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Now even First Eagle's Jean-Marie Eveillard openly suspects gold market rigging
4:35p ET Wednesday, February 29, 2012
Dear Friend of GATA and Gold:
Gold fund manager Jean-Marie Eveillard has just told King World News that he suspects that today's pounding of the gold price was a matter of central bank intervention:
Eveillard, who manages $50 billion in assets, is among the few respectables in the gold world, and his stunning acknowledgment today is the price the Western central banks must begin paying for their increasingly brazen market rigging. It is a sign that GATA is making progress, however slow.
Progress could be made a lot faster, as Eveillard and a few other respectables might blow the market rigging to smithereens if they mustered a little courage and activism, such as a donation to GATA, which has been documenting, litigating against, and screaming about gold market rigging for years:
For example, surely First Eagle has enough spare change to underwrite a few freedom-of-information actions against central banks such as those GATA has undertaken. But Eveillard and First Eagle might have a big impact without incurring any special expense at all. For Eveillard and other respectables who know better might just pick up the telephone and call The Wall Street Journal, the Financial Times, The New York Times, Reuters, Bloomberg News, and other financial news organizations and urge some coverage of gold market manipulation. (GATA can provide the names, phone numbers, and e-mail addresses.) Those mainstream news media organizations have had an easy enough time turning away GATA's many importunings, but they might freak out if they got a call from a respectable complaining about gold market manipulation. That would be a very big problem -- and not just for the financial news organizations but for the central banks too.
Of course the respectables have their reputations as well as their regulators to worry about. But then they also have a fiduciary obligation to their investors, an obligation that is not fulfilled very well by avoiding the market rigging issue.
Eveillard concludes his comments to King World News by saying: "I wouldn't worry too much about what happened today with gold and silver." But until he and other respectables start worrying, what happened today will keep happening again and again. Maybe Eveillard should ask his investors -- tonight, while the pounding is fresh -- whether they feel quite as nonchalant about gold market rigging as he affects to and whether they'd like it to end sooner rather than later or if later is just fine too.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Sona Discovers Potential High-Grade Gold Mineralization
at Blackdome in British Columbia -- 13.6g over 1.5 Meters
From a Company Press Release
November 22, 2011
VANCOUVER, British Columbia -- With its latest surface diamond drilling program at its 100-percent-owned, formerly producing Blackdome gold mine in southern British Columbia, Sona Resources Corp. has discovered a potentially high-grade gold-mineralized area, with one hole intersecting 13.6 grams of gold in 1.5 meters of core drilling.
"We intersected a promising new mineralized zone, and we feel optimistic about the assay results," says Sona's president and CEO, John P. Thompson. "We have undertaken an aggressive exploration program that has tested a number of target zones. Our discovery of this new gold-bearing structure is significant, and it represents a positive development for the company."
Sona aims to bring its permitted Blackdome mill back into production over the next year and a half, at a rate of 200 tonnes per day, with feed from the formerly producing Blackdome mine and the nearby Elizabeth gold deposit property. A positive preliminary economic assessment by Micon International Ltd., based on a gold price of $950 per ounce over eight years, has estimated a cash cost of $208 per tonne milled, or $686 per gold ounce recovered.
For the company's complete press release, please visit:
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Prophecy Coal (TSX: PCY) Wins Positive Feasibility Study
for the 600-MW Chandgana Power Plant in Mongolia
Company Press Release
January 17, 2012
VANCOUVER, British Columbia, Canada -- Prophecy Coal Corp. (TSX: PCY, OTCQX: PRPCF, Frankfurt: 1P2) has received a positive feasibility study for the company's 600-megawatt Chandgana Mine-Mouth Power Project in central Mongolia. The report was independently prepared by Ralf Thomsen, project manager at Steag, a German firm specializing in the planning, financing, construction, and operation of highly efficient thermal power plants for fossil fuels.
The study covers technical specifications, deployment, and financial analysis of a 4x150-mw thermal power plant to be built adjacent to Prophecy's Chandgana Tal coal deposit, which contains 140 million tonnes of measured coal. Last year the power plant received a construction license and the coal deposit received a mining license. Engineering, procurement, and construction management selection and project financing discussion have begun and are expected to be concluded this year.
Construction is planned to start in April 2013, with the first 150-mw unit being commissioned in October 2015 and subsequent units to start in April 2016, October 2016, and April 2017. With proper maintenance the project will have 30 years of commercial operation.
For the complete statement from the company, including maps and charts, please visit: