Mining Minerals & Metals Share Discussion Threads

[tsmith2] 02/11/2006 08:10

Gold Rises to 7-Week High as Dollar Falls on Economy Concern

By Danielle Rossingh and Meeyoung Song

Nov. 1 (Bloomberg) -- Gold rose to its highest price in more than seven weeks in New York as the dollar fell on concern the U.S. economy may be slowing.

The dollar dropped against the euro and yen after an industry report showed manufacturing growth in the world's biggest economy unexpectedly shrank last month. Investors typically buy gold to hedge against a drop in the value of dollar-denominated assets. Gold has jumped 19 percent this year while the U.S. currency fell almost 8 percent against the euro.

``Gold is the only asset, the only commodity that we produce for accumulation as opposed to consumption like zinc or copper,'' Jon Nadler, an investment-products analyst at Kitco Inc., a Montreal-based gold-trading company, said at a gold conference in Seoul yesterday. ``Because of that, it is the ultimate store value. It is what money should be.''

Gold futures for December delivery gained $12.50, or 2.1 percent, to $619.30 an ounce on the Comex division of the New York Mercantile Exchange, the highest close since Sept. 7. Gold for immediate delivery in London rose $12, or 2 percent, to $618.60 an ounce.

Buying accelerated after prices breached the 200-day moving average of $618.64 in the December contract.

``We have broken through a tough moving average area that the market constantly stalled at, so that is a big positive,'' said William O'Neill, a partner at commodity research firm Logic Advisors LLC in Upper Saddle River, New Jersey.

Manufacturing Slowed

The Institute for Supply Management said its manufacturing index reached 51.2 last month after touching 52.9 a month earlier. That compared with the median forecast of 53 in a Bloomberg News survey. A reading above 50 signals expansion.

The ISM's index of prices paid fell to 47 last month from 61 a month earlier. Economists expected a decline to 58 in a Bloomberg poll.

The report may add to concern growth in the U.S. is slowing, pushing the Federal Reserve to cut borrowing costs early next year and dimming the appeal of U.S.-currency assets.

``The weak dollar has triggered some buying,'' Peter Tse, chief precious metals dealer at ScotiaMocatta, the bullion arm of Bank of Nova Scotia, said today from Hong Kong.

Bullion ``has been largely absent from the market for the last 20 years because people have been distracted with real estate, equities and all of the hot things, but there will be a return to basics,'' Nadler said.

`Get Out of Stocks'

Jim Rogers, co-founder of the Quantum hedge fund with George Soros in the 1970s, recommends investors ``get out of Western stocks and the U.S. dollar and buy commodities.''

Investments in commodity indexes doubled in the past year to $110 billion as pension funds and other money mangers diversified from stocks and bonds, American International Group Inc. said yesterday.

``The U.S., once the largest creditor nation, is now the largest debtor nation,'' Rogers said in a speech at the Next Generation of Commodity Investment conference in London yesterday. ``The country is increasing its foreign debts by $1 trillion every 15 months. The dollar is the world's medium of exchange, but that's changing. We are a bull market in commodities.''

Among other precious metals for immediate delivery, silver gained 20 cents to $12.49 an ounce, palladium climbed $4 to $326 an ounce, and platinum rose $23 to $1,103.50 an ounce.

[deka1] 31/10/2006 14:09

yes it would

[spaceparallax] 31/10/2006 13:20

Interesting to see an RNS clarifying what that was about.

[deka1] 31/10/2006 12:14

looks like abroker to broker trade at 8.8mil each way, did the same thing happen last week for 8.8mil .

[davenic] 30/10/2006 07:54

Maybe see some volume today on these

[davenic] 27/10/2006 15:35

Exercise of Warrants and Commencement of Drilling

Glencar Mining Plc

Exercise of Warrants and Recommencement of Drilling

27 October 2006

Glencar Mining plc ("Glencar" or "The Company") is pleased to
announce the exercise of 7,500,000 warrants by the CDC Group plc
("CDC") of London at ¤0.031. The proceeds of the exercise amount to
¤232,500 (US$292,000) and will be used to continue the Company's
exciting drilling programme at the Komana West deposit in southern
Mali. The third phase of drilling at Komana West, including a
significant diamond drilling element, commenced as planned on Monday
23rd October.

Following exercise of the warrants, Glencar's issued share capital is
235,786,967.

CDC has notified the Company that, following the exercise of the
warrants, it holds 19,500,000 shares of ¤0.031 each amounting to
8.27% of the issued share capital.

Application will be made to the London Stock Exchange and the Irish
Stock Exchange to admit the shares to trading on the AIM and IEX
markets respectively.

Glencar's Chief Executive Hugh McCullough commented:

"The exercise of these warrants, issued to CDC in 2003, indicates the
confidence that they have in the Company's exploration programme in
this very prospective area of southern Mali. The funds subscribed,
when added to the Company's existing cash reserves of approximately
US$2 million assists in the continuation of the intensive exploration
programmes planned for the exciting Komana and Solona areas."

[davenic] 27/10/2006 15:35

RNS at last !

[davenic] 25/10/2006 15:28

No not yet I am hoping they just take my comments onboard & put some rns out this week.

[tsmith2] 25/10/2006 10:11

daveNIC - u heard back from the co?

[davenic] 24/10/2006 19:22

tsmith2..have sent email...lets see if it gets any impact in the next few days

[kael] 24/10/2006 13:35

Company needs to sort its pr out imo. No doubt we will be seeing the many millions of shares being shuffled about like clockwork beginining of next month.

[tsmith2] 24/10/2006 13:33

daveNic

u can try suggesting that to the PR team/directors

[davenic] 24/10/2006 13:15

They should release a RNS to that effect !

[tsmith2] 24/10/2006 08:04

from the official website

Drilling has recommenced at the Komana West prospect in Mali on 23rd October 2006. This photograph shows the drill rig in position over the first hole of the new programme. Glencar has scheduled sustained drilling at Komana West right through the coming field season to provide the basis for our initial resource estimate on this deposit.

[robbi123] 23/10/2006 14:36

Just a reminder to those who have forgot:

Gold explorer set to start drilling in Mali, Ghana.
--------------------------------------------------------------------------------

Dublin-based exploration company Glencar Mining, which reported good progress in its exploration programmes in Mali and Ghana, has indicated that it would soon be engaged in numerous drilling programmes. The company has operations in Mali and Ghana, in West Africa, in Uganda, in East Africa, and in Ireland. In a press statement released recently Glencar announced exceptionally positive assay results from its Komana West drilling programme, on the Yanfolila project, in southern Mali and stated that it was about to embark on a sustained drilling campaign designed for mineral resource estimate calculation.

Drilling was expected to restart on Komana West deposit in October, with a resource estimate for the Komana West deposit planned for mid 2007.

Drilling at the Kabaya South target was scheduled to start at month-end.

On the Sankarani project, the company half signed a framework agreement with a Gold Fields subsidiary,whereby Gold Fields would spend up to $12-million on exploration over the next five years on three of Glencar's five licences in southern Mali.

Drilling and additional exploration work would be undertaken on up to six additional targets on licences between now and the end of 2007.

A team of 30 people including geologists, technicians and support staff would be working on two Malian projects during the upcoming field season.

Moreover, at the Solona licence, field work has already established at least three targets, which would require drilling, while the Sanankoro target on the Bokoro licence had intersected encouraging mineralisation of 20 m grading 1,12 g/t.

Five targets identified by reconnaissance work, would see further advancement on the company's Farasaba licence, which was scheduled for drilling during the coming field season.

While the results obtained on the Asheba concession in southwestern Ghana had delineated significant ore development, the company had not yet embarked on a drilling campaign to follow up on the positive results from the 2005 drilling programme.

The company was hopeful to restart drilling the Asheba target as soon as possible.

In addition, Glencar carried out further pitting and sampling on the Tira licence, in southeastern Uganda and was awaiting assay results before deciding on the next phase of exploration.

[tsmith2] 20/10/2006 07:46

SHOPP

Disagree - share buy back simply because operations are throwing off huge sums of cash see Bindura, ramp up of production, significantly higher Nickel prices, efficiencies etc etc.

[bongo bwana] 19/10/2006 22:16

Never!

I dont need a phone to know whats happenin with GEX.

[bongo bwana] 19/10/2006 15:51

TS - I hope Sir you are not making a nuisance of urself with the nice people in GEX - ;-)

[shopp] 19/10/2006 15:00

tsmith2 - sorry but Mwana Africa sound a bit iffy. The most important thing with small companies is that their management team needs to be focussed on delivering value for shareholders through the delivery of their business proposition. Raising 42m shows there's some faith but blowing 10m on admin expenses and then suggesting that they use some of the remaining monies to buy back shares shows a lack of focus on their core business and an almost cavalier approach to the use of shareholder funds to develop the business. ;o) PS - I'm a holder of both CHP and GEX amongst other similar stocks.

[tsmith2] 19/10/2006 12:48

with drilling about to start iminently - u'd be mad to sell

[bongo bwana] 18/10/2006 09:03

Point taken tsmith2.

That company may be a suitable JV partner for GEX to further explore Asheba in Ghana but I understand its a larger entity that is occasionally chattin with GEX about that lil beauty.

[tsmith2] 18/10/2006 08:43

valentine

u may not, but I have at 30p and we shall see. I do hold CHP (maybe not as many as you claim, though it does sound as though you may have put most of your eggs in one basket and therefore are feeling the pain)and GEX.

[tsmith2] 18/10/2006 08:38

GEX - led to believe that the rig will arrive on sight either tomorrow or on friday (was delayed).