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Saudi Arabia hid that extra gold, didn't buy it lately
Why does anyone still take official and World Gold Council data seriously?
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Saudi Gold Reserves Rose on Accounting, Jasser Says
From Bloomberg News
via Arabian Business, Dubai
Wednesday, September 29, 2010
Gold reserves in Saudi Arabia, the Arab world's biggest economy, increased because of "a difference in accounting," not new gold purchases, central bank governor Muhammad al Jasser said in Kuwait today.
Speaking to reporters, he said: "We always had that gold. We did not buy any new gold. It was just a difference in accounting. There was some gold in other accounts."
The gold reserve estimate as part of the foreign reserves of the world's largest oil supplier more than doubled in June, according to data on the website of the World Gold Council.
The Saudi Arabian Monetary Agency's gold holdings increased to 322.9 tons, up from the 143 tons reported in March, according to the WGC, which tracks global gold bullion holdings.
Saudi Arabia is among the 20 largest holders of gold reserves in the world, according to the WGC.
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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The Silver Summit
Thursday-Friday, October 21-22, 2010
Davenport Hotel, Spokane, Washington
New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel
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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
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