Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

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Legend rockets on gold find

10mar04

FLEDGLING gold miner Legend Mining Ltd's shares surged today after it announced two new gold discoveries at its newly acquired Gidgee project in Western Australia.

The gold pockets, dubbed Mali and Senegal, are next to current workings at the company's Swan Bitter underground gold mine.

Perth-based Legend said the accessible lodes would potentially open up a new 4.5km long exploration target zone for additional new discoveries.

The company's shares rose 3.5c, or 26.92 per cent, to 16.5c at 12.40am (AEDT).

Best drilling intersections included a 12.60m segment containing 22.6 grams per tonne (g/t) of gold, 7.95m at 33.50 g/t and 5.65m at 6.11 g/t.

There is potential for expanding both the Mali and Senegal gold pockets because they remain open in all directions.

"Legend believes these lodes will significantly add to the mines reserves," the company said.

"The discovery of the high grade Mali and Senegal lodes, further west than previously identified gold mineralisation at Swan Bitter, vindicates the company's aggressive underground exploration program."

Legend cranked up exploration at its tenements after making the transition, three months ago, from explorer to miner when it bought the Gidgee project, 90 km north of Sandstone in WA's north-eastern goldfields.

Legend agreed to pay $3.5 million in cash before June 30 2004 to acquire the 70,000 ounce a year operation from Abelle Ltd.

The total acquisition cost of $6.5 million included $1 million in shares and $2 million for environmental bonds.

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http://www2.ccnmatthews.com/sc…pl?/current/0310068n.html

FOR: SEABRIDGE GOLD INC.

TSX VENTURE SYMBOL: SEA

MARCH 10, 2004 - 11:19 ET

Seabridge Initiates 2004 Program at Grassy Mountain Gold
Project

TORONTO, ONTARIO--

Remodeled Resource to Incorporate 39 Additional Drill Holes

Seabridge reported today that it has commenced its 2004 program
at its 100% owned Grassy Mountain gold project located in Malheur
County, Oregon. The initial focus of the program is to update the
geologic and resource models for the deposit by incorporating 39
more recent drill holes that were never included in the database.
The earlier 202 holes are also being re-logged and the deposit's
geology being reinterpreted to enable assessment of both open pit
and underground mining scenarios.

PROJECT BACKGROUND

Since the discovery of the Grassy Mountain gold deposit by Atlas
Minerals Inc. in 1988, significant technical work has been
completed by several mining companies and independent third
parties on open-pit and underground development scenarios. All of
this work has assumed gold prices ranging from $350 to $400 per
ounce. The key studies were:

(1) The Kilborn Study "Grassy Mountain Property Final Feasibility
Study", April, 1990, describing an open pit mining project with
heap leach and CIL processing, developed from Atlas results
completed through 1989;

(2) The Pincock, Allen & Holt (PAH) Study "Grassy Mountain
Conceptual Development Review", to compare alternate project
development scenarios, completed in November 1997.

NEW DATA

All development scenarios examined after completion of the
Kilborn open-pit feasibility study utilized the same geologic and
block models. Subsequent to the Kilborn feasibility study, Atlas
optioned the property to Newmont and Tombstone Exploration
successively but neither group updated the geologic and block
models by incorporating the new data they generated, nor did they
construct a geologic model that specifically addressed an
underground mine.

Atlas originally drilled 202 holes totaling 159,600 feet which is
the data that was used for block model construction. Newmont (15
core drill holes), Tombstone (10 RVC and core drill holes) and
Atlas (14 RVC holes) drilled an additional 39 holes totaling
23,610 feet, a 19% increase in the number of drill holes and a
15% increase in the footage drilled. The Newmont and Tombstone
drilling focused on the heart of the high-grade zone, while the
Atlas drilling was designed for geotechnical data and to test
outlying targets. Seabridge has now integrated all the drill hole
assay results that were collected from the property.

Assay results from the 20 Newmont and Tombstone holes which were
drilled into the deposit are as follows:

weiter.....

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Income Statement Hecla Mining Co (HL)

http://finance.yahoo.com/q/is?s=hl

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http://www.busrep.co.za/index.…nId=608&fArticleId=370574

DRD takeover of Emperor will not affect operations

March 10, 2004

Suva - Operations at Fiji's major gold mine will not be affected by a planned South African takeover of the Australian holding company, the Fiji Times reported Wednesday.

Duban Roodepoort Deep Ltd (DRD) of South Africa, has made an offer for Australia's Emperor Gold Mine (EGM) which operates the Vatukoula mine, north of here. It is the country's second largest private employer with 2 100 workers.

EGM general manager in Fiji, Martin Jacobson, told the Fiji Times that the takeover bid should not have any effect on local operations.

"If anything, there will be benefits for us as a result of the takeover," said Jacobson.

"They operate five mines, similar to ours, in South Africa and they also have technology which would be helpful to us.

"At the same time, there are things that they can learn from us too and from operations in Papua New Guinea."

Jacobson will be meeting with a Fiji government official later Wednesday to brief him on developments.

DRD has a stake in Papua New Guineas Porgera mine. It has a market capitalisation of $700 million (R4.62 billion) and produces around one million ounces of gold a year.

Vatukoula last year produced 115 000 ounces of gold.

Emperor chairman Jim Wall said DRD was a supportive shareholder during EGMs capital programme to boost production.

"This offer recognises the excellent progress that has been made in relation to the production expansion plan and cost reduction strategies," said Wall.

DRD are offering one DRD share for every five Emperor shares held, an implied offer price of 88 Australian cents per share which Tuesdayclosed at 85 cents. - AFP

Das ist die Art von Informationen die das Gold Cabal freut!

Vor zwei Tagen haben die europäischen Zentralbänker doch gerade eben noch verlauten lassen, dass Gold ein WICHTIGER Bestandteil ihrer Währungsreserven darstelle

Gruss

Thaiguru

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http://biz.yahoo.com/rm/040310/economy_germany_gold_2.html

Reuters

UPDATE - Gold less important for cen banks-German finmin

Wednesday March 10, 7:01 am ET

BERLIN, March 10 (Reuters) - A Bundesbank plan to sell gold over the next five years shows the yellow metal is no longer so important for central bank policy as it was, the German finance ministry said in a document obtained by Reuters on Wednesday.

"The decision of the Bundesbank board shows gold reserves today no longer have the same importance as an instrument of currency policy that they had in the past," the document prepared for a meeting of the German parliament's budget committee says.

"It is therefore logical if gold reserves that are not needed and which don't bring any interest income are sold," the paper adds.

The Bundesbank has said it aims to sell 120 tonnes of gold a year over the next five years as part of a gold-sale agreement announced this week by European central banks.

Bundesbank President Ernst Welteke has suggested any profit -- estimated at five billion euros over the full five year period, assuming no change in current gold prices -- should be paid into a fund, whose interest would be used to fund research and development in Germany.

The German finance ministry paper, submitted to parliament ahead of a closed-door hearing with Welteke later on Wednesday, did not comment on Welteke's idea, despite the fact German Chancellor Gerhard Schroeder has already voiced his support.

"According to current legislation, only the parliament can decide on the use of Bundesbank profits in the federal budget," the paper said.

Germany is the world's second largest holder of gold, with some 3,400 tonnes. The German finance ministry paper said that, based on gold's closing price on December 31, 2003, the theoretical profit that could be made from selling all the gold was around 28.4 billion euros.

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http://www.globeinvestor.com/s…NESS-MINERALS-IAMGOLD-COL

News from Reuters

Canada's Iamgold on Prowl for Gold Assets

15:56 EST Tuesday, March 09, 2004

By Nicole Mordant

TORONTO (Reuters) - Flush with cash and ambitious for growth, mid-sized Canadian gold producer, Iamgold Corp. said on Tuesday it was "aggressively pursuing" an acquisition this year and believed a deal with Randgold Resources Ltd. would be a good fit.

Iamgold chief executive, Joseph Conway, said Iamgold set itself a target last year of reaching production of 600,000 ounces of gold by the end of 2004, nearly 200,000 ounces more than it produced in 2003.

"Over the next nine months or so we will be aggressively pursuing an acquisition that will get us to that level," Conway told Reuters in an interview on the sidelines of the Prospectors and Developers' mining conference in Toronto.

For now, Iamgold owns stakes in four West African gold mines but does not operate any of them.

The Toronto-based company has interests in two operations in Mali with South Africa's AngloGold Ltd. : the Sadiola mine, in which the Canadian firm has a 38 percent stake, and the Yatela mine, where it owns 40 percent.

In nearby Ghana, Iamgold is in partnership with another South African miner, Gold Fields Ltd. in the Tarkwa and Damang mines. Iamgold owns 18.9 percent of each.

But Conway said Iamgold was no longer happy with its non-operater role and was actively scouring West Africa and South America, where most of its exploration activities are, for a suitable purchase or merger candidate.

London-listed Randgold, with its attractive Loulo deposit in Mali that chief executive Mark Bristow plans to build into a 200,000 ounce-a-year gold mine, fitted the bill nicely as a possible merger partner, Conway said.

"Mark's got a very good company. We're always interested to chat. I think it would be a good fit. It's a question of what Randgold and its shareholders want to do," he said.

Asked if the two parties had had talks, Conway said: "We know each other."

Randgold, a 300,000 ounce-a-year producer, made a name for itself last year when it set off a David and Goliath bidding war against AngloGold, the world's second largest gold miner, for African producer Ashanti Goldfields . AngloGold won in the end, but only after having to increase its bid.

At year-end, Iamgold had $113 million in cash on its balance sheet. Conway said the firm's financial statements looked robust enough that it should not have problems raising $200 million worth of debt if needed.

© Reuters Limited

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Bema says no negotiation on Casale

By: Tim Wood

Posted: 2004/03/09 Di 22:00 EST | © Mineweb 1997-2004


TORONTO -- Bema Gold [BGO] chairman, Clive Johnson, says the market is misunderstanding the nature of its deal with Placer Dome [PDG] on the Cerro Casale, and that there will be renegotiating the terms.

The Chilean copper-gold joint venture is moving into a critical phase that will determine its near-term development potential. The project’s finance committee is due to meet later this week to consider an updated feasibility report, and Placer must signal its view on financibility by month-end.

At current gold and copper prices it seems improbable that Cerro Casale is uneconomic. This is more so given the potential to have two grinding lines instead of two using the expansion of the Escondida mine as a model. If the project is declared financible, Placer is obliged to begin construction within a year.

Johnson admits to having heard gripes that the terms of the deal are unfair because the world number five gold producer will carry most of the initial risk based on its requirement to guarantee the loan against the project.

He emphasises:

Zitat

“If Placer is concerned about having 51% of the asset and not 100% of the cash flow they could always make an offer to Arizona Star. It’s a single entity company, it’s dead easy to figure out the value; it’s a 25% carried interest in the project. At a sensible price I’m sure Arizona shareholders would be happy to take Placer shares.”

Another issue is, apparently, that Placer has a different sequencing in mind as it gears up a project development period that might tax its balance sheet. “Placer wouldn’t appreciate me suggesting what it should do, but there are options like the bond market,” Johnson says. “If you don’t want to guarantee a loan, don’t take it. Do it at the corporate level.”

Zitat

“It’s not a matter of if Casale gets built, or even when. It’s a matter of how.”

Johnson discounts any prospect of Placer disposing of its interest. “At $400/oz gold and $1.30/lbs copper, if you’re going to sell this one, what are you going to build? I really don’t care who builds it as long as they build it well, but I like Placer. They’re professional people and very good at building mines.”

Further addressing concerns about valuation, Johnson says the market must bear in mind that Placer is not buying ounces from Bema, but rather financing to production. “Let’s not forget who spent the high risk exploration dollars on Cerro Casale. . . we took the biggest risk. We found it.”

“If you take the $60 million they have put in so far in drilling and feasibility, and some payments, and the $99 million they must put in for us and Arizona Star, you end up at about $13/oz [for Placer’s share of the reserve ounces].

“This is not Getchell; this is a good one. This is one that should look good on them, but they forget that they didn’t find it. So we’re not going to renegotiate this deal. We found it and we’re not even making them pay for the ounces.

He sees no reason for Placer not to want to go ahead with Casale. “All the technology is proven. There’s nothing strange about it. It’s about size. There is no abnormalities. It’s about moving 170,000 tonnes of ore a day, which is huge, but Placer is capable of doing it,” he says.

“I just can’t imagine in this robust a metals market something like Casale not getting built. It that happens it’s a very sad state of affairs for the industry. Then can do it and they can do it well.”

Johnson pulls no punches: “I say less whinging and more mining.”

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http://www.stuff.co.nz/stuff/0,2106,2839497a13,00.html

Investors rush to gold IPO

10 March 2004

Investors have snapped up the chance to buy into the South Island's new gold business, with Oceana Gold's initial public offering closing oversubscribed.

The company, which is being spun off from Perth's GRD NL, has raised $A100 million ($NZ112 million).

The cash will be split evenly as equity for the new company and pay back for the sell down of GRD's interests.

Oceana Gold will have a dual listing in Australia and New Zealand and will comprise the assets of the existing GRD Macraes mining business in Otago as well as the company's interests in the Reefton goldfields.

The cash will be used to jump start stalled work at the Globe Progress and Blackwater mines near Reefton, doubling gold output from the South Island to 400,000 ounces a year by 2006-2007.

The institutional offer closed oversubscribed and today GRD said an offer to existing shareholders and the general public had also been oversubscribed.

Shares in Oceana begin trading on March 18 in New Zealand and Australia.

Das kann doch alles kein Zufall mehr sein?

Die Amis bringen heute wieder einmal schlechte Zahlen, danach verstösst der Dollar gegen alle Regeln der Vernunft, und steigt! (Die Japaner haben da wohl auch wieder etwas mitgeholfen), und Gold (ge)fällt wieder unter die 400.- Dollar Marke. Und jetzt noch dieser "Virus".

Habe bestimmt nichts gegen Forschung einzuwenden, doch warum wollen jetzt auch noch die Franzosen ihre Forschung durch Gold Verkäufe finanzieren. Zumindest ist es der Vorschlag des französischen Forschungsministers.

Papier Geld "Fiat Money" ist dazu doch viel besser geeignet als Gold.

Papiergeld kann man drucken, beim Gold geht das nicht.

Dieser in Deutschland erstmals aufgetretende "Forschung durch Gold Verkäufe zu finanzieren" "Virus" muss anscheinend hochansteckend sein.

Hoch interessant ist auch dass die Virus Meldung vom "Nachrichten Spezialisten" REUTERS stammt.

Gruss

ThaiGuru

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http://biz.yahoo.com/rm/040310/france_gold_3.html

Reuters

UPDATE - France might sell gold to fund research -minister

Wednesday March 10, 6:25 am ET

(adds background on German idea, how much France should sell)

PARIS, March 10 (Reuters) - France may consider selling some of its gold to help finance scientific research after top scientists started working to rule to demand more state support, Research Minister Claudie Haignere said on Wednesday.

The Bank of France has not sold gold in recent years and had no immediate comment on Haignere's suggestion, which echoed an idea floated for Germany by Bundesbank chief Ernst Welteke and backed by German Chancellor Gerhard Schroeder.

France's conservative government, dismayed that 2,000 scientists have stopped carrying out their administrative work, has earmarked three billion euros for research in 2005-2007.

It hopes to staunch a "brain drain" of researchers, mostly towards the United States, but has not said how it will fund this.

Doing so will be difficult because it has vowed to bring France's public sector deficit, which soared to 4.1 percent of GDP last year from 3.2 percent in 2002, back under the euro zone's three percent ceiling.

"We have to find the means to finance the future research. That could be the Bank of France's gold, it could be the funds we get from privatisations," Haignere told Europe 1 radio in an interview.

Europe's central banks agreed on Monday to raise the limits on their gold sales to 500 metric tonnes a year for the next five years, a rise of 100 metric tonnes from a previous five-year deal.

At current market prices of some $400 per ounce, raising the three billion euros that the French government has earmarked for research would imply sales of roughly 185 tonnes of gold.

In the French protests, 2,000 scientists resigned on Tuesday as administrators for their laboratories, a symbolic step that could gradually bring research in public laboratories to a halt.

The protests was a setback to the conservative government's hopes of avoiding a backlash over budget cuts as France approaches regional elections on March 21 and 28.

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http://trinity.mips1.net/MGGol…6E530035BC5E?OpenDocument

Gallery Gold signals Mupane satellite reserves boost

By: Peter Gonnella

Posted: 2004/03/10 Mi 17:47 ZE8 | © Mineweb 1997-2004

PERTH (minewebaustralia.com) – Emerging southern and eastern Africa gold group Gallery Gold [ASX:GGN] is set to convert encouraging exploration and metallurgical results into a material upgrade in reserves and resources for the Mupane gold project in Botswana which is planned to start production in October.

The Perth-based company told Mineweb it is likely to release an increase in the Mupane reserves and resources inventory next month following good drill hits from the Shashe mining lease (previously owned by Phelps Dodge) which lies roughly 14km from the main Tau orebody within the Mupane mining lease and near Lionore Mining International’s Tati nickel operations.

Gallery’s managing director, Hamish Bohannan, said he was optimistic the Mupane mine life (projected in the bankable feasibility study at a nominal five years) could ultimately be doubled. Possible new satellite deposits currently being tested within Shashe include Golden Eagle, Kite and Map Nora, which host combined resources of around 240,000oz.

“Recent regional exploration has been very successful, confirming the significant potential to extend the life of the Mupane project and enhance overall project economics with the addition of new, high-grade ore sources,” said Bohannan.

Prior to this flagged reserves and resources expansion, the US$28.4 million Mupane development had been given the go-ahead based on open pit mining reserves totalling 620,000 ounces (assuming a gold price of US$360 per ounce). Gallery’s first mine is designed to produce more than 100,000oz of gold per annum over the initial estimated mine life.

Average cash costs under the existing Mupane blueprint are forecast at US$210/oz, while Gallery has had to commit 320,000oz of the current reserves to hedging cover to meet its debt facility (US$26.5 million) requirements. The hedge contracts have an average expected price of US$392/oz.

Gallery, which also has advanced gold properties in Tanzania inherited from the merger with Spinifex Gold last year, has predicted an IRR for Mupane of 39 percent using a gold price of US$400/oz and is in the process of updating NPV and cash flow estimates, which stood at US$20 million and US$32.6 million respectively (applying the earlier gold price assumption of US$360/oz).

By the end of the Aussie trading session, Gallery shares had risen by over eight percent to A$0.26, which represents a market capitalisation of A$95 million.

Das Gold Cabal gerade wieder an der Arbeit.

Direct Access Handel ist eröffnet!

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