Gold imports by India jump fourfold as tax fear spurred stocking

Section:



ADVERTISEMENT

Kenadyr Announces Partial Drill Results at the South Zone:
Intersects 40 Meters at 6.17 Grams of Gold per Ton

Company Announcement
Friday, May 25, 2017

VANCOUVER, British Columbia, Canada -- Kenadyr Mining (Holdings) Corp. (TSX Venture: KEN, OTCQB: KNDYF, Frankfurt: KM0) announces that drilling at the South Zone of Kenadyr's fully owned Borubai License in the Kyrgyz Republic has intersected widespread gold mineralization including 40 meters at 6.17 grams per ton.

The South Zone is directly adjacent to Zijin Mining Group Co. Ltd.'s Taldy Bulak Levoberejnyi ("TBL") Mine deposit, currently in production.

Initial drilling was designed to intersect an area drilled by the Soviets between 1970 and 1990 that intersected significant gold mineralization. The current drill hole provides support for the validity of the historic Soviet results and indicates that widespread gold mineralization may exist on Kenadyr's license directly adjacent to (within 100 meters of) the TBL mine.

The South Zone is open in three directions and to depth and there are strong indications that it connects to the TBL deposit. Core recovery is greater than 95 percent and all intervals have been assayed using fire assay methods at an internationally accredited laboratory (ALS Global). ...

For the remainder of the announcement:

http://kenadyr.com/kenadyr-announces-partial-drill-results-from-drill-ho...



By Swansy Afonso and Shruti Srivastava
Bloomberg News
Thursday, June 8, 2017

India, which vies with China as the world's top gold consumer, saw a fourfold increase in imports of the precious metal in May as traders stocked up fearing that the government would fix a higher rate for jewelry under a new national goods tax to be implemented from next month.

Overseas purchases advanced to 126 metric tons in May from 31.5 tons a year earlier, according to a person familiar with provisional data from the finance ministry, who asked not to be identified as the data aren't public. Finance Ministry spokesman D. S. Malik declined to comment on the data.

India fixed the goods and services tax for gold at 3 percent, effective from July 1. The rate is lower than expected, Ketan Shroff, joint secretary at the India Bullion and Jewellers Association Ltd. said on Monday. The duty will replace more than a dozen domestic levies including excise tax and state tariffs, making India a common market for the first time. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2017-06-08/gold-imports-by-india...

* * *

Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16