Kitco Market Nuggets

Market Nuggets:Uneventful Day for Gold and Silver: MKS

30 May 2011, 3:11 p.m.
By Kitco News
http://www.kitco.com/

(Kitco News) -- With London and New York closed for Bank holiday, it was an entirely uneventful day with gold and silver trading quietly in a small range between respectively 1534.50 and 1538.00, 37.80 and 38.30 says MKS Finance. Regarding the forex market, the euro weakened against the dollar while it retained some of the support earned on Friday when the Greek central bank chief announced that the country will fully repay its debt, MKS says.“After this very quiet start to the week, we ought to see some action coming back in tomorrow, possibly some buying on the back of the eurozone debt concerns,” MKS says.

By Daniela Cambone of Kitco News; dcambone@kitco.com

Market Nuggets: BlackRock Looking to Develop Iron, Titanium, Vanadium Mine in Northern Quebec

30 May 2011, 1:34 p.m.
By Kitco News
http://www.kitco.com/

(Kitco News) -- BlackRock Metals Inc. is currently undergoing an environmental study by The Canadian Environmental Assessment Agency at their BlackRock Mining Project located in the municipality of James Bay in Northern Quebec. The project is expected to develop an iron, titanium and vanadium mine with an estimated production capacity of 20,000 to 50,000 metric tons per day. The project could potentially consist of an open pit, a processing plant, an access road, a conveyor system or a railway, and a transmission line.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

Market Nuggets: External Intervention on Greek Tax Collection and Privatization a Possibility: BBH

30 May 2011, 11:14 a.m.
By Kitco News
http://www.kitco.com/

(Kitco News) -- Over the weekend Netherlands Finance Minister Jan Kees de Jager brought up a plan to have Greek assets placed into an external fund managed by international experts. “It is hard to imagine that Greek opposition leaders would be amenable to a plan that implies a loss of sovereignty for the country, even if it would come along with additional aid of €30-35 bln,” says Brown Brothers Harriman. Last week, the opposition rejected Greek PM George Papandreou’s proposed austerity measures which could risk IMF and EU support. “As part of their condition for support, the IMF and EU require cross-party agreement on new measures,” says BBH.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

Market Nuggets: Endeavour Reports Positive Gold Drill Results at Youga Mine

30 May 2011, 10:50 a.m.
By Kitco News
http://www.kitco.com/

(Kitco News) -- Endeavour Mining released the results from its A2 East Zone section of their Youga Gold Mine project. Several holes in the area produced positive results, namely hole RC-11-286 with 4m at 2.1 grams per metric ton, RC-11-288 with 7m at 2.2 grams per metric ton including 2m at 5 grams per metric ton, 4m at 4.7 grams per metric ton including 1 m at 6.2 grams per metric ton and RC-11-289 with 26m at 1.9 grams per metric ton including 2 m at 4.3 grams per metric ton. The Youga Gold mine produced 82,400 ounces of gold in 2010 and forecasts 84,000 ounces in 2011.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

Market Nuggets: Fortuna Options Mario Property in Central Peru

30 May 2011, 10:47 a.m.
By Kitco News
http://www.kitco.com/

(Kitco News) -- Fortuna Silver Mines Inc. has signed an agreement with Crocodile Gold Corp. with the option to acquire a 100% interest in the Mario property in Central Peru. The Mario property, which covers 3,850 hectares, is known to have several large silver deposits as well as gold, lead and zinc deposits. "The Mario Property is an exciting exploration project for the Company, located in one of the most prolific and productive silver-base metal provinces of Peru,” says Fortuna President and CEO Jorge Ganoza. The Mario property has been previously explored by several companies and nearly 14,000 meters of drilling has resulted in the identification of gold, silver, lead and zinc mineralization.

By Alex Létourneau of Kitco News; aletourneau@kitco.com