| 02/21/2009
www.insidemetals.com |
Vol
4, Issue 4 |
|
 |
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 March 7, 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 |
| 2007
Silver Nevada Miner Bar |
| 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$980.50/oz(London
Fix) on February 19,
2009, a 7.0%
increase from the
$920.00/oz (London
Fix) closing price
on February 5, 2009,
when data for the
previous newsletter
was gathered.
Silver closed
at$14.26/oz (London
Fix) on February 19,
2009, a 15% increase
from the $12.40/oz
(London Fix) closing
price on February 5,
2009.
Platinum closed at
$1063.00/oz (London
Fix) on February 19,
2009, an 8.4%
increase from the
$981.00/oz (London
Fix) closing price
on, February 5,
2009.
Palladium closed
at$214.00/oz(London
Fix) on February 19,
2008, a 6.7%
increase from the
$200.50/oz (London
Fix) closing price
on February 5, 2009.
ONE YEAR
GOLD vs. EURO/U.S.
DOLLAR CHART
The gold bullion vs.
the Euro/U.S. Dollar
chart displayed
below for the last
year shows a good
correlation between
bullion and
currency. Gold
values peaked in
March 2008 above
$1,000 per ounce,
consolidated in the
second quarter of
2008 below $900 per
ounce, and then
climbed briefly back
above $950 per ounce
in July as news
about the financial
crisis intensified
during the third
quarter.
The gold prices have
risen from its
October low
($712.50) and closed
yesterday at $980.50
per ounce in spite
of fluctuations in
the U.S. Dollar. On
January 9, 2009 the
Euro/$ was 1.3684
and the dollar has
increased in value
to a Euro/$ value of
1.2596 on February
18, 2009, due to a
strengthening
dollar. The rise in
the gold price
reflects investor
flight to safety as
investors still have
reservations about
the U.S. economy and
continued problems
with the banks and
escalating job
losses. The
simultaneous
strength in the U.S.
dollar also reflects
investor concern
about the weakness
in other currencies.
The continuing
strong divergence in
gold price and
currency reflects
the concerns of both
bullion and currency
investors
|
| Advertise to
a world-wide targeted
audience |
 
|
| Gold
& Silver ETF's |
|
The SPDR Gold Trust (GLD)
controls over 33,000,000
ounces of gold. The gold
holdings have been
steadily increasing since
October in spite of
significant gold price
fluctuations. The GLD now
holds a record 33,082,800
ounces of gold.
The accumulation of silver
by the iShares Silver
Trust (SLV) is increasing
as silver prices have
risen above $14.00 per
ounce. Silver holdings
have been strongly
building since August in
spite of declining silver
prices through October.
SLV silver holdings and
the price of silver have
moved upward in
mid-January. As of
February 19, 2009 these
holdings have increased to
a record 253,736,517
ounces.
|
| 2007
Silver Nevada Miner Bar -
99.9% Pure 5 Troy Ounces of
American History
|
|
|
| GEO POLITICAL
VIEW |
STIMULUS PLAN HAS
BEEN GOOD FOR GOLD
Since the start of 2009 ,
the DOW has dropped
approximately 1478 points
(16.5%). The decline in
the DOW reflects a lack of
confidence by investors in
the direction the Obama
administration is taking
the country. The DOW has
been on a steady decline
since the election, and
the economy has continued
to deteriorate as job
losses have been
accelerating along with
the decline of earnings as
both the Republicans and
Democrats have hunkered
down in their respective
trenches. The Democrats
prevailed based on their
greater numbers, but might
doesn't always make right.
The American Recovery
& Reinvestment Act of
2009, the Stimulus Plan
authored by the House
Democrats, without
consideration of any
Republican suggestions, was
passed in the House on
January 28, 2009, and
succeeded in the Senate with
the aid of 3 Moderate
Republicans on February 10,
2009. The one unanimous
factor is that not one
member of the House or
Senate read the entire bill
since it wasn't available in
printed form for members of
Congress to read and cast an
informed vote.
On February 18, 2009, the
Federal Reserve (FED)
predicted that the economy
will continue to contract
and more people will
continue to lose jobs. The
FED expects unemployment to
decline to 9% by the end of
the year. Unemployment is
not expected to return to a
normal level of about 5%
before 2012 at the earliest.
FED officials, at their
policy meeting in late
January, said the economy
will contract between 0.5%
and 1.3% this year. This
view is far worse than their
October projections of a
0.2% decline to a 1.1%
expansion. The FED blamed
the downgrade on
continuation of the
financial crisis with
ongoing credit concerns,
eroding investor equity,
declining business
confidence and performance
globally.
What the Stimulus Plan
has energized is the flight
of investors into gold
bullion and into the stocks
of quality gold mining
companies. Since the October
low of $712.50 per ounce,
gold prices have risen 38%.
Quality gold producers have
also risen significantly
since the October lows.
Refer to the table below to
see gains achieved by select
gold producers.
Mining stocks, such as
the above listed companies
have benefited from the
increase in the price of
gold along with the decline
of oil prices which are a
significant cost of mining.
The decline in base metal
prices has reduced the
earnings of these companies,
but overall, investment in
gold and/or in these
companies have rewarded
investors during this time
of financial turmoil.
|
| Advertise to
a world-wide targeted
audience
|
|
| Whitney
& Whitney Inc. -
A Nevada Based Management
Consulting Firm
|
|
|
| NYSE GOLD
PRODUCER NEWS |
February 6, 2009: Harmony
Gold Mining Ltd. (HMY)
lifted its second quarter
earnings for the quarter
ending December 31, 2008,
due to a weaker rand and
reported that its output
for the year would rise
for 2009, and that it
would consider a dividend
after June 2009. Gold
production in the second
quarter had declined by 8%
to 362,242 ounces.
Production was down mainly
as a result of safety
stoppages and fires in one
underground mine. HMY's
headline earnings per
share rose to $1.01 from
$0.08 in the first
quarter, largely on the
gold price it received,
which was 17% higher than
the year earlier quarter.
February 9,
2009: Agnico-Eagle
Mines Ltd. (AEM)
announced that the
Canadian Pension Plan
Investment Board
(CPPIB), the country's
second largest
retirement fund
increased its stake in
AEM by almost fivefold
in December. The CPPIB
owns 6.3% or 10.1
million shares of AEM.
CPPIB is now the second
biggest shareholder of
AEM with this $686
million investment. AEM
expects to double gold
production to 1.2
million ounces next year
as it develops new mines
in Mexico, Finland, and
Canada.
February 9,
2009: AngloGold
Ashanti Ltd. (AU)
reported a fourth
quarter 2008 adjusted
headline loss of $17
million or $0.05 per
share. The headline
adjustments included $48
million relating to
inventory write-downs,
and current and deferred
tax provisions. Gold
production for the
fourth quarter was 1.268
million ounces, an
increase over third
quarter production of
1.265 million ounces.
The total cash cost for
the fourth quarter
production was $422 per
ounce. For the year gold
production was 4.98
million ounces with a
cash cost of $444 per
ounce. The company
continued to execute its
hedge reduction strategy
by reducing its
commitments from 6.38
million ounces at the
end of September 2008 to
5.99 million ounces at
year-end. The price
received was 13.6% lower
than the spot price of
$687 per ounce due to
ongoing hedge book
restructuring, an
improvement of 6.7% on
the previous quarter,
and within market
guidance. During the
quarter AU recorded
exceptional impairment
charges of $1.25 billion
(net of tax) in relation
to former AU assets
(Obuasi, Geita, and
Iduappriem) and certain
other investments. In
2009 AU is expecting to
produce between 4.9
million and 5 million
ounces of gold at a
total cash cost in the
range of $435 to $450
per ounce.
February 9,
2009: AngloGold
Ashanti (AU) reported
that its La Colosa gold
project in Colombia has
been suspended because
of environmental issues.
In December 2008,
Colombia's
Attorney-General,
Edgardo Maya sent a
letter to the
environmental ministry
outlining his opposition
to a mine in this
sensitive forest
reserve. The mine could
be in production in
2014. AU has identified
a 12.3 million ounce
resource at La Colosa.
February 10,
2009: Newmont
Mining Corp. (NEM)
announced that gold
sales from the Ahafo
mine in Ghana have
reached 1,000,000 ounces
of gold. The mine
reached just over
520,000 ounces last year
at a cash cost of $408
per ounce. The mine is
in its second year of
full production, and
expects to produce just
over 520,000 ounces of
gold in 2009.
February 10,
2009: Barrick
Gold Corp. (ABX)
reported that after a
four day hearing in U.S.
District Court, the
judge denied the request
for an injunction sought
by the Western Shoeshone
and Great Basin Resource
Watch against Barrick's
Cortez Hills Project in
Nevada. The plantiff
argued that the U.S.
Bureau of Land
Management ignored
environmental effects
and the religious
significance of Mount
Tenabo to Western
Shoshone, when it
approved the project
last year. A notice of
appeal has been filed in
the 9th U.S. Circuit
Court of Appeals.
February 11,
2009: Gold
Fields Ltd. (GFI),
according to the
National Union of
Mineworkers, plans to
cut as much as 10% of
its workforce through
voluntary layoffs. The
company has 47,000
permanent workers. Last
month GFI reported a
sharp decline in second
quarter net income, and
lower revenue as
production decreased 14%
year-over-year. GFI also
lowered production
guidance for the third
quarter as a result of
declining copper prices.
February 12,
2009: Newmont
Mining Corp. (NEM)
reports that royalties
paid to the Indonesian
government on mineral
production by its
Indonesian mining
concern, PT Newmont Nusa
Tenggara (PTNNT), almost
tripled in the fourth
quarter to $4.13
million, compared to the
third quarter. Combined
royalties, taxes, and
non-tax payments in the
fourth quarter were
$279.8 billion, 13.7%
higher than third
quarter payments.
February 12,
2009: Coeur
d'Alene Mines (CDE) has
entered into an option
agreement with Mirasol
Resources Ltd. (TSXv:
MRZ) to explore and
develop MRZ's 100% owned
Nicol Project located in
the Deseado Massif
epithermal gold-silver
district of Santa Cruz
province in southern
Argentina. CDE has a
first year exploration
commitment of $250,000,
and will pay MRZ
$50,000 on signing the
agreement. CDE will
spend $2.3 million in
exploration over 4 years
to earn a 55% interest
in the property. CDE can
earn a 65% interest by
completing a bankable
feasibility study. MRZ
can elect to maintain a
35% in the project. CDE
may acquire a 75%
interest by providing
project development
financing at commercial
terms to MRZ.
February 12,
2009: Yamana
Gold Inc. (AUY)
announced the results of
its studies relating to
development of its
Mercedes and
Ernesto/Pau-a-Pique
projects. The Mercedes
project is located in
northern Sonora, Mexico.
In 2008, 242,720 ft. of
drilling was completed
to delineate
mineralization in the
Mercedes and Klondike
areas which converted a
significant amount of
inferred resources to
indicated resources. The
Mercedes project
reserves as of December
2008 include probable
reserves of 2.92 million
tons grading 0.221 gold
equivalent ounces
containing 645,000 gold
equivalent ounces. The
Ernesto/Pau-a-Pique
project is located in
southwestern Mato Grosso
State, near Pontes e
Lacerda in Brazil. The
Ernesto deposit is 37
miles south of AUY's Sao
Francisco mine. The
Pau-a-Pique project is
located approximately 34
miles by road south of
the Ernesto project.
These deposits are
hosted by
meta-sedimentary rocks
of Proterozoic age, and
are in contact with
underlying granitic
basement rocks. The
accompanying gold
mineralization is hosted
by quartz veins in the
meta-sedimentary rocks
in association with
shear zones at the
contact with the
granitics. The current
Ernesto/Pau-a-Pique
resources include
593,000 Indicated ounces
and 305,000 Inferred
ounces. An infill
drilling program will be
conducted in 2009 to
support a feasibility
study and construction
decision by year end.
February 17,
2009: AngloGold
Ashanti (AU) reported
that it sees gold
production from its
Americas unit rising to
1.07 million ounces by
2012. In 2008, AU
produced 819,000 ounces
of gold from operations
in the U.S., Brazil, and
Argentina. The Americas
unit's production in
2008 accounted for 16%
of AU's total
production. AU expects
this production to
increase to 840,000
ounces in 2009, and
960,000 ounces in 2010.
AU forecasts that it
could produce 850,000
ounces of gold per year
from its La Colosa gold
project in Colombia
which is scheduled for
completion in 2015.
February 17,
2009: AngloGold
Ashanti (AU) reported
that it has agreed to
sell its Tau Lekoa Mine
in South Africa, along
with the adjacent
Weltevreden and
Goedgenoeg Project Areas
to Simmer and Jack Mines
Ltd. The effective date
of the sale will occur
after January 1, 2010
upon the fulfillment of
all the conditions. The
purchase price will be
600 million rand less an
offset up to the a
maximum of 150 million
rand or unhedged free
cash flow generated by
the Tau Lekoa over the
period January 1 to
through the effective
date of the sale.
Simmers and Jack will
endeavor to settle the
transaction in cash, but
can issue to AU ordinary
shares up to a maximum
value of 150 million
rand. AU will also
receive a 3% royalty
based on net revenue
from Tau Lekoa and on
future production from
Weltevreden and
Goedgenoeg Project
Areas. The royalty will
be payable quarterly
commencing from January
1, 2010 until payment is
made on production of
1.5 million ounces of
gold. AU will continue
to manage the operation
until Simmers and Jack
fulfills the required
conditions of the
agreement.
February 18,
2009: AngloGold
Ashanti (AU) reported
that Anglo American Plc
(AAUK) sold 10.4 million
shares of AU that it
owned. This sell cut
AAUK's stake in AU to
13.3% from 16.3%.
February 18,
2009: Agnico-Eagle
Mines Ltd. (AEM)
reported fourth quarter
net income of $21.9
million, or $0.15 per
share. This result
includes a non-cash
foreign currency
translation gain of
$51.5 million, or $0.35
per share, and a tax
recovery of $11.1
million, or $0.07 per
share, offset partly by
a non-cash write down on
investments of $39.2
million, or $0.27 per
share. For the quarter,
AEM had record gold
production of 89,360
ounces, which
contributed to record
annual gold production
of 276,762 ounces.
During the year AEM
increased its gold
reserves by 8%, or 1.4
million ounces net of
production, to 18.1
million ounces. Refer to
the press release for
details on operations,
development, and
exploration.
February 18,
2009: Kinross
Gold Corp. (KGC)
announced its unaudited
results for the fourth
quarter and year ended
December 31, 2008.
Revenue for the fourth
quarter was $484.4
million, an increase of
72% over the same period
last year. For the
fourth quarter, KGC
reported a net loss of
$968.8 million and a net
loss of $807.2 million
for the full year. Gold
production for the
fourth quarter was
550,221 gold equivalent
ounces, an increase of
43% over the fourth
quarter of 2007. For the
full year, 2008,
production was 1,838,038
gold equivalent ounces,
an increase of 16% over
2007. The cost of sales
per gold equivalent
ounce in the fourth
quarter was $375, a
decrease of 11% compared
to the year earlier
period based on sales of
534,945 gold equivalent
ounces. Cost of sales
per ounce for the
full-year 2008 was $421,
based on sales of
1,756,056 gold
equivalent ounces. Refer
to the press release for
details on KGC
operations.
February 19,
2009: Newmont
Mining Corp. (NEM)
reports that fourth
quarter 2008 earnings
were better than
expected as strong gold
prices helped offset a
sharp decline in copper
demand. NEM's fourth
quarter net income was
$10 million, of $0.02
per share compared to a
year-earlier loss of
$289 million, or $0.63
per share. Revenue fell
by 4.8% to $1.34 billion
as a result of slumping
copper sales. 2008 gold
sales were in line with
company guidance, and
NEM expects 2009 gold
sales to rise and costs
applicable to gold sales
are expected to be in
the range of $400 to
$440 per ounce.
February 19,
2009: Goldcorp
Inc. (GG) reported
record gold production
of 691,000 ounces for
the fourth quarter, and
net earnings of $958.1
million, or $1.31 per
share, which includes a
non-cash foreign
exchange gain on the
revaluation of future
income tax liabilities.
Adjusted net earnings in
the quarter were $84.4
million, or $0.12 per
share. Revenues in the
fourth quarter of 2008
decreased to $609
million compared to
$679.8 million in the
same period in 2007, due
primarily to lower
realized silver and
copper prices. Gold
production in the
quarter was at a total
cash cost of $323 per
ounce net of by-product
credits based on lower
silver and copper
prices. Total cash
costs, net of by-product
credits in the year
earlier period were $208
per ounce. For the full
year, GG produced 2.32
million ounces of gold
at a total cash cost of
$305 per ounce. For the
year-ended December 31,
2008, GG increased its
gold and silver reserves
by 2.9 million ounces of
gold and 182 million
ounces of silver. Refer
to the press release for
details of company
operations and
development.
February 19,
2009: Yamana
Gold Inc. (AUY)
announced that it
expects to produce
120,000 ounces of gold
from its Minera Florida
mine in central Chile in
2009. The mine
produced 65,000 ounces
of gold in 2008. The
mine is also expected to
produce 400,000 ounces
of silver and 6,600 tons
of zinc in 2009.
February 19,
2009: Kinross
Gold Corp. (KGC) and
Barrick Gold Corp. (ABX)
reported that they have
completed an updated
prefeasibility study on
their Cerro Casale
gold-copper project in
Chile. The companies
expect to complete the
final feasibility study
in the third quarter of
2009. The project's
reserves have been
updated to reflect 22.2
million ounces of gold
and 3,000,000 tons of
copper. The updated
reserves were calculated
at a $725 per ounce and
$2.00 per pound of
copper.
|
| AMEX
GOLD PRODUCER NEWS |
February 9, 2009: Central
Sun Mining Inc. (SMC) and
B2Gold Corp. (TSX: BTO)
announced that they have
signed a definitive
agreement relating to the
previously announced
business combination of
SMC and BTO. In addition
they have signed a
definitive agreement for
the previously announced
C$10 million convertible
loan from BTO to SMC. The
B2Gold loan will be
payable on June 30, 2009
and will allow SMC to
convert all or part of the
loan into SMC shares based
at 100% of the 5-day
volume weighted average
trading price of SMC
shares for the 5 trading
days following termination
of the agreement and to
repay the unconverted
portion in cash. SMC's
option to convert expires
30 days after the date of
termination for the
agreement. The combination
of SMC and BTO will result
in BTO commencing with
initial production of
45,000 ounces of gold per
year and a planned
production of
approximately 130,000
ounces of gold per year
following completion of
the Orosi Mill Project
scheduled for the fourth
quarter of 2009.
February 10,
2009: Claude
Resources Inc. (CGR)
reported that its
exploration on the
Starrartt Olsen target
area of the Madsen
property located at Red
Lake, Ontario, continues
to outline significant
zones of gold
mineralization. Four
drill holes found gold
assays ranging from 0.40
oz/t to 0.62 oz/t over
intercepts of 3.12 ft.
to 3.28 ft. This
mineralization is
similar to the high
grade Madsen mine
structures.
February 11,
2009: Endeavour
Silver Corp. (EXK)
announced that for the
5th consecutive year the
company's exploration
results in Mexico have
met with continued
success, highlighted by
the discovery of several
new high grade
silver-gold mineralized
zones near EXK's two
mining operations,
Guanacevi, and
Guanajuato. In 2008, EXK
completed 172 drill
holes (135,000 ft.)
testing 14 exploration
targets. Drilling at
Guanacevi in 2008
expanded the known
ore-bodies along the
Santa Cruz vein
structure close to the
Porvenir mine, and
discovered new
high-grade zones in the
San Pedro area north of
the Porvenir mine. This
drilling will add to the
areas that will be added
to the mine plan for
development. As of March
2008, the reserves at
Guanacevi had grown from
nil to 14.2 million
ounces of silver. At
Guanajuato, 2008
exploration drilling
tested the Veta Madre
vein structure close to
the Cebada mine, and
targets along the La Luz
vein which is close to
the Bolanitos mine. This
2008 drilling (12,415
ft.) was successful in
discovering new
high-grade silver-gold
mineralized zones in
five target areas. In
2009, EXK will continue
exploration and infill
development drilling to
follow-up on new
discoveries and to
quantify new resources.
February 11,
2009: Richmont
Mining Inc. (RIC)
announced that it has
entered into an
agreement with Mountain
Lake Resources Inc.
(TSXv: MOA) granting MOA
an option to purchase
RIC's 70% in the
Valentine Lake gold
Property located in
Central Newfoundland.
MOA currently owns 30%
of the property. MOA has
agreed to pay an option
fee of 2.5 million
common shares of MOA at
a deemed value of $0.25
per share. MOA may
exercise the option over
a 5-year period by
making option payments
for an additional
$3,000,000 in total, and
by incurring $1,000,000
in exploration and
development expenditures
on the property. During
the option period,
$500,000 must be spent
on exploration and
development by the end
of the second year, and
the remaining $500,000
spent by the end of the
fifth year.
February 12,
2009: Pacific
Rim Mining Corp. (PMU)
reported that it is
deferring completion of
its feasibility study on
its El Dorado gold
project, citing ongoing
volatility in capital
costs and uncertainty in
the timing of the
permitting process. The
El Dorado project is
located in El Salvador.
PMU has filed a Notice
of Intent (NOI) to
commence international
arbitration against the
Government of El
Salvador under the
Central
American-Dominican
Republican-United States
of America Free Trade
Agreement (CAFTA-DR).
PMU will be claiming
significant monetary
damage in the
arbitration if a
satisfactory resolution
is not found within 90
days. The NOI to file
for arbitration is based
on the government's
failure to issue mining
permits in a timely
fashion as required by
existing law.
February 16,
2009: Aurizon
Mines Ltd. (AZK)
reported results from
its 2008 drilling
program, at its 100%
owned Kipawa
gold-uranium-Rare Earth
project in northwestern
Quebec. Kipawa is an
early stage exploration
project located
approximately 62 miles
south of Rouyn-Noranda
in the Temiskaming
region. The recently
completed first drilling
program totaled 2,235
ft. in 4 drill holes.
The objective of the
drilling was to test the
Snake rare earth targets
in the western part of
the Kipawa southern
claim block. These holes
intersected a broad rare
earth mineralized
envelope within a
minimum true thickness
averaging 200 to 340
ft.. Assays are pending
for 23 sampled intervals
in drill hole KW-08-03.
February 17,
2009: Claude
Resources Inc. (CGR)
reported initial results
from its 2009, Phase 1,
8 Zone, underground
drill program at its
Madsen Project, near Red
Lake, Ontario. CGR
reported a significant
interval of 3.71 oz/ton
over 2.5 ft. CGR's
drilling from the 10th
level is testing the 8
Zone system with 39,360
ft. of drilling. The
assays from this initial
hole confirms the
presence of high grade
mineralization 130 ft.
down plunge from
historic mine
development.
Mineralization is hosted
within a visible
gold-bearing quartz vein
system within a sequence
of silica-biotite-talc
altered basalts proximal
to a major ultramafic
contact.
February 19,
2009: Apollo
Gold Corp. (AGT)
announced that it has
reached an agreement
with RAB Special
Situations (Master) Fund
Ltd., the largest holder
of its unsecured
convertible debentures
due Feb. 23, 2009, to
extend the maturity date
of the convertible
debentures held by RAB
to Feb. 23, 2010. RAB
owns $4,290,000
(principal amount) in
convertible debentures
(on which $772,200 of
interest will be accrued
and unpaid on the
maturity date) and
8,580,000 in warrants.
RAB has agreed that AGT
has the option to repay
on Feb. 23, 2009 the
accrued interest. AGT
can pay the accrued
interest with AGT common
stock. In consideration
of the amended
agreement, AGT will 1)
issue to RAB 2,000,000
common shares on Feb.
23, 2009, 2) extend the
expiration date on the
previously issued
warrants to March 5,
2010, and 3) reduce the
exercise price of the
RAB warrants from $0.50
to $0.25.The terms and
conditions of $3,148,100
(in principal amount) of
convertible debenture
not owned by RAB have
not been amended and
remain unchanged.
|
| NASDAQ
GOLD PRODUCER NEWS |
February 9, 2009: Randgold
Resources Ltd. (GOLD)
reported a decline in its
fourth quarter 2008
earnings and revenue as a
consequence of lower
production and higher
costs year-on-year.
Results for the full year
2008 were higher than for
2007. Randgold reported
that earnings for the
fourth quarter before
taxes were $15.34 million
compared to fourth quarter
2007 earnings of $22.32
million. Net profit for
2008 was $47.02 million,
3% higher than last year's
$45.63 million.
Attributable profit for
2008 declined to $41.57
million from $42.04
million in 2007. For the
full year the company
recorded a non-cash
impairment provision of
$10.3 million against ARS
investments (auction rate
securities). For the
fourth quarter,
attributable gold
production declined to
107,321 ounces from
119,740 ounces in 2007,
due to lower attributable
production at both its
Morila and Loulo mines
that were hurt mainly by a
drop in the grade mined.
Randgold expects Morila to
produce approximately
330,000 ounces in 2009 and
Loulo to increase
production by 100,000
ounces to 360,000 in 2009.
Underground mining at
Yalea is progressing and
is expected to reach a
production level of
120,000 tons per month by
year end which will be
equivalent to 400,000
ounces annually by 2010.
February 19, 2009: Pan
American Silver Corp.
(PAAS) reported a fourth
quarter net loss of $33.32
million or $0.41 per
share, compared to net
income of $26.06 million
or $0.33 per share for the
year earlier quarter.
Fourth quarter 2008 silver
sales declined to $46.28
million from $85.9 million
in the fourth quarter of
2007. In the fourth
quarter PAAS produced 4.6
million ounces of silver
at a cash cost $8.42 per
payable ounce of silver.
PAAS expects silver
production to increase in
2009 by 15% to 21.5
million ounces, while gold
production should double
to more than 85,000
ounces. Refer to the press
release for operational
details.
February 19,
2009: Lihir
Gold Ltd. (LIHR)
reported a net profit
for 2008 of $109.3
million, compared to a
loss of $24.1 million in
2007. Gold production in
2008 was 820,000 ounces,
up 26% from 2007. Total
gold production is
forecast to increase to
another record of more
than 1,000,000 ounces at
a total cash cost of
less than $400 per ounce
for the full year.
|
| INSIDEMETALS.COM WEBSITE
UPDATES |
Central Sun Mining
Inc. (SMC) may
be acquired by B2Gold
Corp. (TSX: BTO). A vote
by shareholders is
scheduled for March 2008.
If approved by
shareholders, SMC will be
dropped from the list of
InsideMetals Gold Stock
Producers since B2Gold
doesn't trade on a U.S.
listed stock exchange.
InsideMetals has
added to the Home Page of
its website, an Advertising
& Marketing Guide link
for readers who may be
interested in advertising
their business on the
InsideMetals website, or in
the newsletter. The website
has been visited by readers
from more than 184
countries.
The Advertising
& Marketing Guide contains
basic demographic
information as to the
regions in the world
from which the website
is viewed; information
as to banner
advertisements and
placements in the
website and in the
newsletter; and
special Gold
and Silver Medallion
Advertising Programsthat
are available to
mining and exploration
companies.
If interested, please visit
the following links for more
information:
Advertising
Home Page
|
|
 30
Day No Risk Offer to Our
Premium Subscription
InsideMetals provides unique
coverage of over 35 major
publicly traded gold
producers across the NYSE,
NASDAQ and AMEX: everything
from full business
summaries, financials,
production and reserve
reports, news, tools and
more.
Not only do you receive
these great benefits, you
get positive
and negative ranking numbers for
each gold stock that
indicate investment
potential... empowering you
to make educated and
informed investment
decisions.
Why not see for yourself how
valuable InsideMetals is by
taking full advantage of our
30 Day No Risk Offer?
Get
your 30 Day No Risk
Subscription Now! |
|
|
We
hope you have enjoyed our
newsletter.
The newsletter will be
published next on March 7,
2009.
Until next time!!!,
InsideMetals
|
|
|
