Committee for Monetary Research & Education focuses on gold at May 27 meeting

Section:

Las Vegas Sun
Tuesday, April 27, 2004

http://www.lasvegassun.com/sunbin/stories/nevada/2004/apr/27/042710026
.html

RENO, Nev. (AP) -- Nevada mines produced 7.3 million
ounces of gold in 2003, a decrease of about 5 percent
from the previous year, the state Division of Minerals
reported.

But the agency said the calculated value of that gold
rose from $2.4 billion to $2.6 billion because of an
increase in the average price.

Gold averaged $363 per ounce last year, up from $310
in 2002.

Nevada remains the nation's top gold producer and is
third in the world behind South Africa and Australia.

Nevada also led the nation in silver production in
2003 with 10.2 million ounces, down 24 percent from
the previous year.

Based on an average silver price of $4.88 per ounce,
the calculated value of Nevada's silver production
was $50 million, down $12 million from the previous
year, the Ely Times reported.

"Although precious metal production declined in 2003,
Nevada's mining companies continue to make a
substantial contribution to the state's economy,"
said Alan Coyner, division administrator. "Exploration
activity remained strong in 2003, which should lead
to additional discoveries and production in the
future."

Nevada's total value of all mined commodities --
including industrial minerals such as barite, clays,
dolomite, gypsum, and other minerals -- was about $3
billion, up from $2.8 billion in 2002, the division
said.

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