Gold futures posted a new all-time high on Wednesday, but turned lower amid widespread liquidation in financial markets and strength in the U.S. dollar.
COMEX gold futures, per the December contract, hit a record high of $1,631.20 this morning. In mid-day trading the yellow metal turned south, reaching an intra-day low of $1,611.00, before settling modestly lower near $1,616 per ounce.
Silver futures followed a similar path, as the September COMEX contract climbed to $41.465 this morning before finishing lower by $0.13, or 0.3%, at $40.57 per ounce.
Cyclical commodities tumbled alongside precious metals, with copper falling 0.7% to $4.45 per pound and crude oil sliding 2.2% to $97.40 per barrel.
Platinum Group Metals Advancing to Production
Platinum Group Metals (PLG.NYSE AMEX) released financial results for the nine months ending May 31, 2011. The company's WBJV Project 1 in South Africa is advancing towards a 275,000 ounce per year platinum, palladium, rhodium and gold planned production profile. The current $100 million Phase 1 program is planned to access ore and initiate lateral development.
The start of underground tunneling is scheduled for late July 2011. Full commercial construction is budgeted at $443 million and is expected to involve project loan financing once a full mining rights are approved and concentrate off-take terms are established. Full Platinum Group Metals News Release.
The start of underground tunneling is scheduled for late July 2011. Full commercial construction is budgeted at $443 million and is expected to involve project loan financing once a full mining rights are approved and concentrate off-take terms are established. Full Platinum Group Metals News Release.
HIGHLIGHTS:
- In March 2011, Platinum Group Metals received the consent of the South African Department of Mineral Resources (DMR) for the Company’s plan for underground development of decline access for Project 1 and related environmental management program.
- In April 2011, the Company filed a mining right application and social and labor program with the DMR for the Project 1 Platinum Mine. This application was later accepted for processing by the DMR.
- In May 2011, construction for Phase 1 on surface infrastructure, excavation and construction began – it is proceeding safely and is on schedule.
- In early July 2011, the Company announced that underground mining contractor JIC Mining Services was awarded the contract for Phase 1 underground development of twin 1,200 meter central decline tunnels into the Project 1 platinum deposit for the purposes of retrieving a bulk sample and information for further mine design. JIC is now mobilizing to site.
R. Michael Jones, President:
"We see the balance of 2011 as a pivotal growth period for the company. In addition to building a 275,000 ounce per year Platinum mine we have a very active exploration profile. Exploration at the mine site is also ongoing. The diversification of our platinum exposure and exploration upside are distinguishing features of our company compared to the other North American listed platinum companies. No other North American listed platinum company has large scale mine exposure in South Africa, active exploration in South Africa and an active Canadian exploration program on multiple projects. Our management team has a track record of multiple mine discoveries in precious metals and it is exciting to be on the hunt again for more platinum."
PLATINUM TO FOLLOW SILVER?
INTERACTIVE PLATINUM GROUP METALS
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