Gold and futures declined on Friday, but each still managed to close in positive territory for the week.
COMEX gold for December 2011 delivery slid $17.40, or 1.1%, to $1,635.80 per ounce amid widespread weakness in commodities following Fitch’s downgrade of Italy and Spain’s sovereign debt ratings.
Despite the sell-off, gold futures posted a weekly gain of $13.50, or 0.8%. In doing so, the yellow metal snapped a four-week losing streak by posting its first weekly advance since August 29-September 2.
Silver futures fared quite similar to gold this week. COMEX silver futures, per the December 2011 contract, retreated 3.2% to $30.99 per ounce on Friday. However, gold’s sister precious metal also ended a four-week losing skid with a $0.92, or 3.1% weekly gain.
Premier Gold Hits High-Grade at Trans-Canada
The PEA will consider several possible options available to Premier in assessing how best to optimize key assets in the Trans-Canada Project – including the Hardrock, Brookbank, Key Lake and Kailey Deposits. The JDS team of experienced mining professionals will augment Premier's exploration expertise to provide, in 2012, a clear economic framework and vision to advance the project toward development. Full Premier Gold Mines Press Release.
- Initial follow-up drilling returned some of the highest recorded assays, resulting in multiple ounce intercepts in several of the target areas.
- The Trans-Canada Project is host to several past-producing mines which collectively produced more than 4 million ounces of gold from depths within 600 meters of surface between 1938 and 1968.
- The Hardrock Deposit is host to a NI43-101 compliant mineral resource estimate that includes 3.6 million gold resources.
