Virginia Mining Company To Start Drilling Gold Mine In James Bay, Quebec
Virginia Mining Corp. is a mining company that has spread outside the drilling area in the Quebec region.
In near future Virginia Mining immediately begin drilling a gold mine in James Bay, Quebec. This mining company will drill six holes in a gold mine with an estimated drilling time for six months, the total area of 16,500 meters of drilling.
Gold mine drlling will be held at the company’s 100% owned Poste Lemoyne Extension, La Grande Sud, Lac Pau and Anatacau-Wabamisk project. Through partnership with Odyssey Resources, Virginia also plans to start drilling in the FCI Auclair and gold projects.
The Poste Lemoyne Extension property is host to the Orfee zone containing a resource of 88,588 tonnes grading 9.44 grams per tonne gold in the measured category and 114,895 tonnes grading 18.4 grams per tonne gold in the inferred category.
Drilling program will test several new gold performances found on the surface during the summer of 2008 and 2009 field programs. Drilling will include a minimum of 20 drill holes totaling more than 2,500 meters. The new Genesis gold values up to 52 g / t Au in taking samples and up to 20.98 g / t Au over 2 meters in the sample channel and spread across more than 37 kilometers along a corridor that contains gold.
In Virginia’s La Grande Sud project, the company has started eight hole program aimed at total of 2150 meters. La Grande Sud property is host to the 32 Zone gold-copper mineralization is reported at 4.2 million tonnes of 2.1 grams per tonne gold and 0.2% copper in the spring of 1999. Read more
Centerra Gold Boroo Mine Work Stoppage
TORONTO, CANADA 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
China in boosting the global gold trade
The growing significance of China in boosting the global gold trade was acknowledged by industry experts at a recently concluded industry conference organised by Dubai Multi Commodities Centre (DMCC) in Dubai. Participants in the inaugural “DMCC Gold Convention 2009: Year of the Bull or Bear?” highlighted that China’s gold reserves, which rose rapidly to reach 1,054 tonnes this year, will re-ignite gold’s relevance as a monetary asset.
During the panel discussion, experts also observed that with China now being the world’s largest producer of gold, the country has tremendous potential to boost the level of worldwide gold trade despite the global current economic slowdown. Read more
Colorado Gold Trail Invites Discovery
Following the economic downturn of 1857-58, Americans were looking for hope and prosperity, similar to many people today. Hardy souls who struck out across the barren prairie of the American plains did so in search of a new and better life. Colorado’s Gold Rush saw about 100,000 gold seekers (known as the 59ers) make their way to the Rocky Mountains. Those who made it settled new and rugged territory. Read more
Metallic Ventures Gold Inc. announces new Board of Directors
Metallic Ventures Gold Inc. today announced that Jeffrey R. Ward (and certain related parties), a significant shareholder of the Company, owning or exercising control or direction over approximately 47.8% of MVG’s common shares, has voted to elect a new slate of directors at the annual meeting of MVG shareholders held on May 13, 2009. The new board has been given a mandate to maximize value for all MVG shareholders. The new Board of Directors is comprised of the following four directors: Jeffrey R. Ward, Linda E. Misetich, Wesley J. Hall and Alexander J.R. Grieve. In the view of Mr. Ward, the new board is well positioned to take MVG forward, drawing on the experience of the directors and management. The new board will also ensure that MVG’s future is pursued in the interests of all shareholders.
MVG’s management including Miles Bachman, the current president and chief financial officer, will remain with the Company, with Mr. Bachman remaining as president and assuming the role of chief executive officer. Read more
Gold Price ending near its session low of $864.65 with a loss of 1.3%.
For the week, gold lost 1.7% or US investors. The Gold Price in Euros fell to €664.
Silver dropped 3.7% on Friday to close at $11.80 an ounce, down 3.9% for the week, while platinum slipped to $1,202 and copper closed at $2.17.
Oil meantime rose back above $50, the US Dollar index climbed near the technically important 86 level, and Treasuries fell markedly as decent earnings reports and better-than-expected Michigan Sentiment – up at 61.9 from last month’s 57.3 – raised hopes that the worst is behind the US economy. Read more
