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Shanghai Gold Exchange to offer yuan-back futures contract in Budapest

Section: Daily Dispatches


K92 Intersects High-Grade Gold in Multiple Drill Holes at Irumafimpa

Company Announcement
Monday, June 19, 2017

K92 Mining Inc. (TSXV:KNT) is pleased to announce recent results from 11 diamond drill holes completed in the ongoing underground grade control drilling program at its high-grade Kainantu Gold Mine.

A number of these latest results are particularly important as they show wide high-grade intersections less than 20 metres from the drill cuddy.

Ian Stalker, K92 chief executive officer and Director, says: "The latest grade control drilling results include some of the widest that we have seen to date at Irumafimpa, with 8.2 metres at 24.65 grams per tonne gold equivalent recorded in hole GCDD0074 and 4 metres at 60.57 grams per tonne gold equivalent recorded in hole GCDD0071. Importantly in both places these intersections commence less than 20 metres from the drill cuddy." ...

... For the remainder of the announcement:

By Maggie Zhang
South China Morning Post, Hong Kong
Wednesday, June 21, 2017

China is looking to expand the use of its yuan-denominated gold fix overseas, the chairman of the mainland China's sole gold bourse said today, reflecting on Beijing's attempt to vie for a bigger say in the price-setting of the precious metal.

It is now expected that a gold futures contract based on China's yuan-backed gold benchmark price could be listed on the Budapest Stock Exchange in Hungary as soon as the second half of this year, said Jiao Jinpu, chairman of the Shanghai Gold Exchange (SGE) at the Lujiazui Forum, which ends in Shanghai today.

SGE is considered the world's largest physical bullion exchange.

The yuan-backed benchmark fix, launched by the SGE in April 2016, reflects Beijing's hopes of reducing its reliance on U.S.-dollar based prices of the metal, he said.

It also reflects Beijing's latest step to push ahead its plan to make the yuan a global currency, analysts added. ...

... For the remainder of the report:

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