Ten Sixty Four ( Medusa Mining )--- Goldproduzent zu Niedrigkosten !!! (Seite 71)
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Friday, May 29, 2009
Medusa Mining encouraged by scout drilling results at Kamarangan copper anomaly
Medusa Mining (AIM & ASX: MML) announced that it had completed ten scout drill holes totalling 5,423 metres over part of the Kamarangan aeromagnetic anomaly. The anomaly is approximately ten kilometres in diameter with outcropping copper-gold mineralised magnetite skarn rocks. Kamarangas is part of the Tambis project which operated under a Mining Agreement with Philex Gold Philippines.
Drilling was focused on the western edge of a buried "fertile" diorite intrusive containing primary copper-molybdenum mineralisation.
Medusa noted that the centre of the prospect, an elliptical deep seated magnetic anomaly, had been tentatively interpreted as a possible "pencil" porphyry-style target.
Geoff Davis, Managing Director of Medusa, said the results were very encouraging:
"These initial results for copper, gold and molybdenum are very encouraging and confirm that the previously identified regional-scale features may be linked to a potentially major mineralised porphyry system. Further drilling will be conducted to follow-up these strong indications. The first two holes drilled last summer reported 11 metres at 0.50 g/t gold and 0.66% copper and 29 metres at 0.15% copper with 3.2 metres at 1.49g/t gold and, 0.52% copper whilst highlights from the more recent drilling include 16 metres at 0.43g/t gold and 0.59% copper, 24 metres at 0.64g/t gold and 0.12% copper and 2 metres at 7.21g/t gold."
http://www.proactiveinvestors.co.uk/companies/news/5860/medu…
Medusa Mining encouraged by scout drilling results at Kamarangan copper anomaly
Medusa Mining (AIM & ASX: MML) announced that it had completed ten scout drill holes totalling 5,423 metres over part of the Kamarangan aeromagnetic anomaly. The anomaly is approximately ten kilometres in diameter with outcropping copper-gold mineralised magnetite skarn rocks. Kamarangas is part of the Tambis project which operated under a Mining Agreement with Philex Gold Philippines.
Drilling was focused on the western edge of a buried "fertile" diorite intrusive containing primary copper-molybdenum mineralisation.
Medusa noted that the centre of the prospect, an elliptical deep seated magnetic anomaly, had been tentatively interpreted as a possible "pencil" porphyry-style target.
Geoff Davis, Managing Director of Medusa, said the results were very encouraging:
"These initial results for copper, gold and molybdenum are very encouraging and confirm that the previously identified regional-scale features may be linked to a potentially major mineralised porphyry system. Further drilling will be conducted to follow-up these strong indications. The first two holes drilled last summer reported 11 metres at 0.50 g/t gold and 0.66% copper and 29 metres at 0.15% copper with 3.2 metres at 1.49g/t gold and, 0.52% copper whilst highlights from the more recent drilling include 16 metres at 0.43g/t gold and 0.59% copper, 24 metres at 0.64g/t gold and 0.12% copper and 2 metres at 7.21g/t gold."
http://www.proactiveinvestors.co.uk/companies/news/5860/medu…
Antwort auf Beitrag Nr.: 37.269.347 von aaahhh am 28.05.09 09:45:23doch- wie sagt man so schön "reden ist Silber,schweigen ist Gold"
bin seit 53 pence dabei
eine interessante Webseite : www.24hgold.com
bin seit 53 pence dabei
eine interessante Webseite : www.24hgold.com
Fast 1 Monat Funkstille hier
Freut
sich denn niemand über diese Performance
Gruß aaahhh
Freutsich denn niemand über diese Performance
Gruß aaahhh
Gold Future: Technische Chartanalyse des Wochencharts
27.04.2009 | 7:45 Uhr | Karsten P. Kagels (Ross Trading GmbH)
Der Goldpreis befindet sich aus der Sicht des Wochencharts und nach dem "Gesetz der Charts" von Joe Ross in einer Seitwärtsbewegung oder Konsolidierung. Wir gehen deshalb zunächst von einer Fortsetzung dieser Richtungslosigkeit aus bzw. erwarten einen leicht höher notierenden Gold-Future. Das nächste Kursziel sehen wir im Bereich von 965 $. Diese verhalten positive Einschätzung wäre erst dann hinfällig, wenn das Vorwochentief bei 866,10 $ unterschritten wird.
http://www.rohstoff-welt.de/news/artikel.php?sid=12731#Gold-…" target="_blank" rel="nofollow ugc noopener">
http://www.rohstoff-welt.de/news/artikel.php?sid=12731#Gold-…
27.04.2009 | 7:45 Uhr | Karsten P. Kagels (Ross Trading GmbH)
Der Goldpreis befindet sich aus der Sicht des Wochencharts und nach dem "Gesetz der Charts" von Joe Ross in einer Seitwärtsbewegung oder Konsolidierung. Wir gehen deshalb zunächst von einer Fortsetzung dieser Richtungslosigkeit aus bzw. erwarten einen leicht höher notierenden Gold-Future. Das nächste Kursziel sehen wir im Bereich von 965 $. Diese verhalten positive Einschätzung wäre erst dann hinfällig, wenn das Vorwochentief bei 866,10 $ unterschritten wird.
http://www.rohstoff-welt.de/news/artikel.php?sid=12731#Gold-…" target="_blank" rel="nofollow ugc noopener">
http://www.rohstoff-welt.de/news/artikel.php?sid=12731#Gold-…
Trading Spotlight
China baut seine Goldreserven aus!
FIFTH BIGGEST IN WORLD
China's been building its gold reserves - now over 1,000 tonnes
Author: Alfred Cang and Lucy Hornby - Posted: Friday , 24 Apr 2009
BEIJING (Reuters) -
A Chinese official has confirmed the belief that the country has been quietly building up its gold reserves. It is now the world's fifth biggest holder of gold with more than 1,000 tonnes held.
China revealed on Friday that it had quietly raised its gold reserves by nearly three-quarters since 2003, increasing its holdings to 1,054 tonnes and confirming years of speculation it had been buying.
Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
The world gold market has been buzzing with talk about China buying gold for years as the country's foreign exchange reserves have rocketed, and speculation has picked up since the global economic crisis threatened to weaken the value of those reserves.
Gold prices jumped on the news and were up 1 percent on the day at $910.80 an ounce at 0540 GMT.
China recently reported the change in its gold holdings to the International Monetary Fund and would include the latest change in central bank reports and balance of payment statistics, Hu said.
China's reserves were now the fifth biggest in the world, with only six countries holding more than 1,000 tonnes, she said.
China had increased its stocks by buying on the domestic market and from domestic producers.
Gold market participants said Hu's revelation was good news for the market and signalled likely further buying.
"The comments indicate that China will buy more gold as reserve to improve its foreign reserve portfolio. This is a trend," said Yao Haiqiao, president of Longgold Asset Management.
Hou Huimin, vice general secretary of the China Gold Association, said China should build its reserves to 5,000 tonnes.
"It's not a matter of a few hundred, or 1,000 tonnes. China should hold more because of its new international status, and because of the financial crisis," he said.
"The financial crisis means the U.S. dollar value is changing fast, and it may retreat from being the international reserve currency. If that happens, whoever holds gold will be at an advantage."
The European Central Bank recommends its member banks hold 15 percent of their reserves in gold, but among Asian nations the percentage is far smaller, said Albert Cheng, World Gold Council managing director for the far east.
FIFTH BIGGEST IN WORLD
China's been building its gold reserves - now over 1,000 tonnes
Author: Alfred Cang and Lucy Hornby - Posted: Friday , 24 Apr 2009
BEIJING (Reuters) -
A Chinese official has confirmed the belief that the country has been quietly building up its gold reserves. It is now the world's fifth biggest holder of gold with more than 1,000 tonnes held.
China revealed on Friday that it had quietly raised its gold reserves by nearly three-quarters since 2003, increasing its holdings to 1,054 tonnes and confirming years of speculation it had been buying.
Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), told Xinhua news agency in an interview that the country's reserves had risen by 454 tonnes from 600 tonnes since 2003, when China last adjusted its state gold reserves figure.
The world gold market has been buzzing with talk about China buying gold for years as the country's foreign exchange reserves have rocketed, and speculation has picked up since the global economic crisis threatened to weaken the value of those reserves.
Gold prices jumped on the news and were up 1 percent on the day at $910.80 an ounce at 0540 GMT.
China recently reported the change in its gold holdings to the International Monetary Fund and would include the latest change in central bank reports and balance of payment statistics, Hu said.
China's reserves were now the fifth biggest in the world, with only six countries holding more than 1,000 tonnes, she said.
China had increased its stocks by buying on the domestic market and from domestic producers.
Gold market participants said Hu's revelation was good news for the market and signalled likely further buying.
"The comments indicate that China will buy more gold as reserve to improve its foreign reserve portfolio. This is a trend," said Yao Haiqiao, president of Longgold Asset Management.
Hou Huimin, vice general secretary of the China Gold Association, said China should build its reserves to 5,000 tonnes.
"It's not a matter of a few hundred, or 1,000 tonnes. China should hold more because of its new international status, and because of the financial crisis," he said.
"The financial crisis means the U.S. dollar value is changing fast, and it may retreat from being the international reserve currency. If that happens, whoever holds gold will be at an advantage."
The European Central Bank recommends its member banks hold 15 percent of their reserves in gold, but among Asian nations the percentage is far smaller, said Albert Cheng, World Gold Council managing director for the far east.
Gordon Brown hat das "Talent" Regierungsverkäufe von Gold dann zu tätigen, wenn der Preis einen Tiefststand erreicht hat, und dann Gold zu kaufen, wenn der Goldpreis einen Höchststand erreicht. Damit gilt G. Brown als klassischer Kontraindikator!
Jetzt erzeugt der Kontraindikator "Gordon Brown Goldindikator" ein Kaufsignal. Wer es in Englisch lesen will:
The Gordon Brown Gold Rally Indicator flashes buy signal
http://www.usagold.com/amk/abcs-gold-rally-indicator.html
Jetzt erzeugt der Kontraindikator "Gordon Brown Goldindikator" ein Kaufsignal. Wer es in Englisch lesen will:
The Gordon Brown Gold Rally Indicator flashes buy signal
http://www.usagold.com/amk/abcs-gold-rally-indicator.html
April 20, 2009 - minesite (Artikel gekürzt)
Medusa Mining Is London-Bound To Spread The News About The Co-O Gold Mine In The Philippines
Today Medusa has bolted away to trade at around A$1.55, down slightly on an all-time high of A$1.83 reached in late March. The easier gold price will have taken some of the steam out of Medusa’s share price, but the latest upward run from a first sale this year at A68 cents means that believers in the Medusa story have more than doubled their money in less than four months, and that’s after the company successfully raised a fresh A$24.5 million in working capital on February 26 via a placement to professionals at A$1.21.
Cash from the placement is being tipped directly into expansion of Co-O, where production is being ratcheted up from around 60,000 ounces a year to a target of 100,000 ounces from the first quarter of next year. More impressive than the higher output is the falling cost per ounce, a trick achieved largely because Co-O has that most desirable of qualities in a goldmine, grade. Cost per ounce of the 12,716 ounces produced in the March quarter was US$ 211 thanks to the grade of 13.05 grams a tonne, and very low Philippines labour costs. The long term target is to get the cash cost per ounce down to US$ 200, which will confirm Co-O’s position as one of the world’s lowest cost gold producers.
Before looking at the presentation it is worth re-visiting what Davis said when announcing the February capital raising, largely because in a handful of words the Medusa story is told: “We are an unhedged, high-margin gold producer with an exciting future as we grow our production,” Davis said. “I believe the market is starting to recognise our potential.”
The first key to understanding Medusa is a recognition of the nature of the gold-rich epithermal mineralised systems which are found around the “ring of fire” which circles the Pacific Ocean. Co-O is one of those systems, located inside, or on the edge of, an ancient “caldera”, the collapsed magma chamber of a volcano which has, literally, “blown its top”.
Sometimes found radiating out from such events are rich veins of mineralisation, sometimes only a few centimetres wide, but often several metres thick. It’s these veins which are being tapped by Medusa, as Davis will explain on a slide showing a three-dimensional model which highlights the point that exploration for mineralised veins can be a tricky business, but that once an explorer understands the structures being pursued the results can be richly rewarding.
Medusa’s expansion work at Co-O is notionally divided into several phases. Phase one, consists of extending underground drives and connecting shafts. Phase two is also underway and consists of digging additional shafts down to the vein systems, as well as expanding the ore processing mill and raising the wall of the tailings dam, along with other essential works. Boosting gold output is one part of the expansion work, adding to reserves and resources is another key step. Currently, there are six surface rigs pinpointing gold veins, with high hopes held for the potentially very large Great Hamish Vein, and for a number of veins east of the Agsao River.
Davis said in his March quarter report, filed at the ASX last Wednesday, that a drilling update would be available in June, with a resource estimate ready in July and a fresh reserve estimate in August. As things now stand, Co-O contains an indicated and inferred resource of 2.82 million tonnes of ore averaging 13.3 grams a tonne and giving 1.2 million ounces. It’s a fair bet that all of those numbers will rise substantially, which adds to interest in the proposed timetable of announcements. It means Davis has mapped out a logical sequence of “news flow”, starting with his latest marketing trip (a tour of duty highly recommended for all Australian miners).
The flow will not be solely about Co-O. The Philippines itself will become more of a newsworthy topic as its “mining friendly” legal system becomes better known. Medusa will also have plenty to say about the large systems of copper mineralisation contained in so-called porphyry structures. Essentially, these are large blobs of volcanic (igneous) rock sometimes containing vast amounts of copper and other minerals, with low-grades offset by huge tonnage.
Lingig, the first of a potential seven outlined by magnetic surveys is already showing indications analogous to the nearby Atlas orebody which contains 1.53 billion tonnes of material assaying 0.41% copper. Best drill hits, so far, at Lingig include 224 metres at 0.77% copper plus 0.11 grams of gold a tonne, and 267 metres at 0.62% copper plus 0.06 grams a tonne of gold – results, which if found to be widespread, have the potential to drown the news flow even from Co-O.
Medusa Mining Is London-Bound To Spread The News About The Co-O Gold Mine In The Philippines
Today Medusa has bolted away to trade at around A$1.55, down slightly on an all-time high of A$1.83 reached in late March. The easier gold price will have taken some of the steam out of Medusa’s share price, but the latest upward run from a first sale this year at A68 cents means that believers in the Medusa story have more than doubled their money in less than four months, and that’s after the company successfully raised a fresh A$24.5 million in working capital on February 26 via a placement to professionals at A$1.21.
Cash from the placement is being tipped directly into expansion of Co-O, where production is being ratcheted up from around 60,000 ounces a year to a target of 100,000 ounces from the first quarter of next year. More impressive than the higher output is the falling cost per ounce, a trick achieved largely because Co-O has that most desirable of qualities in a goldmine, grade. Cost per ounce of the 12,716 ounces produced in the March quarter was US$ 211 thanks to the grade of 13.05 grams a tonne, and very low Philippines labour costs. The long term target is to get the cash cost per ounce down to US$ 200, which will confirm Co-O’s position as one of the world’s lowest cost gold producers.
Before looking at the presentation it is worth re-visiting what Davis said when announcing the February capital raising, largely because in a handful of words the Medusa story is told: “We are an unhedged, high-margin gold producer with an exciting future as we grow our production,” Davis said. “I believe the market is starting to recognise our potential.”
The first key to understanding Medusa is a recognition of the nature of the gold-rich epithermal mineralised systems which are found around the “ring of fire” which circles the Pacific Ocean. Co-O is one of those systems, located inside, or on the edge of, an ancient “caldera”, the collapsed magma chamber of a volcano which has, literally, “blown its top”.
Sometimes found radiating out from such events are rich veins of mineralisation, sometimes only a few centimetres wide, but often several metres thick. It’s these veins which are being tapped by Medusa, as Davis will explain on a slide showing a three-dimensional model which highlights the point that exploration for mineralised veins can be a tricky business, but that once an explorer understands the structures being pursued the results can be richly rewarding.
Medusa’s expansion work at Co-O is notionally divided into several phases. Phase one, consists of extending underground drives and connecting shafts. Phase two is also underway and consists of digging additional shafts down to the vein systems, as well as expanding the ore processing mill and raising the wall of the tailings dam, along with other essential works. Boosting gold output is one part of the expansion work, adding to reserves and resources is another key step. Currently, there are six surface rigs pinpointing gold veins, with high hopes held for the potentially very large Great Hamish Vein, and for a number of veins east of the Agsao River.
Davis said in his March quarter report, filed at the ASX last Wednesday, that a drilling update would be available in June, with a resource estimate ready in July and a fresh reserve estimate in August. As things now stand, Co-O contains an indicated and inferred resource of 2.82 million tonnes of ore averaging 13.3 grams a tonne and giving 1.2 million ounces. It’s a fair bet that all of those numbers will rise substantially, which adds to interest in the proposed timetable of announcements. It means Davis has mapped out a logical sequence of “news flow”, starting with his latest marketing trip (a tour of duty highly recommended for all Australian miners).
The flow will not be solely about Co-O. The Philippines itself will become more of a newsworthy topic as its “mining friendly” legal system becomes better known. Medusa will also have plenty to say about the large systems of copper mineralisation contained in so-called porphyry structures. Essentially, these are large blobs of volcanic (igneous) rock sometimes containing vast amounts of copper and other minerals, with low-grades offset by huge tonnage.
Lingig, the first of a potential seven outlined by magnetic surveys is already showing indications analogous to the nearby Atlas orebody which contains 1.53 billion tonnes of material assaying 0.41% copper. Best drill hits, so far, at Lingig include 224 metres at 0.77% copper plus 0.11 grams of gold a tonne, and 267 metres at 0.62% copper plus 0.06 grams a tonne of gold – results, which if found to be widespread, have the potential to drown the news flow even from Co-O.
Citi ringing a bell for the bottom of commodities market
PURE SPECULATION: Robin Bromby | April 06, 2009
Article from: The Australian
BRAVE, brave man. David Thurtell, who runs Citigroup's commodities research in London, has emailed this reporter with a stark covering note: "The downturn in metals is over -- see attached."
He's rung the bell for the bottom.
The attachment contained his latest commodity strategy bulletin with the simple headline "Overdone", pointing out that the sell-off in commodity markets over the past nine months had been without a precedent in terms of its extent and speed and looks to have gone too far.
The key Reuters/Jeffries-CRB index of commodities went from 473 in July 2008 to 200 in early March.
The London Metal Exchange index dropped by more than 60 per cent in the year to early March. Over that period, falls in metals ranged from 43 per cent for tin to 70 per cent for nickel and lead.
Thurtell believes the data he is seeing shows spending on consumer durables by Americans has fallen, but that production of these items has declined even more quickly. Inventories are now very low as manufacturers adjust to slower demand.
"World durables output (and thus metals demand) could thus snap back once this production adjustment is over," he concludes. Interest rate cuts and money printing could hasten this recovery. Thurtell says the recent bounce in both the Chinese and US purchasing managers' indices suggests that growth in industrial production should rise from here.
Warwick Grigor at BGF Equities is also encouraged by the strong performance by local mining stocks last week, the enthusiasm even trickling down to many smaller stocks.
People are no longer in sell mode -- they're getting set for the rally, he believes. And those sitting on the sidelines hoping to pick the bottom are now fearful they may miss out.
But Grigor also points out that our dollar has risen faster than many commodities, so producer profitability has not improved. Moreover, any move by juniors to sniff the wind and unveil placements would soon put a limit on the strength of their stocks.
Go for gold
IF you can't find new gold, then old gold will do. The higher gold prices combined with a deflating of the costs of running a mine have encouraged companies to reopen old operations.
Navigator Resources (NAV) is paying $9.55 million to buy the Bronzewing mine that put a large hole in the former View Resources and sent it to the bottom. It hopes to be in production by next January. Mind you, Navigator is also developing a new gold mine near Leonora at a cost of $45 million.
Working well under the radar so far, Saracen Minerals Holdings (SAR) is also aiming at 2010 production. The company is being run by veteran mining figure Guido Staltari. He was involved with Saracen back in the days when it was run by mining entrepreneur Danny Hill, but the two men had a falling out.
Staltari moved on to zinc miner Western Metals (WMT) and did his money when that company, to continue the maritime analogy, sank with all hands. (WMT has since been brought back to the surface and is now hunting gold in Tanzania.) Since then he has been -- successfully -- involved with launching other resources companies.
Saracen went through its own rough patch, spending a few years as Central West Media, until Staltari got it back. The company is in the final stages of negotiating financing for the $29 million revival of the Carosue Dam operations, one of the gold assets of the former Sons of Gwalia. It's all there -- the resource of 2.2 million ounces and $150 million worth of milling plant and infrastructure. From what we understand, there are going to be few problems locking in a lender.
Meanwhile, gold took a beating over recent days, which is not surprising given the sharp fall in the fear factor. The people at Foster Stockbroking are keeping the faith, though, figuring that the market rally has no basis in economic reality.
Their advice: sell stock into rallies but don't sell gold. "Don't be underweight gold in these uncertain times," their client note urges.
They prefer Newcrest Mining (NCM) to Lihir Gold (LGL) with the former's more diverse production base and lower political risk. Among the emerging stories Foster favours Centamin Egypt (CNT) with its 10 million ounce resource. Then there's Catalpa Resources (CAH), which will be producing mid-2010, Dominion Mining (DOM), Medusa Mining (MML) and Gryphon Minerals (GRY) with its Burkina Faso gold.
PURE SPECULATION: Robin Bromby | April 06, 2009
Article from: The Australian
BRAVE, brave man. David Thurtell, who runs Citigroup's commodities research in London, has emailed this reporter with a stark covering note: "The downturn in metals is over -- see attached."
He's rung the bell for the bottom.
The attachment contained his latest commodity strategy bulletin with the simple headline "Overdone", pointing out that the sell-off in commodity markets over the past nine months had been without a precedent in terms of its extent and speed and looks to have gone too far.
The key Reuters/Jeffries-CRB index of commodities went from 473 in July 2008 to 200 in early March.
The London Metal Exchange index dropped by more than 60 per cent in the year to early March. Over that period, falls in metals ranged from 43 per cent for tin to 70 per cent for nickel and lead.
Thurtell believes the data he is seeing shows spending on consumer durables by Americans has fallen, but that production of these items has declined even more quickly. Inventories are now very low as manufacturers adjust to slower demand.
"World durables output (and thus metals demand) could thus snap back once this production adjustment is over," he concludes. Interest rate cuts and money printing could hasten this recovery. Thurtell says the recent bounce in both the Chinese and US purchasing managers' indices suggests that growth in industrial production should rise from here.
Warwick Grigor at BGF Equities is also encouraged by the strong performance by local mining stocks last week, the enthusiasm even trickling down to many smaller stocks.
People are no longer in sell mode -- they're getting set for the rally, he believes. And those sitting on the sidelines hoping to pick the bottom are now fearful they may miss out.
But Grigor also points out that our dollar has risen faster than many commodities, so producer profitability has not improved. Moreover, any move by juniors to sniff the wind and unveil placements would soon put a limit on the strength of their stocks.
Go for gold
IF you can't find new gold, then old gold will do. The higher gold prices combined with a deflating of the costs of running a mine have encouraged companies to reopen old operations.
Navigator Resources (NAV) is paying $9.55 million to buy the Bronzewing mine that put a large hole in the former View Resources and sent it to the bottom. It hopes to be in production by next January. Mind you, Navigator is also developing a new gold mine near Leonora at a cost of $45 million.
Working well under the radar so far, Saracen Minerals Holdings (SAR) is also aiming at 2010 production. The company is being run by veteran mining figure Guido Staltari. He was involved with Saracen back in the days when it was run by mining entrepreneur Danny Hill, but the two men had a falling out.
Staltari moved on to zinc miner Western Metals (WMT) and did his money when that company, to continue the maritime analogy, sank with all hands. (WMT has since been brought back to the surface and is now hunting gold in Tanzania.) Since then he has been -- successfully -- involved with launching other resources companies.
Saracen went through its own rough patch, spending a few years as Central West Media, until Staltari got it back. The company is in the final stages of negotiating financing for the $29 million revival of the Carosue Dam operations, one of the gold assets of the former Sons of Gwalia. It's all there -- the resource of 2.2 million ounces and $150 million worth of milling plant and infrastructure. From what we understand, there are going to be few problems locking in a lender.
Meanwhile, gold took a beating over recent days, which is not surprising given the sharp fall in the fear factor. The people at Foster Stockbroking are keeping the faith, though, figuring that the market rally has no basis in economic reality.
Their advice: sell stock into rallies but don't sell gold. "Don't be underweight gold in these uncertain times," their client note urges.
They prefer Newcrest Mining (NCM) to Lihir Gold (LGL) with the former's more diverse production base and lower political risk. Among the emerging stories Foster favours Centamin Egypt (CNT) with its 10 million ounce resource. Then there's Catalpa Resources (CAH), which will be producing mid-2010, Dominion Mining (DOM), Medusa Mining (MML) and Gryphon Minerals (GRY) with its Burkina Faso gold.
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