Today: Gold, Silver Prices in India
Silver zooms, gold declines
Mumbai, Jan 6 (UNI) Speculative demand today saw Silver zoom by Rs 310 to settle at Rs 28,285 per kg, while Gold declined by Rs 55 to Rs 16,805 per ten gm on sluggish demand from industrial users, traders at the Bombay Bullion Association (BBA) said.
The white metal has surged by Rs 900 in the last three days.
Silver opened at Rs 28,300 per kg, soaring by Rs 325 against its overnight close. At the end of the day, it stood at Rs 28,285 per kg with a gain of Rs 310.
Standard gold and Pure gold resumed down by Rs 25 per ten gm each. Later, this gap widened and Standard gold and Pure gold settled at Rs 16,805 and Rs 16,885, declining by Rs 55 and Rs 60 per ten gm respectively, traders added.
In London and Asian markets, Gold was quoted low at USD 1123.00/1123.02 per troy ounce and Silver was up a USD 17.90/17.92 per troy ounce from their previous close, traders said. Read more
Centerra Gold Boroo Mine Work Stoppage
Centerra Gold Inc.announced that unionized employees of its Boroo Mine in Mongolia today initiated a work stoppage. This stoppage is the result of additional wage demands, which the Company considers unreasonable. As a result mining and milling at Boroo has been temporarily suspended. The Company believes this work stoppage is illegal, as there is a collective bargaining agreement in place. The Company is in discussions with the workforce to resolve the issues. Read more
Golden Band Resources: Increase in resources at Bingo gold deposit
Golden Band Resources Inc. is pleased to announce an updated NI 43-101 mineral resource estimate for the Bingo gold deposit. Gold resources (capped) now total 73,777 ounces in the Measured and Indicated category and 67,756 ounces in the Inferred category, using a cut-off of 5 g/t gold over a diluted minimum width of 2.0 metres. These figures represent an 18% increase in the Measured and Indicated resource and a 368% increase in the Inferred resource since the previous resource
estimate of November 5, 2008. Read more
South Africa’s gold production declined by 10% to 49 713,6 kg
South Africa’s gold production declined by 10% to 49 713,6 kg in the first quarter of the year, compared with the 55 242 kg produced in the fourth quarter of 2008, the Chamber of Mines (CoM) reported on Monday.
On a year-on-year basis the rate of decline in gold production was 4,8% in the quarter ended March 31, 2009, the CoM noted in a statement.
Gold-mining members of the CoM had experienced a 10,1% quarter-on-quarter decline in production to 40 720,6 kg, owing mainly to a 3,4% decline in tons milled and a 6,9% decline in the average grade recovered, it stated.
Read more
Continental’s Newtongmen Copper-Gold Deposit
Continental Minerals Corporation announces the results of an estimate of the mineral resources in the Newtongmen copper-gold deposit, the second open pit type deposit discovery on its 100% owned Xietongmen property. The Xietongmen property is located 240 kilometers from the city of Lhasa in Tibet Autonomous Region, People’s Republic of China.
Newtongmen was discovered by exploration drilling in 2006. Delineation drilling has confirmed the presence of a substantial porphyry copper-gold deposit and apparent strong continuity to the mineralization. The deposit remains open to expansion in three lateral directions and at depth. Results from the resource estimate are tabulated below: Read more
Egypt will produce first gold from Sukari mine in June
EGYPT. Egypt will produce the first block of gold bullion from the Sukari mine in June, the official news agency MENA reported Sunday quoting Minister of Petroleum and Mineral Resources Sameh Fahmy.
Centamin is a mineral exploration and development company that has been actively exploring in Egypt since 1995. The principal asset of Centamin is its interest in the Sukari Gold Project, located in the Eastern Desert of Egypt.
The Sukari Gold Project is at an advanced stage of development, with construction having commenced in the second quarter of 2007 and first gold production expected during the second quarter of 2009. Read more
