Gold Touches $1098 on Fed’s “Zero Stays” Decision
From Chris Mullen at GoldSeek.com…
Gold saw slight losses in Asia on Wednesday and then rose almost 1% to reach as high as $1095.25 by early trade in London.
The Gold Price then pulled back under $1090 around 08:00 EST and rose to a new all-time high of $1095.42 an ounce a little before noon.
Gold fell back off in the last couple of hours of trade, but ended with a new closing record, up 0.2%.
The Dollar Gold Price then shot to a new trading record of $1098 an ounce in after-hours access trade, shortly after the Federal Reserve said it will keep US rates at zero for an extended period. Read more
Large-scale open-pit mine at the Donlin Creek gold deposit
Large-scale open-pit mine at the Donlin Creek gold deposit could produce up to 1.6 million ounces of gold at an average cost of $398 per ounce during its first five years of operation, according to a recently released feasibility study.
NovaGold Resources, a 50 percent owner of the Donlin Creek project along with mining giant Barrick Gold, on April 28 released results from an independently produced feasibility study.
Produced by AMEC Americas Ltd., the feasibility study estimates construction and operating costs and potential financial returns for an open-pit hard rock mine and mill complex at the remote gold deposit located 13 miles north of Crooked Creek, a village in Southwest Alaska. 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
Earnings Boosted by Higher Production and Gold Price
Gold Fields Limited today announced headline earnings for the March 2009 quarter of R1,512 million, compared with headline earnings of R484 million and R1,246 million for the December 2008 and the March 2008 quarters respectively. In US dollar terms headline earnings for the March 2009 quarter were US$163 million, compared with earnings of US$55 million and US$176 million for the December 2008 and the March 2008 quarters respectively. Read more
Gold back above $900
Gold prices were climbing back over $900 per ounce today as discouraging economic news sent more investors into the gold market for a safe haven, continuing a strategy that the World Gold Council said Wednesday grew in the first quarter.
The “Gold Investment Digest” reported that investors bought a record 469 metric tons of gold through exchange-traded funds during the quarter, a huge leap over the record 145 metric tons in the third quarter of 2008, and the total amount of gold in ETFs is now at 1,658 metric tons. Read more
Midland Obtains High-Grade Gold Intercepts on its Maritime Cadillac Property
Midland Exploration Inc. is pleased to report new and very promising results from its Maritime Cadillac Property, wholly owned and subject to an option agreement with Agnico-Eagle Mines Limited (”Agnico-Eagle”). The Maritime Cadillac Property is contiguous to the Lapa gold mine property (proven and probable reserve of 1.061 million ounces of gold, with 3.75 million tonnes grading 8.8 g/t Au), where production is slated to begin during 2009. (Source: Agnico-Eagle Mines Limited; revised and published on February 18th, 2009). Read more
