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China central bank researcher suspects 'intensive gold sales' by U.S.
China PBOC Researcher Warns Sharp Gold Price Decline
From Market News International, Frankfurt, Germany
Tuesday, August 31, 2010
BEIJING -- Sales by overseas central banks could see a sharp fall in gold prices, the Financial News reported Wednesday, citing Zou Pingzuo, a central bank researcher.
"Investors should be careful about investing in gold. Gold prices could fall sharply because of intensive gold sales by the United States and other overseas central banks," Zou said.
The researcher's comments were delivered at the launch of a gold investment competition.
China currently holds 33.89 million ounces of gold, according to People's Bank of China data.
The central bank has recently talked down the possibility of increasing its gold holdings, noting the market's limited size and price volatility, though the government did consider buying gold offered for sale by the International Monetary Fund earlier this year.
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PBOC Researcher Says Gold May Slump on Central Bank Selling
From Bloomberg News
Tuesday, August 31, 2010
BEIJING -- Investors should be alert against a gold price slump as overseas central banks like the U.S. may dump gold while the global economy is facing uncertainties, the Financial News reported, citing Zou Pingzuo, a researcher with the People’s Bank of China.
Prophecy to Become Coal Producer This Year
with 1.5 Billion Tonnes of Resource
Prophecy Resource Corp. (TSX.V: PCY) announced on May 11 that it has entered into a mine services agreement with Leighton Asia Ltd. to begin coal production this year. Production will begin with a 250,000-tonne starter pit as planned in August, with production advancing to 2 million tonnes per year in 2011. Prophecy is fully funded to production and its management team includes John Morganti, Arnold Armstrong, and Rob McEwen.
For Prophecy's complete press release about its production plans, please visit:
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Wednesday-Saturday, October 27-30, 2010
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Sona Resources Expects Positive Cash Flow from Blackdome,
Plans Aggressive Exploration of Elizabeth Gold Property
On May 18, 2010, Sona Resources Corp. (TSXV: SYS, Frankfurt: QS7) announced the release of a preliminary economic assessment for gold production at its flagship Blackdome and Elizabeth properties in British Columbia.
Sona Executive Chairman Nick Ferris says: "We view this as a baseline scenario for gold production. The project is highly sensitive to the price of gold. A conservative valuation of gold at $1,093 per ounce would result in a pre-tax cash flow of $54 million. The assessment indicates that underground mining at the two sites would recover 183,600 ounces of gold and 62,500 ounces of silver. Permitting and infrastructure are already in place for processing ore at the Blackdome mill, with a 200-tonne per day throughput over an eight-year mine life. Our near-term goal is to continue aggressive exploration at Elizabeth and develop a million-plus-ounce gold resource, commencing production in 2013."
For complete information on Sona Resources Corp. please visit: www.SonaResources.com