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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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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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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Southwestern sells troubled Boka gold project

Southwestern Resources Corp. will be selling it's Boka Gold project to Hong Kong. On Friday after reporting that there could possibly be considerably less gold than was reported the scandal-ridden Boka Project will be transferred to Hong Kong East China Non-Ferrous International Mineral Development Co for $9.4 million. Last July Southwestern withdrew assay results that had previously been reported siting errors in the complies gold data. It was all very reminiscent of the Bre-X gold mining fraud so nototrious in the late 1990s. Although the gold samples did not seem to have been tampered with nonetheless Southwestern stated that the gold sample data had indeed been changed. The sale of Boka to Hong Kong East China Non-Ferrous International Mineral Development Co is a most important step in Southwestern's rebuilding efforts.

Southwestern chief executive Timo Jauristo said in a statement. "As a result of these challenges, pending litigation and its current capital resources, the company did not believe that it could adequately explore and develop both Boka and its Peruvian properties."

Southwestern shares have seen a drastic decrease in value. Worth more than C$20 in early 2004 as excitement over Boka peaked, were trading at 55 Canadian cents as the Toronto Stock Exchange opened on Friday. Under the sale of Southwestern's 90-percent stake in Boka, it will also receive a 2.7 percent net smelter return royalty on gold production in excess of 6.5 tonnes. Southwestern has several projects in Peru, including the Liam gold-silver joint venture with Newmont Mining Corp.

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