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Approved, gold and silver money bill goes to Utah's governor
Lawmakers Back Recognizing Gold and Silver as Currency
By Amanda Verzello
Deseret News
Salt Lake City, Utah
Thursday, March 10, 2011
https://www.deseret.com/2011/3/10/20370155/lawmakers-back-recognizing-go...
SALT LAKE CITY -- Utah might be one step closer to its own gold standard after the Senate approved Thursday a bill that would require the state to recognize gold and silver coins as legal tender.
"Our hope is to help stabilize the currency within our own state long term," said Senate Majority Leader Scott Jenkins, R-Plain City.
HB317, passing 17-7, makes the exchange of federally issued gold and silver coins an option for businesses and individuals, though it does not mandate it. The bill also requires gold and silver coins to be valued at their current market value.
The Senate approved sending the measure to the Tax Review Commission and Revenue and Taxation Interim Committee to study establishing an alternative currency system backed by silver and gold.
... Dispatch continues below ...
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:
http://prophecyresource.com/news_2011_jan18.php
But some lawmakers are skeptical of the implications of the measure, which has passed the House and now moves to Gov. Gary Herbert for his action.
"We had better be careful before we fully embrace this," said Sen. John Valentine, R-Orem. The bill is not a "get-out-of-jail-free card" when it comes to federal regulation, he said.
Gold and silver users would have to file federally required transaction reports, Jenkins said.
Sen. Ross Romero, D-Salt Lake, said the bill, which exempts gold and silver from the capital gains tax by providing a tax credit, creates a false incentive to invest in them. The state, he said, shouldn't have a policy encouraging coin investing. "We're artificially creating an incentive for this investment vehicle over others," Romero said.
Sen. Ben McAdams, D-Salt Lake, joked Wednesday night during preliminary discussion that the state should also make salt a legal form of tender, since Utah has such an abundance.
"I hope we also revive salt as a form of currency too!" he tweeted during the debate.
Legislative fiscal analysts have estimated the bill would reduce the state's income tax revenue, which funds public education, by $250,000 in 2012 and $550,000 per year beginning in 2013.
But House sponsor Brad Galvez, R-West Haven, has said the state would see an increase in sales-tax revenue as the value of gold rises.
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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:
http://sonaresources.com/_resources/news/SONA_NR19_2010.pdf
