Showing posts with label Russia. Show all posts
Showing posts with label Russia. Show all posts

Wednesday, October 28, 2009


Lukas Lundin continues his quest for Gold in Far Eastern Russia with Kinross Gold and GazpromBank as his partners.


"Lukas Lundin and gold above 1000 USD/oz is a powerful combination even if it is in Russia. Kinross Gold is a partner with GazpromBank on Russian side, Kinross operates Kupol Gold mine in Russia, so they must know all the tricks to stay afloat there. Discount for juniors and Russia will be gone with fresh investors' rush for gold, deposit hopefully will stay and grow."





"VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2009) - Fortress Minerals Corp. ("Fortress") (TSX VENTURE:FST - News) is pleased to announce final results from the 2009 trenching program at the Svetloye Project, Russia. Trench PDTR-T7 from the Tamara prospect encountered 100.8 metres (from 39.2 to 140.0 metres) grading 2.58 grams per tonne (g/t) gold including 41.0 metres (from 58.0 to 99.0 metres) grading 5.57 g/t gold. All trench samples at the Svetloye project are channel samples collected by rock sawing a channel 5 centimetres in width continuously throughout the trench wall providing a consistent sample similar to a horizontal drill hole. Please see attached maps.
The 2009 Svetloye trenching program was designed to provide increased continuity of sample data for resource definition within ore zones previously defined (see Press Release dated April 23, 2009), and to provide guidance to the 2009 and 2010 drill programs at Svetloye. Trenching was completed at five of the target areas identified at the Svetloye Project with encouraging results. See the attached table for a complete list of the 2009 trench results.
The Svetloye Project consists of nine prospects that occur over a linear distance of eight kilometres. Prior to the 2009 drilling and trenching programs, the total inferred resources at Svetloye, including the Elena, Amy and Tamara prospects was estimated at 20.1 million tonnes grading 2.21 g/t gold containing 1.428 million ounces of gold (see Press Release dated April 23, 2009).
Gold is associated with extensive zones of vuggy silica, quartz-alunite and quartz-dickite-kaolinite alteration. This style of mineralization is common to Pierina, Veladero and other high sulphidation epithermal deposits. Fortress owns a 100% interest in the Svetloye Project.
The Company plans to mobilize fuel and equipment to Svetloye over the winter months for next year's program. In the meantime the Company will concentrate its exploration efforts on the Malmyzh copper-gold and Limonite copper-molybdenum properties. These properties, which are accessible by road from Khabarovsk, can be drilled during the winter months (see Press Release dated October 19, 2009).
James C. Ashleman, Chief Geologist, P. Geo., and a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release. A rigorous quality control program has been instituted involving insertion of certified standards and duplicate sampling. Samples are crushed and split on site with final sample preparation at the Irgiredmet Laboratory of Irkutsk, Russia (accredited by the State Committee of the Russian Federation for Standardization and Metrology "Gosstandart" of Russia). Assaying by fire assay is performed by the Irgiredmet Laboratory.
To view the maps accompanying this press release please click on the following link: http://us.lrd.yahoo.com/_ylt=Age9WgnWHBUFoowvfcmuf7mtcq9_;_ylu=X3oDMTE2OWh2ZWsxBHBvcwMxBHNlYwNuZXdzQXJ0Qm9keQRzbGsDaHR0cG1lZGlhM21h/SIG=11ibsacmt/**http%3A//media3.marketwire.com/docs/FST1028.pdf
ON BEHALF OF THE BOARD
Lukas H. Lundin, President and CEO"

Sunday, July 5, 2009

US Dollar is the reserve currency of choice - the key word is choice here. There is no desire to submit its future to the misery of US financial economy by 50% of the world's population any more. It is the beginning of the End.





By Mark Deen and Isabelle Mas
July 4 (Bloomberg) -- Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.
“The major part of Indian reserves is in dollars -- that is something that’s a problem for us,” Tendulkar, chairman of the Prime Minister’s Economic Advisory Council, said in an interview yesterday in Aix-en-Provence, France, where he was attending an economic conference.
Singh is preparing to join leaders from the Group of Eight industrialized nations -- the U.S., Japan, Germany, Britain, France, Italy, Canada and Russia -- at a summit in Italy next week which is due to tackle the global economy. China and Brazil will also send representatives to the summit.
As the talks have neared, China and Russia have stepped up calls for a rethink of how global currency reserves are composed and managed, underlining a power shift to emerging markets from the developed nations that spawned the financial crisis.
“There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar.
Fiscal and current-account deficits must be supervised as “your currency is likely to become my problem,” said Zeng, who is now the head of a research center under the government’s top economic planning agency. The People’s Bank of China said June 26 that the International Monetary Fund should manage more of members’ reserves.
Russian Proposals
Russian President Dmitry Medvedev has repeatedly called for creating a mix of regional reserve currencies as part of the drive to address the global financial crisis, while questioning the dollar’s future as a global reserve currency. Russia’s proposals for the Group of 20 major developed and developing nations summit in London in April included the creation of a supranational currency.
“We will resume” talks on the supranational currency proposal at the G-8 summit in L’Aquila on July 8-10, Medvedev aide Sergei Prikhodko told reporters in Moscow yesterday.
Singh adviser Tendulkar said that big dollar holders face a “prisoner’s dilemma” in terms of managing their holdings. “That’s why I’m telling them to do this,” he said.
He also said that world currencies need to adjust to help unwind trade imbalances that have contributed to the global financial crisis.
“The major imbalances which led to the current situation, the current account surpluses and deficits, have to be addressed,” he said. “Currency adjustment is one thing that suggests itself.”
Emerging-Market Dependence
For all the complaints about the dollar, emerging markets such as India remain dependent on the currency of the U.S., the world’s largest economy and a $2.5 trillion export market. The IMF said June 30 that the share of dollars in global foreign- exchange reserves increased to 65 percent in the first three months of this year, the highest since 2007.
Tendulkar said that the matter needs to be taken up in international talks, and that it emphasizes the need for those talks to go beyond the traditional G-8.
“They can meet if they want to,” he said. “The G-20 has a wider role, has representation of the countries that are likely to lead the recovery process.”
To contact the reporters on this story: Mark Deen in Aix en Provence, France at markdeen@bloomberg.net; Isabelle Mas in Aix en Provence, France at imas2@bloomberg.net. Last Updated: July 3, 2009 18:00 EDT"

 

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