Yip. Buys taking it a few clicks up, a few profit takers moving it a click or two down then the usual flurry of buys taking it up again ending 2 or 3 % up for the day. It's amazing how far an SP can rise in little baby steps avoiding volatility that scares some away.
This article shows our neighbours payback on CAPEX of only 14 months and they have 1/2 of what I believe we have.
They used historical data too and modern techniques to unlock an amazing 82% increase in resource
Itogon is now as we speak planning phase 2 drilling with 3D mapping and I'm so looking forward to the progress made _________________________________________________________________________ July 7th: Miner sees more gold in Batangas.
Red Mountain Mining Ltd. has increased the high-grade resource of its Lobo prospect in Batangas by 82 percent, or 37,000 ounces of gold, to 82,000 ounces.
The Australian firm said in a statement that it already updated a previous mineral resource issued in January 2013 following results from ongoing drilling and trenching activities in Lobo town.
The Lobo mineral resource estimate, the company said, now stands at a total indicated and inferred volume of 604,000 tons of material, at an average grade of 4.2 grams of gold per ton.
Jon Dugdale, managing director of Red Mountain, said the increase in Lobo’s mineral resources was in line with the company’s strategy of extending the mine life of the planned Batangas gold project.
Along with resources from another prospect called Archangel, Red Mountain’s total resources in Batangas is now pegged at 444,000 ounces of gold.
“The key to the success of this project is the high grade of our initial planned production, and the potential to pay back initial capital very quickly and generate high-margin cashflow from day one,” Dugdale said. “Our exploration teams continue to discover new prospects with the objective of identifying drilling targets for future resource upgrades.” Last March, the company announced itwould look at building a gold mine in Batangas next year after a scoping study confirmed that a “low-cost, early payback” operation is “strongly viable.”
The projected revenue is pegged at about $121 million, while capital cost was estimated at about $15 million. According to the scoping study, which pertains to the early stages of a project, the pre-production capital cost may be recovered in just 14 months.
Also, the planned project is expected to provide at least $7.2 million in royalties and taxes for the national and local governments.
Yes I agree...a day of drifting up and down , but ending a couple of percent up. Would be nice to be around the 0.28 - 0.3 range by end of play on Thursady , then hopefully break through the psycological 0.3 barrier when anticipation grows on Friday and then where it ends up on Monday is anyone's guess. Unfortunately this does mean that Tall Chap will be whining about us not being above a penny and the corrupt MMs for a few more days (TC - we would not have it any other way :-)
Unfortunately I am travelling on Monday & Tuesday next week and will have intermittant internet access which is not good news.
Thanks for posting that. I reckon ECR will have an interesting day ending about 2 or 3 % up with about 15% more buys than sells. Slow, steady progress will appeal to investors' "loose change" looking for somewhere to lay its' head.
( contd ) O'Byrne added: "The gold fix is anachronistic in the modern technological age of electronic trading and a move to electronic trading seems inevitable. At the same time, this will not be a panacea as oversight and transparency remains important."
- Call for transparency -
Caroline Bain, senior commodities economist at research consultancy Capital Economics, said transparency was needed to prevent price rigging.
"It can be manipulated even though it is based on real deals," Bain told AFP.
"Traders working for institutions involved in the 'fix' can make deals that would influence the price in a way that suits their portfolio.
"There is a lack of transparency about how the price is derived. It also contributes to a much wider lack of information on the size of the gold market."
For its part, the WGC has already stated that the gold market needs greater transparency and auditing of the data used to determine the London price fixings.
Between two and four million ounces of physical gold transactions are based on any given day's fix price, according to estimates from commodities research specialist CPM Group.
Back in May, Barclays was fined by the FCA for failing to adequately manage conflicts of interest between the bank and its customers.
The watchdog uncovered systems and controls failings in relation to a fixed London pricing of gold over a nine-year period to 2013.
Bain added: "The case was more about internal problems at Barclays as they were not monitoring the trader's activity, but it did highlight the fact that the gold fix can be manipulated."
- Volatile gold -
The gold market remains subject to volatility as the metal is often seen as a haven investment in times of geopolitical uncertainty.
In recent weeks, mounting violence in Iraq has sent traders fleeing to gold.
Gold jumped last Tuesday to a 3.5-month spot price high of $1,334.06 per ounce on the London Bullion Market.
Prices had rocketed to an all-time peak of $1,921.15 per ounce in September 2011 on fears of a fresh global recession amid the raging eurozone debt crisis.
The market could return once more to such levels if the fixing system is overhauled, according to O'Byrne.
"We believe that a more transparent and reliable fixing could lead to higher gold prices as we suspect that prices are artificially low at this time and do not reflect the delicate supply demand balance in the physical gold market," he told AFP
London (AFP) - London's century-old process for fixing gold prices, tainted by a rigging scandal and attacked by critics as old-fashioned, goes under the spotlight this week in key talks aimed at modernising the process.
UK watchdog says no evidence that gold price is rigged Reuters World Gold Council Says 'Gold Fix' Reform Won't Happen Quickly TheStreet.com China, Singapore vie for Asia gold pricing alternative to London Reuters Deutsche Bank conducts internal probe into trading on gold "fix" Reuters
Analysts said that the market price of gold, which is driven by investment and jewellery demand, could climb as a result of an overhaul.
Buyers and sellers of the precious metal will meet in London on Monday to discuss the setting of the global benchmark, which affects the flow of billions of dollars worldwide every day.
The World Gold Council (WGC) will host an eagerly-awaited forum with retail and central banks, exchanges, mining firms, refiners, traders and other industry groups, while Britain's Financial Conduct Authority (FCA) watchdog will attend as an observer.
The benchmark gold price is set by four banks at 10:30 am London time (0930 GMT) and 3:00 pm, via teleconference.
The banks -- Britain's Barclays and HSBC, Canada's Scotiabank and Societe Generale of France -- are all members of the Gold Fixing Company and agree the price twice daily. Germany's Deutsche Bank pulled out of the panel earlier this year.
The process begins with the so-called spot price of gold, which is based on the current market rate of contracts for physical delivery of the metal.
The four banks must then declare whether they are interested in buying or selling at this level. The price can fluctuate depending on the balance of supply and demand, and settles on a so-called "fixing".
The system lurched into crisis this year when Barclays was fined more than Â£26 million ($45 million, 33 million euros) by the FCA after a ex-trader at the troubled bank admitted attempting to manipulate the gold price.
Barclays is among several banks that were fined billions of dollars by regulators foreign exchange rigging, prompting a broad review of how global financial benchmarks are set.
Critics argue the gold-price fixing process is also open to abuse.
"It lacks transparency, which means prices can be rigged to benefit banks, at the expense of producers, traders, investors, jewellers and other market participants," said Mark O'Byrne, research director at broker GoldCore.
"Prices should be determined by market forces of supply and demand and not due to a bank's determination."
The process is little changed since its creation on September 12, 1919, when the Gold Fixing Company's five founders -- including NM Rothschild & Sons -- agreed one single daily price fix in British pounds.
O'Byrne added: "The gold fix is anachronistic in the
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