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Embry and Sinclair dispel the depression in the gold sector
5:37p ET Tuesday, January 3, 2011
Dear Friend of GATA and Gold:
Sprott Asset Management's John Embry today tells King World News that gold is unlikely to see $1,500 ever again, that the demoralization of even longtime gold investors is a sign of a bottom, that the precious metals remain the safest place in the world economy, and that oil seems to be breaking upward on geopolitical worries. An excerpt from the interview is headlined "John Embry: Gold Will Not Trade Below $1,500 Ever Again" and it's posted at the King World News blog here:
Meanwhile tonight mining entrepreneur and market analyst Jim Sinclair tells a similar story of despair in the gold sector, tells people to buck up, and says gold is more likely to get to $4,500 before $1,400. Sinclair's commentary is headlined "Negativity in Gold Reaches Epic Levels" and it's posted at JSMineSet here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Golden Phoenix Completes Operating Agreement
for Santa Rosa Gold Mine in Panama
Golden Phoenix Minerals Inc. (GPXM) has entered a joint venture operating agreement with Silver Global S.A., a Panamanian corporation, governing the operational and management aspects of their new joint venture company, Golden Phoenix Panama S.A., a Panamanian corporation formed to hold and operate the Santa Rosa gold mine in Canazas, Panama, and explore the mine's adjacent property.
Golden Phoenix will be manager of the joint venture company. Silver Global will handle all social programs, political and community relations, and human resource matters for the joint venture company in Panama. Golden Phoenix and Silver Global also have agreed to work together on all future acquisitions within Panama and to bring such new opportunities to the joint venture company.
Golden Phoenix will be earning in to a 60 percent interest (and potentially an 80 percent interest) in the Santa Rosa mine. Upon signing the joint venture agreement and completing the corresponding acquisition payment, Golden Phoenix will earn an initial 15 percent interest in the joint venture company.
Tom Klein, CEO of Golden Phoenix, says the agreement "creates a solid foundation for the development and planned re-opening of Mina Santa Rosa."
For Golden Phoenix's full statement on the joint venture operating agreement, please visit:
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Sonora Aims to Follow First Majestic's Success
With Silver Mining Exploration in Mexico
Sonora Resources (OTCBB: SURE) is a silver mining exploration company focused on the development of prospective opportunities in Mexico. The company president and CEO is Juan Miguel Rios Gutierrez, who helped build First Majestic Silver Corp., which began trading for pennies and today is at more than $16 per share. Gutierrez was the fourth person to join First Majestic Silver, originally as general manager, then manager for new business initiatives and strategic planning. He left First Majestic Silver to work with Sonora Resources and yet maintains strong contacts with First Majestic. In fact, First Majestic is a large shareholder in Sonora and has a joint venture with the company.
For more information about Sonora Resources, please visit: