canada. SRK Consulting provided the independent resource estimate, which showed 4 million ounces of gold and 7.9 million ounces of silver. Nearly 200,000 meters of drilling has been conducted on the property.
Emerging Manitoba-based gold producer, San Gold (SGR.TSX), released their quarterly earnings report and the results showed slightly lower than expected gold production and higher cash costs. The company reported a loss of $0.03 per share on gold sales of 3,299 ounces. The company is in the process of introducing higher grade ore from their Hinge [...]
A notable trade occurred yesterday in the ishares Silver Trust (SLV). An unidentified investor purchased 9,000 January 17 calls, which carry a 40 delta. Last Friday there were buyers of 15,000 contracts of these same calls, although it is not known if it was the same buyer. The SLV has appreciated 17.2% in the month [...]
Centerra Gold (CG-TSX) announced that unionized employees at its Boroo mining operations in Mongolia went on strike. Mining operations at Boroo have been suspended and negotiations are underway to resolve the work stoppage. The Boroo gold mine is expected to produce approximately 165,000 ounces in 2009.
Gold exploration company, Gabriel Resources, announced its intention to raise approximately C$100 million in a common share public offering. Both Electrum Strategic Holdings LLC and Paulson & Co. have indicated their intention to, at minimum, retain their respective ownership percentages in the company by subscribing to the placement. Newmont Mining, which owns 19.7% of Gabriel, [...]
The South African Chamber of Mines released figures on South African gold production in the first quarter. Gold production declined 4.8% versus the first quarter a year ago. South African production, chiefly from Gold Fields, Harmony Gold, and Anglogold, continues to stagnate in spite of near record high gold prices, illustrating the difficulty of gold [...]
