Bullion Review

New Asia Gold has announced that further evaluation of the existing exploration data indicates that there is "considerable scope for finding a large gold deposit at depth on the Kapur Project".

The mining company believes that its shallow drilling programme will substantially increase its proven gold reserves at shallow depths and is forecasting "explosive growth as the drilling results are obtained".

According to New Asia Gold, its proven gold reserves currently stand at 330,000 ounces of gold with a value of around $282 million (£171.7) and further estimated probable reserves are approximately 2.5 million ounces.

Based in Boca Raton, Florida, the firm is currently in the process of defining and producing gold reserves on its properties and extracting the gold.

New Asia Gold has gold tenements/leases in Indonesia and develops projects through the contracting of companies as needed.

Located close to the east coast of the province of East Kalimantan in Indonesia, part of the island of Borneo, the prospect area is located approximately one hour by boat from Nunukan.

Source:New Asia Gold predicts strong future growth

Minera IRL has reported that gold production at its Corihuarmi Gold Mine in Peru soared over the third quarter of the year to 80 per cent over budget.

The firm announced that gold production at the Corihuarmi Gold Mine rose to 18,298 ounces, exceeding production for the second quarter to June 2008 by more than 2,000 ounces at a cash cost of $139/ounce (£89/ounce).

Minera IRL executive chairman Courtney Chamberlain has stated that the company has set a gold production target of approximately 50,000 ounces for the 2008 calendar year.

Cash costs for the Corihuarmi Gold Mine are 50 per cent below budget at $139/ounce and average head grades were 54 per cent higher than anticipated in a feasibility study.

The mining company has increased its cash reserves to $11.3 million and has started exploration drilling activities at the Ollachea Project in southern Peru.

Minera IRL is the holding company of precious metals mining and exploration companies focused on the Andean Cordillera of South America and operates the Corihuarmi Gold Mine in Peru, with a portfolio of projects in various stages of advancement.

Source:Minera IRL announces strong Corihuarmi results

Kirkland Lake Gold has announced that it has signed a letter of intent with JS Redpath that will see the company increase production at its South Mine Complex.

Under the terms of the agreement with North Bay, Ontario mining services firm JS Redpath, the mine will operate seven days a week after it is brought into production.

Work at the high grade South Mine Complex is due to start in January 2009 at an initial rate of 425 tonnes per day and Kirkland Lake Gold’s existing mining crews and contract miners will continue to mine ore stopes and undertake additional development in the Main Break.

Ontario-based Kirkland Lake Gold aims to increases its annual gold output from the South Mine Complex and the Main Break to 100,000 ounces.

Brian Hinchcliffe, Kirkland Lake Gold president, explained: "Both areas can be mined from the same shaft and this plan will allow us to free up experienced mining crews to develop new mining areas in the Main Break."

Kirkland Lake Gold purchased the Macassa Mine and 1,500 tonne per day mill along with four former producing gold properties (Kirkland Lake, Teck-Hughes, Lake Shore and Wright Hargreaves) in December 2001.

Source:Kirkland Lake plans to expand gold production

It has become a knee-jerk reaction for investors to look at the Gold Price in terms of the US Dollar alone, and for commentators to only follow its moves in that currency. There is good reason for this, of course, for the US Dollar is the global reserve currency at present even if it is beginning to look of dubious value today.

Why don’t we measure gold in a strong currency such as the Euro?

Source:Look beyond the US Dollar to see what's really happening in the Gold Market

The Royal Bank of Scotland (RBS) has launched a new initiative in the United Arab Emirates (UAE) in which gold coins are given to savers.

Its Royal Preferred Banking arm has unveiled a high-interest fixed deposit and investment account for UAE residents, where customers are rewarded with gold coins.

The more they save, the more gold they receive - a minimum investment of AED 400,000 (£70,492) means a 4g coin will be given, while a deposit of AED 600,000 will provide a 6g gold coin.

Senior vice president Shahid Khan Niazi said that savers want flexibility and a guaranteed return on any investment.

"At RBS Royal Preferred Banking we can offer all of this, as well as a gold coin; our way of welcoming them to the service," he added.

Meanwhile post offices in India have extended a scheme where gold coins are sold in outlets to the Punjab region following "overwhelming demand".

Source:RBS offers gold coins to UAE savers

Golden Band Resources has announced during its 2008 annual general meeting (AGM) that its exploration programmes have proven very successful over the past year.

According to the Saskatchewan company, it is poised to become a gold producer, having made considerable advances in pre-development work and started an underground exploration programme at the Bingo gold deposit.

Golden Band Resources plans to re-start gold production in the La Ronge gold belt of northern Saskatchewan and all of its exploration programmes are prepared and/or designed and carried out under the supervision of Frank Hrdy, vice president of exploration.

In an update on its exploration and development-related activities for its active gold projects in La Ronge, the firm reported that 11 diamond-drill holes have been completed at the Bingo gold deposit.

Canadian firm Golden Band Resources is the leading gold explorer in Saskatchewan and is focused on the long-term, systematic exploration and development of its La Ronge Gold Belt properties.

Source:Golden Band Resources reports exploration success

It has become a knee-jerk reaction for investors to look at the Gold Price in terms of the US Dollar alone, and for commentators to only follow its moves in that currency. There is good reason for this, of course, for the US Dollar is the global reserve currency at present even if it is beginning to look of dubious value today.

Why don’t we measure gold in a strong currency such as the Euro?

Source:Look beyond the US Dollar to see what's really happening in the Gold Market

Norseman Gold has restructured a major gold project in Western Australia in order to boost cash flow and enhance efficiency.

According to the company, gold production over the quarter to September 2008 rose to 19,007 ounces.

The AIM-listed firm has recently raised a loan of AS$1.5 million (£588,000) through companies linked to three of its directors and is working towards a third source of ore in order to accelerate regional exploration and development programmes.

Australian firm Norseman reduced its pre-tax losses for the year to June 2008 and announced that the mine produced 77,229 ounces, in line with predictions.

A statement by the chairman and chief executive read: "Subject to a satisfactory, stable production level being achieved, the board believes that the true value of the effort and capital committed will be realised in the coming year."

The preliminary results for the year to June show that the restructuring programme is starting to produce results, having addressed a range of critical issues including equipment, plant upgrade, management recruitment and regional drilling.

Source:Gold project restructured by Norseman

The Singapore JewelFest 2008 is underway at the south-east Asian nation’s Ngee City Civic Plaza.

Numerous jewellery lines from a wide variety of designers are on show at the event, which runs until November 2nd.

For the first time, the exhibition will focus on innovative designs for wedding jewellery, featuring the "best, most brilliant pieces that will make every blushing bride shine".

Pieces from Ted Wu, Lee Hwa, Poh Heng and DeGem will be showcased as part of the wedding displays.

Exclusive travel packages are offered by the organisers, including one deal in which enthusiasts can attend private viewings of designer jewellery.

Recently, New Delhi was the host city for the Festival of Gold 2008.

Designs from 40 different jewellery houses were on display at the occasion, which was the largest of its kind to be held in India.

Bollywood actress Kajol Devgan attended the lanuch and spoke of her love of the precious metal.

Source:Singapore JewelFest gets underway