Sunday, June 29, 2008

Divers Find Gold Chalice Off the Florida KeysDivers

Divers with a shipwreck salvaging concern have recovered a gold chalice while searching for the wreckage of a Spanish galleon off the Florida Keys. The ornately decorated, two handled chalice has a gold base. The upper cup portion of the golden object is decorated with intricate scrollwork etched into the gold. Blue Water ventures diver Michael LaMar discovered the golden relic underneath approximately a foot of sand 30 miles west of the southernmost Florida Key, Key West.Over twenty five years ago Mel Fisher, the late Key West treasure hunter, began the search for artifacts from the Santa Margarita, which sank in 1622. The chalice is scheduled to arrive at a Key West laboratory Wednesday morning. Experts hope cleaning it will reveal more details of a crest etched inside the bottom of the piece. The gold chalice is estimated to be valued at $1 million or more.Your broken gold jewelry and old gold scrap have value too. Find out just how much your forgotten treasure is worth when you sell your gold to us!

Friday, June 27, 2008

Agnico-Eagle Mines invests $50 million in Gold Eagle Mines

Agnico-Eagle Mines Ltd. has purchased a $50-million stake in Gold Eagle Mines Ltd. through a private placement. Based in Toronto, Agnico-Eagle will now hold a 7.2 per cent interest in Gold Eagle Mines. This transaction saw Agnico purchasing 5.5 million units of Gold Eagle at $9.05 per share. each share is comprised of one common share and one half of a share purchase warrant, each of which entitles it to purchase one share of Gold Eagle at $10.15 for 36 months.
Gold Eagle owns the Bruce Channel gold discovery in the Red Lake Trend of northwest Ontario.
"Our investment in Gold Eagle is a strong indication of the quality and potential of the high-grade Bruce Channel discovery," Agnico-Eagle CEO Sean Boyd said in a statement.
"Agnico-Eagle has recently accumulated a property position in the Red Lake area and this investment increases our exposure to this world class gold camp and is consistent with our strategy of investing in promising gold development opportunities."
Shares in Agnico-Eagle were up $4.66, nearly seven per cent, at $71.40 in midday trading at the Toronto Stock Exchange. Gold Eagle stock jumped 16 per cent to $9.15.
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Tuesday, June 24, 2008

China National Gold wins deposit with $318 mln bid

China National Gold Group, China's largest gold producer has won a bid for exploration rights. The bid of 2.18 billion yuan entitles China national Gold Group to explore to China's largest gold deposit according to a company source. The gold mining operation beat out the parent companies of Shandong Gold-Mining Co., Zijin Mining Group Co and Zhaojin Mining Industry Co in a two-day bidding that started on Wednesday.
"The China National Gold Group offered the highest bid, and it was also ahead of other bidders in areas such as governance and technology," one of the sources said.
China's gold mining rules give the owner of a deposit's exploration rights priority in obtaining mining rights.
With spot gold prices on the rise, doubling from january of 2006 to a record $1,030.80 per ounce on March 17 this year, miners are being encouraged to secure more reserves to boost profits. The spot gold price was around $910 on Friday.
The terms of the government-arranged bid state that Jinchuan Group Ltd will pay 40 percent of the bid amount to the winner and will help to develop the deposit. China National Gold Group is expected to receive about 870 million yuan from Jinchuan under this provision. A joint venture is expected to be formed for the gold project, after which they will determine the total amount to be invested.
The gold deposit, in Yangshan in southern Gansu province, has proven reserves of 308 tonnes, making it the largest Carlin-type deposit in Asia and the sixth-largest in the world.
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Sunday, June 22, 2008

Gold Glitters as Stocks Take A Beating

Stocks are on a downward spiral, real estate is not moving, interest rates are skyrocketing and prices on consumables are headed so far north that milk no costs more than gasoline. In this time of double digit inflation, what if anything is a worthwhile and safe investment option? The answer is gold. Gold prices have been either climbing or holding steady at all time high prices for the last several months. Gold prices are once again on the rise and are very very close to once again reaching the all time high set in March of Rs 13,112 per 10 gm, touched on March 18, 2008. If the current trend in the global and domestic bullion markets continues, experts say the it is very likely that the price of gold may ascend that peak in the coming week. A senior fund manager of a gold mutual fund told TOI that if inflationary pressures continue, the price of gold might cross Rs 15,000 per 10 gm before the year-end . September marks the beginning of the annual festival season which traditionally sees a gold buying frenzy. When historically trends show that gold always becomes costlier when oil prices surge internationally, it’s hard to dismiss the fund manager’s argument as far-fetched . According to TOI on June 21, gold represents a nice investment option for attempting to cope with inflation devaluing their savings. Returns on investments in gold mutual funds have been higher than those in equity, debt or other investment options over the last one year which would tend to prove the prediction true. In this period, gold has yielded a return of 47.6%. In the current calendar year, the return has been 19% so far. Ketan Shroff, one of India’s biggest bullion merchants, said "if the depreciation of the rupee continued, gold prices would remain strong." Avadhesh Agrawal, president of the Delhi Bullion and Jewellers Association, also predicted that, "the price of gold would cross Rs 15,000 per 10 gm in a few months because of the rise in crude prices and weakness in the Indian currency."Discover what rising gold prices can mean to you. gather your unwanted gold, scrap gold and broken gold jewelry and send it to us. Our refiners pay you the most for your gold.

Gold search looking bright

The results of Heritage Gold's air and ground-based exploration programs near Waihi are "encouraging" the company says. Heritage Gold would like to be able to soon expand it's gold activities closer to the town. In Heritage's Friday announcement to the NZX, Heritage Gold realyed that they believed that it had targets in Waihi North and Golden Valley that could potentially represent gold-bearing structures.
The high-resolution aeromagnetic/radiometric survey of the Waihi North, Waitete and Golden Valley tenements has indicated several significant broad demagnetised zones. These areas are very often associated with areas of hydrothermal alteration and gold mineral deposition in this district. One area in particular in Golden Valley approximates the size of the footprint of the adjacent Martha and Favona gold deposits.
Exploration results so far have given Heritage Gold the evidence to lodge an application for an appraisal extension on its Waihi North permit, the company said.
Drilling of the geophysical and geochemical anomalies which could indicate the presence of gold at Waihi North has begun.
Heritage Gold has spent $1.8 million in exploration on Waihi North to this point. They are currently spending $200,000 on drilling targets identified from these surveys.
Heritage Gold is a 21-year-old company with exploration permits around Waihi, including the Talisman Mine which has produced more than 1 million oz of gold and 3 million oz of silver during its peak mining period.
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Thursday, June 19, 2008

Dragon Mountain defines Zhao Gou gold

Dragon Mountain Gold Ltd., a gold explorer, has defined a maiden 1.1 million ounce gold resource at the Zhao Gou deposit at its majority-owned Lixian gold project in central China. This is a very exciting gold discovery as China is rapidly becoming one of the world's largest gold producers."This is the first of several known deposits within the LiBa lease at Lixian and marks our first step towards building a substantial JORC-compliant resource inventory," managing director Andrew Richards said in a statement. "Already the Zhao Gou resource represents a 120 per cent increase to the mineralisation identified by previous Chinese workers. We believe there is more to come.""Our exploration continues to demonstrate the prospectivity of this region, with the potential to host very large deposits as well as high-grade mineralised zones within those deposits."At we will always pay you the highest price for your gold. Simply check our website to see what we will pay you for your unwanted gold scrap and broken gold jewelry.

Tuesday, June 17, 2008

Tien Shan helps China rise to top of gold producers

Gold mining is becoming a global game as evidenced by the Tien Shan gold belt, which is the cause of China’s quick assent to the top of the gold producing tree. With an estimated 190 million ounces of gold reserves in various projects associated with the Tien Shan gold belt the attention it is attracting is easy to understand. Various Australian gold hopefuls like Perseus Mining and Kentor Gold are eager to learn all they can about this up and coming gold laden area.Perseus which is planning to very soon spin off its gold projects into a new listing called Manas Mining has made a couple of very lucrative gold discoveries in just the last two years. Sounds great but it isn't as easy as all that. Centerra, a Canadian outfit, has found that the red tape can be just about more than it's worth after their gold license for the Kumtor gold mine was called into question for it's validity. Kumtor is expected to produce up to 600,000 ounces of gold a year when it gets into full flight.Our refiners want you to know that we will always give you the best price for your gold. because we are the actual refiners we can pay you more for your scrap gold and broken gold jewelry.

Sunday, June 15, 2008

Gold Fields ordered to halt Kloof mine operations

Gold mining by Gold Fields was ordered to be halted Gold Fields at the Kloof mine by the Department of Minerals and Energy. The cease was ordered after two gold miners lost their lives just as the gold mining operation reached a staggering 1 million fatality free shifts. The Department of Minerals and Energy halted activity at the rest of Kloof to carry out remedial work in working places before it reports back to the mine inspector who could lift the order Friday. Two workers lost their lives around 02:17am Thursday when ground fell in shaft four as they were cleaning in a stope about 3,000m below the ground. Gold Fields spokesperson Andrew Davidson said the fatalities at Kloof's four shaft took place just after the company reached one million fatality free shifts at the gold mine yesterday and was a tragedy. He also said shaft four would probably not be back in production Friday as work here has been delayed by the inspection and no blasting took place Thursday, while the resumption of production at the rest of Kloof would depend on the inspector's order. He said the rest of the mine did carry out blasting work this morning. Gold Fields confirmed its operations have undergone the presidential safety audit that was launched in the country. Its results are yet to be released. The company is continuing its independent audit of all operations to establish if all mining areas are safe for work. Gold Fields estimated it lost 20kg of gold Thursday from the shaft.Do your own gold prospecting in the comfort of your own home! Gather your broken gold, unwanted gold scrap and gold coins and send them to us. We will pay you top dollar for your unwanted gold.

Friday, June 13, 2008

South African miners union sets August 6 strike date

South Africa's biggest miners union said on Wednesday it's members would put down their tools on August 6 in a national strike. South Africa is the world's largest source of platinum and a major gold producer this strike could halt production of gold and platinum. The COSATU labour federation has threatened to strike to protest job losses linked to the country's power crisis, the soaring prices of food, fuel and interest rates. The 320,000-strong National Union of Mineworkers (NUM), the biggest affiliate of COSATU among other trade unions, has vowed to support the strike, in what may be a major showdown between unions and the authorities over the state of the economy. "We want to send a very strong message that the poor are part of this society which puts electricity, food and everything beyond their reach," Frans Baleni, NUM's General Secretary said. "Fuel costs have skyrocketed making it difficult for workers to move from the gold mines to see their families," he said. Recent rate hikes have also made life unbearable for workers, "driving thousands into shack life as they can no longer afford their houses while the price of basic food is unaffordable sending millions into starvation," Baleni said. The impending shutdown could effect major gold producers including AngloGold Ashanti, Gold Fields and Harmony. The gold miners may incur losses that would be difficult to make up, while metal prices may jump on supply fears, analysts said.Do you need cash fast? We will pay you more than anyone else for your gold. Send for your Free refiners kit today and we will send you the highest price for your unwanted gold.

Thursday, June 12, 2008

Aultra Gold Inc. Announces Corporate Actions to Secure First Round of Financing

The process of acquiring funds to move forward on their gold projects has been announced by Aultra Gold Inc. Negotiations have begun and the Company hopes to be able to announce the completion of this funding within the next 45 days. Initial funding could be within two weeks. Aultra Gold, Inc. is committed to the exploration, acquisition, development, and mining of gold, other precious metals mineral properties. Aultra Gold also conducts minerals development, including exploration, evaluation and development drilling, feasibility studies and ultimately, permitting, construction, and operation of gold and other mining properties. The company is seeking to obtain financing not only of the projects already discovered but is also very actively working on acquisition and merger opportunities to continue the growth and diversification of Aultra Gold."We are acquiring properties that allow cost effective evaluation and development, with potential for strong cash flow. Our strategy is to raise the capital to acquire and advance potentially large gold properties such as Jungo and Basin Gulch, which we already control, and to acquire and discover additional high quality properties. Advancing these large properties will strengthen our shareholder base, and accordingly, shareholder value," stated Rauno Perttu, President of Aultra Gold Incorporated. The Basin Gulch, Montana Property was discovered by AGDI's chief geologist. This property has drilled and projected open-ended mineralization in excess of 2.45 million ounces. Aultra Gold, Inc. plans to expand and mine high-grade zones and to explore untested large-scale underground targets. The Jungo Property was introduced to Aultra Gold by a local mining engineer, William Hansen.Discover what rising gold prices can mean to you. gather your unwanted gold, scrap gold and broken gold jewelry and send it to us. Our refiners pay you the most for your gold.

Wednesday, June 11, 2008

Exploring for Gold in Tanzania

A new team is being sought at the Lake Victoria Mining Company, Inc. International business, geology and finance experience are key requirements for the new members of the board. Effective immediately Ahmed A. Magoma and Heidi Kalenuik have been appointed and accepted as Secretary and Treasurer. Mr. Magoma brings 16 years experience in the gold mining industry and his experience encompasses gold projects from grassroots through to gold mining production. Mr. Magoma has worked with the major gold companies Barrick and Randgold as a project geologist and then as senior project geologist with Tanzanite Africa.
Mrs. Heidi Kalenuik is also the founder and President of Kilimanjaro Mining Company, Inc. Kilimanjaro is a private company focused on resource property acquisitions, exploration and joint ventures in the United Republic of Tanzania. At this time Kilimanjaro owns 11 highly prospective gold projects.
Lake Victoria Mining Company, Inc. is a gold exploration stage company focused on acquiring and exploring potential gold mineral deposits or reserves in Tanzania, East Africa. Tanzania produced 1.75 million troy ounces of gold during 2007 and is the 3rd largest gold producer in Africa. Lake Victoria Mining Company, Inc. holds a Mineral Property Purchase/Option Agreement with Uyowa Gold Mining and Exploration Limited a subsidiary of Kilimanjaro Mining Company, Inc. The terms of the agreement state that Lake Victoria is entitled to acquire up to an 80% interest in and to the Kalemela prospecting license located in the world famous Lake Victoria Greenstone Belt and consisting of 70.72 square kilometers.
Our refiners want you to know that we will always give you the best price for your gold. because we are the actual refiners we can pay you more for your scrap gold and broken gold jewelry.

Monday, June 9, 2008

Gold falls as greenback strengthens

As the dollar strengthened against the euro the price of gold showed a decline in New York. Silver prices were shown to be slipping as well. The decline in gold prices seemd to indicate a loss of confidence in gold as a hedge against inflation.For the first time in five sessions the euro fell and is headed for its first quarterly decline since September 2006. As the plummeting dollar sent raw materials skyrocketing, gold climbed to a record $US1033.90 an ounce in March.''The dollar has firmed up and that's brought a little blush off the gold rally,'' said Frank McGhee, the head metals trader at Integrated Brokerage Services. ''The dollar should be free-falling and it's not.''August gold futures fell $US3, or 0.3%, to $US928.30 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, gold rose as much as 0.7% as record oil prices boosted demand for the precious metal as a hedge against inflation.Gold will average $US925 in the third quarter, down from a previous forecast of $US1000, Deutsche Bank said in a report on June 27. The metal rose 0.7% in the second quarter.Silver futures for September delivery fell 20 cents, or 1.1%, to $US17.51 an ounce. The metal has advanced 17% this year, while gold climbed 11%. The euro dropped as much as 0.4% to $US1.5731 after earlier trading as high as $US1.5836. The dollar touched an all- time low of $US1.6019 against the euro on April 22.
Gold also fell after crude oil pared gains. The metal has rallied 43% in the past year as oil prices doubled. Crude futures traded as low as $US139.17 a barrel after gaining as much as 2.5% to a record $US143.67.''With crude rallying and then selling off, we're seeing some selling in gold,'' said Nick Ruggiero, a trader at Eagle Futures.
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Friday, June 6, 2008

Biggest untapped gold mine in Britain or Ireland discovered in Monaghan

It has been announced that what is believed to be the largest untapped gold mine in Britain or Ireland has been found by prospectors. The mine is located just outside a small border town in Ireland.In the current economic situation with gold prices surging and uncertainty abounding the exploration company is enthusiastically optimistic about their find. The company states that the gold deposits could be worth as much as £570m (£450m).
A formal announcement was released to the London Stock Exchange by Conroy Diamonds and Gold, the company behind the discovery. The company has estimated that the gold mine located in the area outside Clontibret, Co Monaghan, close to the Irish border, has more than one million ounces of gold.
Company chairman Professor Richard Conroy said: "There has never been a gold mine near this size in Ireland and the UK."
The announcement is expected to garner intense interest from major international players in the gold mining industry. The hope is that the news could trigger a modern day gold rush in the historically deprived border region.
The rising price of gold in recent years has already seen Scotland's Cononish mine, near the village of Tyndrum, reopen after having lain dormant for years.
Conroy Diamonds and Gold said the gold deposits in Co Monaghan, miles from the once conflict-ridden south Armagh, are at least four times the amount as in the Scottish mine.
The company is now starting a feasibility study for the economic viability of mining the gold which it says could begin within two to three years' time. Although the grade of the gold in Co Monaghan is relatively low by world standards, the sheer size of the find and the surging prices of the precious metal mean it could still be hugely profitable for the company.
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Shares soar after Monaghan gold discovery

Precious metals firm Conroy Diamonds and Gold saw their shares soar nearly 30pc Tuesday. The company announced yesterday that it had found the first ever gold resource of over one million ounces to be reported in Ireland or the UK.
The stock finished at 4p a share after Conroy released the news that they had substantially upgraded its estimate of gold at Clontibret, Co Monaghan.
It was confirmed yesterday that although there had not been time to complete significant feasibility studies the initial studies completed show the gold was low grade of one or two grammes per tonne. The company also added that it could take up to two years before studies are complete. The cost of mining and operations will have to be factored in to get an accurate picture.
Company chairman Professor Richard Conroy also confirmed that the testing had been made worthwhile because the value of gold had increased significantly in the recent past to over $940 (€560) an ounce. Gold has been advancing alongside other commodities like oil.
"If gold prices went down to, say, the $300 level, it wouldn't be feasible. It will also be very costly," he said. "If the price dropped to that level, development would be suspended," he added. The cost of extraction is estimated at about $600 an ounce. "We will now start feasibility, technical and financial studies," he said.
Prof Conroy stated that the Co Monaghan site now stands at 440,000 ounces with an additional inferred resource of 590,000. The latest report relates to an area amounting to 20pc of the Clontibret target. The upgrade followed further evaluation and appraisal work by mining consultants G Zandonai on the earlier announcements from Clontibret.
Prof Conroy said the upgrade will attract interest from other developers in the project.
"Once you are over a million ounces you get a substantial amount of gold. From an industry point of view, it puts us in a good position to negotiate if we decide to bring in a joint venture or just go ahead ourselves," he said. "The revised cut-off grade brings us in line with our peer group and gives the company a sound basis for pre-feasibility studies," he added.
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Monday, June 2, 2008

Gold steady after more than two month high

After hitting it's highest price in two months on Monday gold steadied on Tuesday. Near record oil prices fed the fire of inflation jitters and the still weak dollar pushed gold prices higher. In one week gold has gained 8 per cent since it's low of $858 per ounce on June 24. Monday saw gold at $935.25 which is the highest gold has been since it's record hitting day on April 18.
'Book squaring lifted gold back to close the month and quarter at $926.40. Gold should look to spend more time base building above $909 however with inflation still at the forefront of most Central Banks' concerns investors are likely to favour those assets which offer anti-inflationary properties (such as gold),' said James Moore, analyst at TheBullionDesk.Com
At 9:27 a.m., spot gold was trading at $929.10 per ounce against $926.50 per ounce in late New York trade on Monday.
With inflation predicted to remain high and oil prices maintaining their record highs the price of gold should hold steady.
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Sunday, June 1, 2008

Burkina Faso opens third gold mine

Burkina Faso has opened its third gold mine in a year. Operated by Toronto-listed SEMAFO the Mana gold mining facility is open cast. The mana gold mine was inaugurated on June 30 and is located approximately 170 miles from Ouagadougou. The new gold mine is expected to mine 3.6 tonnes of gold each year according to local mining officials.
"Exploitation of the Mana mine will bolster the state's budget by an average of 15.5 billion CFA francs ($37.3 million) per year, in mine royalties and taxes, to which dividends will be added," Mines, Quarries and Energy Minister Abdoulaye Abdoulkader Cisse told reporters.
SEMAFO's exploration of the Mana mine in 1998 discovered gold reserves estimated at some 35 tonnes. The new mine has already produced 400 kilos of gold since March 31. More recent prospecting totals have discovered that the gold reserves could actually be as high as 100 tonnes of gold.
Within the last year, Burkina Faso has started up two other gold mines. The Taparko-Bouroum, majority owned by Canadian-listed High River Gold Mines Ltd. and Youga, operated by Toronto-listed Etruscan Resources Inc. In October the government announced that the country plannedd to produce 15-20 tonnes of gold a year by 2009. new gold mines will be brought on line between now and then to achieve the projected gold production. A new gold mine should open in Kalsaka in October, while a zinc mine at Perkoa is set to open at the end of next year.
Industrial gold mining started in Burkina Faso in the 1950s. Although some artisanal panning continued, the last commercial mine closed in 1999 after gold prices sank below $300. Both gold mines and gold prospectors have come back to the area recently drawn by enhanced tax breaks and rising world gold prices.
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