Kazakhstan, big gold producer, to keep its metal home starting Jan. 1

Section:

It's not just Hugo Chavez and Venezuela.

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Kazakhstan Gives Central Bank 'Priority Right' to Buy Gold

By Nariman Gizitdinov
Bloomberg News
Tuesday, August 23, 2011

http://www.bloomberg.com/news/2011-08-23/kazakhstan-gives-central-bank-p...

ALMATY, Kazakhstan -- Kazakhstan's central bank plans to lock up domestic supplies of refined gold by using a "priority right" it received from the government to buy bullion designated for exports amid record prices for the metal.

The National Bank of Kazakhstan plans to use the buying privilege "in full" after changes go into effect Jan. 1, the Almaty-based lender said in an e-mailed statement today.

Central banks are expanding their gold reserves for the first time in a generation as bullion rises for an 11th consecutive year, the longest winning streak since at least 1920, as investors seek to diversify their holdings away from equities and some currencies. Venezuelan President Hugo Chavez last week ordered the central bank to repatriate $11 billion of gold reserves held in developed nations' institutions.

... Dispatch continues below ...



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Prophecy Platinum Drills 49.5 Meters Grading 1.27 g/t PGM+Au at Yukon Wellgreen Project

Company Press Release
August 22, 2011

Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces results from its 2011 drilling program for its first completed hole on the Wellgreen Project in the Yukon Territory, Canada.

Borehole WS11-184 encountered 472.6 meters of mineralization grading 0.43%
nickel equivalent from surface to the footwall contact. Within this larger swath of mineralization the hole encountered 49.5 meters of 1.27 grams per ton platinum group metals plus gold, 0.71% nickel, and 0.45% copper (or 1.11% nickel equivalent).

The geology transitioned from blebby disseminated to net-textured to massive sulphide approaching the footwall contact grading 6.3% nickel, 1.7% copper, 2.7 grams per ton platinum, 1.6 grams per ton palladium, 0.17 grams per ton gold, and 3.4 grams per ton silver. The drilling zones and results are tabulated here, with more information:

http://www.prophecyplat.com/news_2011_aug22_prophecy_platinum_wellgreen_...



Kazakhstan's gold holdings were valued at $3.5 billion at the end of last month and accounted for about 9.5 percent of the nation’s gross international reserves, central bank data show.

The central bank may provide advance payments to Kazakh gold producers, becoming their "secure partner" in the coming years, according to the statement. The bank also asked the government to eliminate value-added tax incentives that spurred gold exports.

Kazakh authorities are seeking to induce producers to use the existing capacity to refine gold and curtail exports of raw materials, the bank said.

Glencore International AG's TOO Kazzinc is the only Kazakh company making gold ingots that meet international standards, the bank said.

Government measures may allow Kazakhmys Plc, which produces gold bars only to Kazakh standards, to make ingots that meet international criteria, allowing the nation to refine all of its precious-metals output, according to the central bank.

The Central Asian nation produced 21.4 metric tons of gold in the first seven months, an increase of 48 percent from a year earlier, according to the state statistics agency. Refined gold accounted for about 45 percent of the total.

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Golden Phoenix Q2 2011 Conference Call Posted at Company Internet Site

The second quarter 2011 conference call of Golden Phoenix Minerals Inc. (GPXM) has been posted at the company Internet site for immediate playback. The call includes updates on the start of gold production at the company's Mineral Ridge gold project in Nevada, the letter of intent to acquire the Santa Rosa gold mine in Panama, and the company's due-diligence efforts to secure a senior stock exchange listing.

The conference call is 18 minutes long and you download an mp3 of it here:

http://www.goldenphoenix.us/audio/GPXMCC071211.mp3

Or play back the call here:

http://goldenphoenix.us/conferencecalls/

Golden Phoenix is a U.S. mining company with international exposure to gold, silver, and strategic metals. The company's business model combines project generation and royalty mining that offers the potential for exploration upside, coupled with the backing of production and future royalty streams. View company videos here:

http://goldenphoenix.us/