Gold closed at $897.75/oz (London Fix) on April 2, 2009, a 6.2% decrease from the $956.50/oz (London Fix) closing price on March 19, 2009, when data for the previous newsletter was gathered.

Silver closed at $12.88/oz (London Fix) on April 2, 2009, a 0.19% decrease from the $13.13/oz (London Fix) closing price on March 19, 2009.

Platinum closed at $1139.00/oz (London Fix) on April 2, 2009, a 4.8% increase from the $1087.00/oz (London Fix) closing price on, March 19, 2009.

Palladium closed at $219.00/oz (London Fix) on April 2, 2009, a 7.9% increase from the $203.00/oz (London Fix) closing price on March 19, 2009.

March 19, 2009: Barrick Mining Corp. (ABX) announced that it will borrow $750 million to help fund projects. ABX will pay an interest rate of 6.95% on notes due in 2019. Morgan Stanley, JP Morgan and Citigroup are the leading the syndicate that is underwriting the offer.

March 23, 2009: AngloGold Ashanti Ltd. (AU) reported that it expects gold production at its Geita mine in northwest Tanzania to surpass 300,000 ounces in 2009, up from 260,000 ounces produced in 2008. Production at the mine is expected to rise to over 500,000 to 600,000 ounces per year in 3 to 4 years, following annual investments of $30 to $40 million each year to attain the expected production.

March 24, 2009: AngloGold Ashanti Ltd. (AU) reported that it has restarted its Siguiri operations at its mine in Guinea after it was ordered to stop production by the country's junta chief, Captain Moussa Dadis Camara, following the failure of an AU director to attend a meeting of mining executives. The government owns a 15% stake in the mine.

March 26, 2009: Gold Fields Ltd. (GFI) has entered into a second joint venture with junior explorer Glencar Mining in Mali which could require GFI to expend up to $40 million to explore the Komana property in Mali. The Komana property may contain an estimated 1.25 million ounces of gold at a grade of 1.6 g/t ton within 150 meters of the surface. Glencar has an agreement whereby GFI will spend up to $32 million on exploration and feasibility studies on the Komana license area to earn a 65% share in the project. GFI would invest $3.2 million in taking 15% of Glencar shares in two tranches. The first tranche is subject to a due diligence report, and the second requires Glencar shareholder approval. GFI will also pay Glencar $1.25 million per year over four years as an exploration option fee. GFI and Glencar have an existing joint venture agreement to explore three license areas at Sankarani in Mali. A GFI subsidiary had earned a 51% share of the Sankarani last June. GFI can take its share to 65%

March 26, 2009: IAMGOLD Corp. (IAG) announced that it has completed its previously announced public offering of common shares at a price of C$8.75 per common share. IAG has issued 39, 445,000 common shares for aggregate gross proceeds of C$345,143,750. Approximately $250,000,000 of the net proceeds will be used to fund the construction and development of the Essakane project.

March 30, 2009: Silver Wheaton Corp. (SLW) reported that it has increased its attributable proven and probable silver reserves by over 24% or 83 million ounces, in 2008 to a record 429.7 million ounces. In addition, SLW has increased attributable measured and indicated silver resources by 33% to 213.5 million ounces, and attributable resources decreased by 6% to 392.5 million ounces. Total attributable reserves and resources are now greater than 640 million ounces of silver, with attributable inferred resources totaling an additional 390 million ounces of silver.

March 31, 2009: AngloGold Ashanti Ltd. (AU) reported that Colombian environmental officials will issue in April a permit to allow AU to restart its work on the La Colossa gold mine. Work on the project had been halted over concerns that drilling threatened forest reserves. The project has estimated gold reserves of more than 12 million ounces. Production could start within five years once all of the necessary permits are issued and a production decision is made. The mine's future output is estimated at 700,000 ounces per year.

March 31, 2009: Gammon Gold Inc. (GRS) announced that it has terminated discussions regarding the proposed acquisition of Capital Gold Corp. The proposed acquisition was originally announced in a joint press release on March 12, 2009.

April 1, 2009: Newmont Mining Corp. (NEM) reported that it must sell part of its stake in PT Newmont Nusa Tenggara (NTT) to the Indonesian government. within six months. Under existing contracts, NTT is required to sell 51% of its shares to local investors. NTT sold 20% to PT Pukuafu Indah, and has agreed to sell 31% gradually by 2010.

April 1, 2009: Yamana Gold Inc. (AUY) announced that it plans to periodically sell C$500 million in debt securities, common shares, warrants or subscription receipts to fund general corporate purposes, to fund ongoing operations, and to repay debt. AUY has assets in Brazil, Argentina, Chile, and Mexico, which include five development stage projects in the pipeline.

April 2, 2009: Newmont Mining Corp. (NEM) reported that its Boddington gold project south of Perth, Australia is on schedule to start production in mid-year. Boddington will be Australia's largest gold mine when it surpasses the 700,000 ounces per year produced at the Super Pit located near Kalgoorlie. The Super Pit is a joint venture owned by Newmont and Barrick Gold. NEM will take full ownership of Boddington, in about 1 month with the completion of the purchase of AngloGold Ashaanti's 33% stake for $1.1 billion. Boddington has a projected 20 year mine life with current reserves of 20 million ounces of gold.

April 2, 2009: AngloGold Ashanti Ltd. (AU) reported that it expects its first quarter production to decline by 2.5% to 1.1 million ounces of gold. Full year guidance remains at 4.9 to 5.0 million ounces at a total cash cost of $435 to $450 an ounce. The decline is due primarily from the slow resumption of production at South African mines following the traditional Christmas break, and from work stoppages undertaken by management to improve safety.

 

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