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Didn't Fed attend other G-10 gold committee meetings?

Section: Documentation

6:24p ET Tuesday, March 1, 2011

Dear Friend of GATA and Gold:

After 12 years of collecting and publishing government documents confirming or implying the Western central bank gold price suppression scheme, and collecting and publishing the many evasions of central banks and their refusals to answer simple questions about their gold policy, GATA sometimes feels as if it is engaged in a never-ending struggle to prove that the sun rises in the east.

But here's still another potential proof for you, stemming from the Federal Reserve's release to GATA two weeks ago, at federal court order, of the minutes of the secret meeting held on April 7, 1997, by the G-10 Gold and Foreign Exchange Committee, at which the committee discussed at great length how member nations might coordinate their gold policies and how this coordination might affect gold's price:

In GATA's lawsuit, brought under the federal Freedom of Information Act in U.S. District Court for the District of Columbia, the Fed insisted that it could not find any more documents dealing substantively with gold than the dozen or so it produced for the court's private review. The record of the G-10 committee meeting was the only document the court ordered the Fed to disclose, such minutes, the court ruled, falling outside the law's several exemptions.

To make sense of any of this, one has to believe some of the following things:

1) The Fed has no other records of the G-10's Gold and Foreign Exchange Committee because the committee has met only on April 7, 1997, and neither before nor since.

2) The committee has met more than that once but the Fed has no records of any other committee meetings because the Fed was represented only at the meeting on April 7, 1997.

3) The committee has met more than that once and the Fed was represented at those other meetings, but the Fed's representatives failed to report in writing about those other meetings, even as they reported at such length about the April 7, 1997, meeting.

4) The Fed did have records of those other committee meetings but they were discarded, misfiled, or, when GATA started asking questions, hurriedly transferred to the office of the Exchange Stabilization Fund over at the Treasury Department, the ESF being exempted by law from any accountability to Congress, the public, and the courts.

If, after reflecting on the strange singularity of the minutes of the April 7, 1997, meeting of the G-10 Gold and Foreign Exchange Committee, you still don't think the Fed is hiding a lot about its involvement with the gold market, you may be qualified to write daily gold market commentary at Kitco.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


Prophecy Resource Spins Off Platinum/Palladium Venture:
World-Class PGM Deposit in Yukon

Company Press Release, January 18, 2011

VANCOUVER, British Columbia -- Prophecy Resource Corp. (TSX-V:PCY)and Pacific Coast Nickel Corp. announce that they have agreed that PCNC will acquire Prophecy's Nickel PGM projects by issuing common shares to Prophecy.

PCNC will acquire the Wellgreen PGM Ni-Cu and Lynn Lake nickel projects in the Yukon Territory and Manitoba respectively by issuing up to 550 million common shares of PCNC to Prophecy. PCNC has 55.7 million shares outstanding.

Following the transaction:

-- Prophecy will own approximately 90 percent of PCNC.

-- PCNC will consolidate its share capital on a 10 old for one new basis.

-- Prophecy will change its name to Prophecy Coal Corp. and PCNC will be renamed Prophecy Platinum Corp.

-- Prophecy intends to distribute half of its PCNC shares to shareholders pro-rata in accordance with their holdings.

Based on the closing price of the common shares of PCNC on January 17, $0.195 per share, the gross value of the transaction is $107,250,000.

For the complete announcement, please visit:

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Sona Drills 85.4g Gold/Ton Over 4 Metres at Elizabeth Gold Deposit, Extending the Mineralization of the Southwest Vein on the Property

Company Press Release, October 27, 2010

VANCOUVER, British Columbia -- Sona Resources Corp. reports on five drillling holes in the third round of assay results from the recently completed drill program at its 100 percent-owned Elizabeth Gold Deposit Property in the Lillooet Mining District of southern British Columbia. Highlights from the diamond drilling include:

-- Hole E10-66 intersected 17.4g gold/ton over 1.54 metres.

-- Hole E10-67 intersected 96.4g gold/ton over 2.5 metres, including one assay interval of 383g of gold/ton over 0.5 metres.

-- Hole E10-69 intersected 85.4g gold/ton over 4.03 metres, including one assay interval of 230g gold/ton over 1 metre.

Four drill holes, E10-66 to E10-69, targeted the southwestern end of the Southwest Vein, and three of the holes have expanded the mineralized zone in that direction. The Southwest Vein gold mineralization has now been intersected over a strike length of 325 metres, with the deepest hole drilled less than 200 metres from surface.

"The assay results from the Southwest Zone quartz vein continue to be extremely positive," says John P. Thompson, Sona's president and CEO. "We are expanding the Southwest Vein, and this high-grade gold mineralization remains wide open down dip and along strike to the southwest."

For the company's full press release, please visit: