COMEX gold futures, per the August contract, climbed to a new all-time high of $1,588.90 on Wednesday, before settling at a new closing high of $1,585.50 per ounce.
Silver futures powered higher as well, with the COMEX September contract finishing up $2.52, or 1.7%, at $38.15 per ounce. In doing so, gold’s sister precious metal reached its highest level since May 31.
The rally in gold and silver futures was fueled by testimony from Federal Reserve Chairman Ben Bernanke, who told Congress that the Fed will consider QE3 if the U.S. economy continues to sputter.
The U.S. Dollar Index declined on Bernanke’s comments, by 0.8% to 75.61 this afternoon.
Sunridge Gold Launches New Exploration Phase at Asmara
SUNRIDGE GOLD (SGC.TSX) announced the start of a new phase of exploration on its 100% owned Asmara Project in Eritrea, Africa. The Canadian-based gold company reported that exploration ground of the Asmara Project covers 600 square kilometers which is a volcanogenic-massive-sulphide (VMS) district with three copper/zinc/gold/silver VMS deposits and one structurally controlled gold deposit already discovered and currently being developed by Sunridge. Full Sunridge Gold Press Release.
Michael Hopley, President and CEO:
"We are very happy to again have 100% ownership of the exploration areas on the Asmara Project particularly given the fact that Sunridge now has more than $20 million in cash and will therefore be able to conduct an aggressive exploration program on the property in addition to our ongoing feasibility and pre-feasibility studies on our four known deposits."
HIGHLIGHTS:
- The property remains only partially explored and has several highly prospective exploration targets with the potential for the discovery of additional deposits.
- There are structurally controlled gold and remobilized copper/gold targets on the Asmara Project which Sunridge also intends to explore.
- Sunridge has recently begun mapping, sampling and other field work on many of the targets in anticipation of a 10,000 meters exploration drilling program scheduled to commence in August 2011.
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