Gold futures extended their gains Monday afteroon as the U.S. dollar relinquished its gains against a basket of foreign currencies.
COMEX gold for December 2011 delivery settled higher by $35.00, or 2.0%, at $1,791.10 per ounce. In electronic trading, the gold futures later reached $1,799.30 per ounce – its highest level since September 21st of this year.
Silver followed the yellow metal higher, by $0.74, or 2.2%, to $34.83 per ounce.
Premier Gold Expands Footprint in North America
PREMIER GOLD MINES (PG.TSX) announced that it entered into a Letter of Intent with LKA International, Inc. to jointly conduct exploration at LKA's Golden Wonder mine located near Lake City, Colorado. Under the terms of the arrangement, Premier will design and manage a $2 million, LKA funded, Phase I exploration program over a period not to exceed two years from commencement of field operations. Full Premier Gold Mines Press Release.
HIGHLIGHTS:
- Upon completion of Phase I, Premier will be entitled, but not obligated, to enter into a joint venture agreement with LKA and earn up to a 60% interest in the Golden Wonder by spending $15 million in mine exploration and development over an additional six-year period
- Premier may accelerate the earn-in period at its option
- If Premier elects to fund exploration beyond Phase I, it will be required to make certain payments (cash and stock) and reimbursements to LKA as part of its initial earn-in obligation
Ewan Downie, President and CEO:
"We will continue to pursue our aggressive growth strategy amid a period of record gold prices and unprecedented opportunity.”
PREMIER GOLD MINES VS. S&P 500, XAU
Paul Huet, COO:
"This is a very exciting time to be involved in gold, and more importantly, with Premier Gold Mines…Premier's management team has an outstanding track record of delivering growth and value to shareholders.”
INTERACTIVE PREMIER GOLD MINES CHART
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