| 12/05/2009
www.insidemetals.com |
Vol
4, Issue 22 |
|
 |
In
This Edition...
Precious
Metals Market Update
Gold & Silver ETF's
Geopolitical View
Gold
Producer News
Website Updates
|
|
| Dear
Subscriber, |
| The
newsletter will be published next on December 19,
2009. |
IN
THIS EDITION OF INSIDEMETALS
|
|
In this edition of the InsideMetals Newsletter,
we'll take a look at gold & silver ETF's,
production, pricing and news, as well as precious
metals trends, gold producer news and recent
website updates, which includes our new
Advertising and Media Kit information.
|
|
 |
| In
This Issue |
| Precious
Metals Markets Update |
| Geopolitical
View |
| Whitney
& Whitney Inc. |
| NYSE
Gold Producer News |
| AMEX
Gold Producer News |
| NASD
Gold Producer News |
| InsideMetals.com
Website Updates |
|
| PRECIOUS
METALS MARKET UPDATE |
 Gold
closed at $1208.75.00/oz (London Fix) on December
3, 2009, an 8.4% increase from the $1114.75/oz
(London Fix) closing price on November 12, 2009,
when data for the previous newsletter was
gathered.
Silver closed at $19.11/oz
(London Fix) on December 3, 2009, a 9.1%
increase from the $17.51/oz (London Fix) closing
price on November 12, 2009.
Platinum closed at $1494.00/oz
(London Fix) on December 3, 2009, a 9.5%
increase from the $1365.00/oz (London Fix)
closing price on, November 12, 2009.
Palladium closed at $386.00/oz
(London Fix) on December 3, 2009, a 9.0%
increase from the $354.00/oz (London Fix)
closing price on November 12, 2009.
GOLD vs. EURO/U.S. DOLLAR CHART
The gold price has risen from
last year's low of $712.50
(month of October) and closed at
$1208.75 per ounce on December
3, 2009, after establishing a
record high close of $1212.50
(London Fix on December 2,
2009). Gold has been steadily
rising since the October 2008
lows, and closed above $1,000
per ounce in September, and then
sky-rocketed to current record
levels. During this rise in the
bullion price, there was a
steady decline in the value of
the U.S. Dollar. On January 2,
2009 the Euro/$ was 1.3866 and
the dollar then increased in
value to a yearly Euro/$ value
of 1.2555 on March 5, 2009, as
the dollar strengthened.
The Euro/$ value is now
1.512.The dollar has declined
in value compared to 1.4922,
when data was gathered for the
last published newsletter. The
above chart reflects the
expected parallel rise in the
price of gold and the Euro/$
ratio as the U.S. dollar has
weakened over the last two
weeks. Note that the price of
gold has been increasing at an
accelerated rate compared to
the decline in the dollar.
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| Gold
& Silver ETF's |
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The SPDR Gold Trust (GLD) now controls over
36,378,539 ounces of gold. The gold holdings
have been steadily increasing since October
2008 and have been recently consolidating as
gold prices have risen from $925 in July 2009
to current record levels. The GLD reached a
record 36,450,190 ounces of gold on June 1,
2009. GLD holdings were 35,830,468 ounces when
this newsletter was last issued.
The accumulation of silver by the iShares
Silver Trust (SLV) has been steadily
increasing since early 2008, in spite of
declining silver prices beginning in August
2008 through October 2008. SLV silver
holdings and the price of silver moved
upward in mid-January. Silver prices and SLV
silver holdings have been steadily rising
since July 2009. SLV silver holdings reached
a new record 305,893,368 ounces on December
3, 2009.
Holdings in both the GLD and SLV have been
steadily increasing as the price of both
gold and silver has been rising. This
suggests that investors are betting on the
long term prospects for gold and silver as
a safe-haven investment as the US Dollar
declines.
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| GEO
POLITICAL VIEW |
DECLINING GOLD PRODUCTION WILL SUPPORT
GOLD PRICE
Over the last couple of weeks there has been a
steady rise in the price of gold and a
corresponding decline in the value of the US
dollar. For 6 out of the last 10 days, from
November 20, 2009 to December 3, 2009, .gold
was setting new record closes. Since the last
newsletter was published on November 12, 2009,
gold has risen by 8.4% from $1114.75 per once
to $1208.75 per ounce. Since the beginning of
November, gold prices have risen about 15%,
based on fears that the US dollar will remain
weak and the prospect of rising inflation in
2010.
Over the past year, the US dollar ranks as one
the world's worst performing currencies, and
many investors now view the weakening dollar
as the reason why dollar denominated resources
have had strong gains as noted in the above
Precious Metals Updates and Gold & Silver
ETF sections.
There are now concerns creeping into the
market that rising dollar denominated
commodity prices are rising into bubble
territory. On December 2, 2009, a senior
official at China's central bank warned of
bubbles forming on certain assets. Hu
Xiaolian, a vice-governor at the People's Bank
of China told reporters in Taipei that China
must keep in mind the long term effects of
considering what to use as reserves
(currency). The US dollar extended losses on
November 26, 2009, falling to its lowest value
in 14 years against the yen and hitting a
15-month low against a basket of six major
currencies.
Over the long term the price of gold will
continue to rise regardless of the strength of
the US dollar or whatever currency may be
favored by investors. The reason gold will
continue to rise in value is because
world-wide production and reserves are falling
as deposits become mined-out and new
multi-million ounce size discoveries become
harder to find.
There was a slight increase in gold production
in 2009, but in general gold production has
been in decline since 2001, as production has
dropped from about 85 million ounces to about
75 million ounces. The World Gold Council has
forecast an 3.7% increase in world gold
production in 2009 to about 2,500 tonnes, but
this will only satisfy about two-thirds of the
demand which soared this year to 3,800 tonnes
as a result of the global financial crisis.
The best example of declining production is
the 9.3% drop in year-over-year second quarter
production in South Africa, as reported by the
Chamber of Mines.
South Africa which has led the world in gold
production for over 100 years has now dropped
to fourth.
Last year China was the world's leading gold
producer, and this year Australia will over
take the United States to become the world's
second leading producer. Over the first half
of the 2009 the world's leading gold producers
were: China with 147 tons of gold; Australia
with 112 tons of gold; and the U.S with 105
tons of gold. Production in South Africa was
103 tons of gold over the same period.
World gold production peaked in 1970 at 1,000
tons. Declining world gold production and
increasing demand will keep gold prices high.
Leading gold companies with low-cost mines
will benefit from this drop in gold
production.
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GOLD PRODUCER NEWS |
November 16, 2009:
AngloGold Ashanti Ltd. (AU) announced
that it will spend $13 million exploring
for gold deposits in the ocean floor
over the next 18 months, in a joint
venture agreement with De Beers, which
has technology for recovering sea floor
minerals.
November 16, 2009:
Gold Fields Ltd. (GFI) reported that
the 45,000 member, National Union of
Mineworkers (NUM) in South Africa, may
initiate a strike at Gold Fields'
mines over the Functional Work
Capacity (FWC) recruitment assessment
method, which stands in the way of the
appointment of new recruits and
employees returning back to work after
availing of annual and maternity
leave.
November 16, 2009: Goldcorp
Inc. (GG) agreed to buy Canplats
Resources Corp. for approximately
C$238 million to gain control of a
Mexican deposit located approximately
31 miles southeast of Goldcorp's large
Penaquito mine. Canplats owns the
Camino Rojo project which has 3.34
million ounces of gold on a measured
and indicated basis. The Camino Rojo
project increases Goldcorp's
exploration holdings in the region to
1,775 sq. miles from 465 sq. miles.
Canplats shareholders will get 0.074
of a Goldcorp share, and one share
valued at $0.18 in a new exploration
company. Canplats' shareholders will
own a 90% interest in the new
exploration company. Goldcorp will own
the remaining 10%.
November 16, 2009:
Harmony Gold Mining Ltd. (HMY)
believes that the National Mineworkers
decision to seek legal advice around
possible retrenchment of 2,100 workers
at some of HMY's operations was
premature. Over the last six months
HMY has been reviewing whether or not
to cut back activity at its marginally
producing shafts, simply because the
ore bodies have been depleted. HMY has
been looking at alternatives to simply
cutting workers. The alternatives
would include shifting affected
workers to viable properties, and
properties under development, and to
offer incentives for voluntary
retirement.
November 16, 2009:
Newmont Mining Corp. (NEM) announced
that its subsidiary, Newmont Indonesia
Limited, together with Nusa Tengarra
Mining Corp. (an affiliate of Sumitomo
Corp.), completed the transfer of 10%
of PT Newmont Nusa Tengarra to PT
Multi Daerah Bersing, a consortium
comprised of regional and local
governments near the Batu Hijau mine,
and PT Multicapital, a private company
for $391 million. Newmont received its
pro-rate 56.25% of the proceeds
November 16, 2009:
Newmont Mining Corp. (NEM) says it
expects a steady production of 1.8
million to 1.9 million ounces of gold
at its Yanacocha gold mine in Peru,
which is jointly operated with
Compania de Minas Buenaventura SA
(BVN). The mine posted sales of 1.8
million ounces of gold in 2008.
November 18, 2009:
Gold Fields Ltd. (GFI) commenced
drilling on Woodjam North on October
10, 2009. The Woodjam North
gold-copper property is located 28
miles east of Williams Lake in central
British Columbia. Woodjam North is a
joint venture owned by Cariboo
Resources Ltd. (60% interest) and
Fjordland Exploration Inc. (40%
interest). Gold Fields Horsefly
Exploration Corp., a GFI company, has
an option to earn up to a 70% interest
in the property by spending $19
million on exploration on the property
over the next seven years. GFI has
budgeted approximately $3 million for
exploration during the first year. To
date approximately 10,800 feet of a
planned 19,680 foot drilling program
has been completed on the Takum Zone,
to follow up on a 2008 drill intercept
that assayed 0.34% copper and 0.017
oz/t gold over 236 feet. The
mineralized interval was within a 1.85
mile wide induced polarization (IP)
geophysical anomaly. Additional
drilling will further test the IP,
magnetic, and geochemical anomalies
identified by 2009 field work.
November 18, 2009:
Kinross Gold Corp. (KGC) reported that
it has completed the required Phase 1
drilling on the Debut prospect leased
from Canasia Industries Corp. in
Nevada. The lease agreement requires
KGC to spend a minimum of $3 million
exploring the property which is
located in southern Elko County.
November 19, 2009:
Agnico-Eagle Mines Ltd. (AEM)
announced that it has started
producing from its mill and heap leach
at its Pinos Altos gold and silver
property in northern Mexico. The
project has the capacity to mine 4,400
tons per day at its planned open pit
and underground operation. The company
has invested $240 million in the
project to date and expects to produce
approximately 175,000 ounces of gold
and 2.6 million ounces of silver per
year at Pinos Altos.
November 20, 2009:
AngloGold Ashanti Ltd. (AU) announced
that it expects to start its initial
underwater drilling program in the
second quarter of 2010 as part of its
joint venture with De Beers Marine.
Initial drilling will focus on
offshore waters adjacent to New
Zealand. The initial program has been
budgeted at $4 million to drill 80
core holes to a depth of up to 650
feet. The target area is a 12.5 mile
region some 1500 feet offshore of New
Zealand's South Island. De Beers will
provide technical expertise gained
from mining diamonds in offshore
waters of Namibia.
November 20, 2009:
Newmont Mining Corp. (NEM) achieved
commercial production at its
Boddington mine in Australia. The mine
is expected to operate for more than
24 years, and is expected to become
the country's largest gold producer.
In its first five years, Boddington is
expected to produce 1 million ounces
of gold at an average cost, after
byproduct credits of $300 per ounce.
The mine is expected to reach full
production in 2010.
November 23, 2009:
AngloGold Ashanti Ltd. (AU) reported
that Ashanti Goldfields Services, its
wholly-owned subsidiary, has acquired
for C$1.2 million, 10,000 units of
Commander Resources Ltd. through a
non-brokered private placement. Each
unit consists of one common share of
Commander, and one-half of one common
share purchase warrant. Each common
share purchase warrant entitles AU to
purchase one additional common share
of at a price of C$0.24 per share
until November 17, 2011. The
acquisition of these units will give
AU an 11.1% interest in Commander. If
AU exercises all of its warrants it
will own 15,000,000 common shares of
Commander, which represents 14.7% of
the issued and outstanding common
shares of Commander.
November 23, 2009:
Harmony Gold Mining Ltd. (HMY) CEO,
Graham Biggs, said that in spite of
planned mine closures from under
performing shafts at the Evander and
Virginia mines, HMY should produce
more gold in 2010. Planned 2010
production of 1.6 million ounces would
exceed by 140,000 ounces the 1.46
million ounces produced in 2009, which
ended June 30, 2009. Production in the
current quarter should equal or exceed
the 373,431 ounces produced in the
first quarter which ended September
30, 2009.
November 24, 2009:
Goldcorp Inc. (GG) provided highlights
of its successful $110 million 2009
exploration program. Goldcorp is
actively exploring in Canada, Mexico,
Central America, and the United States
(Nevada). Goldcorp is the lowest-cost
and fastest growing multi-million
ounce gold producer with operations
throughout the Americas. Exploration
at Red Lake continues to find high
grade mineralization at depth.
Exploration at Penasquito has more
upside potential, including a deep
sulfide resource beneath the Noche
Buena oxide cap. Refer to the press
release for details on regional
exploration successes.
November 25, 2009:
Eldorado Gold Corp. (EGO) announced
results of ongoing drilling that
confirmed the presence of a new gold
zone ("323 zone") to the
south of the Tanjianshan Mine in
China. New diamond drilling confirmed
the results of reverse circulation
drilling released on August 12, 2009
and established the continuity of
mineralization over a minimum strike
length of 985 feet. Refer to the press
release for detailed assay results
which include an interval of 50.8 feet
grading 0.46 oz/t gold (QD143) down
dip from the discovery holes, an
interval of 59.0 feet grading 0.132
oz/t (QD165) 325 feet northwest of the
discovery holes, and an interval of
29.5 feet grading 0.043 oz/t (QD167)
650 feet southeast of the discovery
drill holes The 323 zone remains open
along strike and down dip. Definition
drilling of the 323 zone will continue
through late 2009 and 2010.
November 30, 2009:
Barrick Gold Corp. (ABX) announced
continued success from third quarter
drilling at Midway Gold Corporation's
Spring Valley, Nevada gold-silver
deposit. ABX completed 34 holes
totaling 29,002 of RC drilling and
8,738 feet of core drilling. Midway
and Barrick entered into an agreement
on March 9, 2009 for the exploration
and development of the Pershing County
deposit which covers approximately
18.4 miles. Under terms of the
agreement ABX may earn a 60% interest
in the project by funding $30 million
in exploration by December 31, 2013.
Significant drill intercepts include
fire assays of 339.5 feet of 0.037
oz/t gold and 156 feet of 0.028 oz/t
gold. This third quarter drilling
meets 94% of a required $4 million
exploration commitment for year ending
December 31, 2009.
December 1, 2009:
Barrick Gold Corp. (ABX) has
eliminated its hedge book ahead of
schedule. ABX can now enter 2010 fully
exposed to the price of gold. ABX
chief executive Aaron Regent said
global output has been falling by
roughly 1 million ounces a year since
the start of the decade.
December 1, 2009:
Eldorado Gold Corp. (EGO) has been
notified by Sino Gold Mining Ltd. that
on December 2, 2009, Sino Gold
shareholders approved the Scheme of
Arrangement whereby Sino Gold and
Eldorado Gold will be merged. EGO
launched its bid for Sino Gold in
August by offering 0.55 EGO shares for
each Sino Gold share. This bid valued
Sino Gold at $1.910 billion. With this
shareholder approval, Sino Gold will
apply to the Federal Court of
Australia for orders approving the
transaction. Upon court approval the
shares of Sino Gold will be suspended
from trading on the Australian and
Hong Kong bourses.
December 1, 2009:
Goldcorp Inc. (GG) declared its
twelfth monthly dividend payment for
2009 of $0.015 per share to
shareholders of record at the close of
business on Friday, December 11, 2009.
Payment of the dividend will be made
on Friday, December 18, 2009.
December 1, 2009:
Kinross Gold Corp. (KGC) will seek to
buy assets in North and South America,
Russia, and Ghana, but will stay out
of countries such as China, Venezuela,
Indonesia, and Papua New Guinea where
KGC sees too much political and
security risk.
December 2, 2009:
Goldcorp Inc. (GG) will sell its stake
in the Morelos gold project in Mexico
to Newstrike Capital Inc. for $52
million. GG's subsidiary Desarrollos
Mineros San Luis agreed to sell its
21.2% interest in the property for
$44.5 million in cash and 15 million
common shares of Newstrike. The
transaction is subject to a financing
by Newstrike to raise net proceeds of
$50 million to fund the acquisition.
GG expects the deal to close in early
2010.
|
| AMEX
GOLD PRODUCER NEWS |
November 16, 2009:
Apollo Gold Corp. (AGT) reported a net
loss of $14 million for the third
quarter ended September 30, 2009,
compared to net income of $0.5 million
for the year-earlier quarter. A
significant portion of the reported
third quarter 2009 loss was a result of
recording an unrealized loss on
derivative contracts comprised of (1) an
unrealized loss of $14.3 million for the
change in value recorded for gold
forward sales contracts held as of
September 30, 2009 and (2) an unrealized
gain of $4.1 million for the change in
value of Canadian dollar foreign
exchange contracts held as of September
30, 2009. Both of the gold forward sales
contracts and Canadian dollar foreign
exchange contracts were a condition of
the February 20, 2009, $70 million
project financing facility established
to commence production at Black Fox.
During the third quarter of 2009, AGT
sold 19,848 ounces of gold, out of
22,478 ounces produced. All of the gold
sold was against forward sales contracts
at a realized price of $875 per ounce.
November 18, 2009:
Endeavour Silver Corp. (EXK) announced
that it has acquired an option to
purchase the San Juanico properties,
located adjacent to the El Cometa
property, part of Endeavour's Parral
exploration project near the city of
Hidalgo de Parral, Chihuahua State,
Mexico. EXK can acquire a 100% interest
in the San Juanico properties by making
$130,000 in cash payments over 18
months, and a final payment in 24 months
of a minimum $300,000 to a maximum $1.9
million based on the total NI 43-101
compliant silver-equivalent resource
ounces (based only on gold and silver
ounces) discovered. The San Juanico
properties (including the Amplicion de
San Juanico, Dolores, and El Jazmin
concessions) cover approximately 2,625
feet along the trend of the mineralized
Esmeralda vein structure to the north
of, and adjoining the El Cometa property
at Parral. The San Juanico and Dolores
had a history of producing silver-rich
lead-zinc-gold ores from shafts that
respectively extend down to 100 meters
(328 feet) and 150 meters (492 feet).
Production from the upper levels of
these mines was limited to approximately
25 tonnes (28 tons) per day. The best
model for the San Juanico-El Cometa vein
system may be the La Esmeralda mine
which is located 1.25 miles south of El
Cometa along the Esmeralda vein system.
The Esmeralda mine has produced
approximately 4 million tonnes (4.41
million tons) of ore grading 6% combined
lead-zinc, 2.92 ounces per ton silver,
and 0.015 ounces per ton gold from 10
mine levels to 600 meters (1,968 feet)
in depth.
November 19, 2009:
Apollo Gold Corp. (AGT) provided an
update on its recently completed 40
hole, Grey Fox drilling program which
started on August 10, 2009. This press
release provides results on five holes
recently assayed. AGT is still waiting
on assays from 22 holes drilled in
September, October, and November.
These latest assayed holes continue to
show continuity of gold mineralization
in shallow, multiple mineralized
intervals drilled along the Contact
Fault Zone, which contains rocks similar
to rocks which host their Black Fox
deposit, located about 2.2 miles to the
northwest. The Contact Fault Zone
contains pyrtic breccias and pyritic,
silicified Precambian sediments. The
best intercept reported in this press
release contains 0.16 ounces/ton gold
over 17.8 feet.
November 19, 2009: New
Gold Inc. (NGD) suspended operations at
its Cerro San Pedro mine in Mexico
following an order from government
authorities. The Mexican environmental
protection agency nullified the mine's
2006 environmental impact statement
following a ruling by a Mexican federal
court. NGD said it is appealing the
suspension and is pursuing all legal
appeals and is co-operating with Mexican
authorities.
December 1, 2009:
Aurizon Mines Ltd. (AZK) reported
drilling results from its recent
exploration drilling program on the 810
meter level (2,656 feet) of its Casa
Berardi mine, in northwest Quebec. The
recent program is focused along Zone
120, to test for the continuity of a
block of inferred resources present at a
vertical depth of 2,132 feet to 3,610
feet below the surface, at a location
approximately 2,132 feet east of the
West Mine production shaft. Thirteen
holes, drilled at an average spacing of
25 meters to 50 meters (82 to 164 feet)
have confirmed the continuity of
mineralization. The best intercept
contained 0.365 oz/t gold over an
interval of 36.1 feet; thus confirming
the grade and thickness of the Zone. 120
block. Eleven drill rigs are currently
active on the property. A budget of $15
million to complete 40,000 meters of
drilling and 1,900 meters of drift
development had been approved to conduct
and support infill and exploration
drilling for 2009.
|
| NASDAQ
GOLD PRODUCER NEWS |
November 18, 2009:
Royal Gold Inc. (RGLD) announced that it
has raised its annual dividend by 13% to
$0.36 per common share. A first quarter
dividend of $0.09 per share will be paid
on January 15, 2010 to shareholders of
record at the close of business on
January 4, 2010.
November 24, 2009:
Lihir Gold Ltd. (LIHR) declared an
interim dividend of $0.015 per common
share on October 29, 2009. The
dividend will be paid on November 30,
2009.
November 25, 2009:
Randgold Resources Ltd. (GOLD)
announced that it has acquired an
additional 5% interest in the Tongon
gold project in Cote d'Ivoire for $10
million in cash. Randgold now has an
89% interest in the mine. Development
of the Tongon mine is currently
underway and is scheduled to go into
production in the fourth quarter of
2010.
November 30, 2009:
Randgold Resources Ltd. (GOLD) issued
a new estimate as to the amount of
gold contained in its Kimbali deposit
located in the Democratic Republic of
Congo. The indicated gold resource has
increased by 23% to 13.93 million
ounces from the previously announced
11.29 million ounces. The inferred
resource has been reduced by 48%
to 5.83 million ounces. Some of the
reduction in the inferred class was a
result of the resource being upgraded
to the indicated category and a
dropping of mineralization that was
deemed unlikely to be mined. The
Kimbali project had been previously
known as the Moto deposit. A
feasibility study conducted in March
2009 based on a combined open pit and
underground mining operations reported
on plans to produce about 2.4 million
ounces of gold over the first five
years of operation.
December 2, 2009:
DRDGOLD LTD. (DRROY) on December 1,
2009 agreed to sell 60% of its
troubled Blyvoor gold mine to Aurora
Employment Systems for 296 million
rand ($40.54 million). Aurora will
provide Blyvoor with a capital
facility of up to 80 million rand. The
mine will be able to draw down 10
million rand by the end of December,
and up to 14 million rand each month
thereafter until the end of May 2010.
This credit facility will provide
immediate relief to Blyvoor in terms
of its short-term working capital
requirements. Blyvoor had increased
gold production by 116% between
October and November, and the rand per
kilogram gold production cost had
dropped by 47%.
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