This new videogame aims to gauge youth’s interest in the mining industry

By early afternoon on Thursday 7.5% or over $400m had been wiped off the value of Harmony Gold Mining stock in New York, the worst performer in an index of 50 of the largest gold and silver counters. Other South African gold miners were also punished with both Anglogold Ashanti and Gold Fields down over 5%. Some South African produces are struggling with cash outlays of $1,200/ounce – almost double the global average – thanks to a strong currency, wage disputes, power supply problems and geological issues. As the gold price eases as much as 180,000 oz of quarterly production are being put at risk.

The World Gold Council (WGC) produced a draft framework of standards designed to combat gold that enables, fuels or finances armed conflict. The standards, which were compiled together with the WDC’s member companies and leading gold refiners are designed to enable miners to produce a stream of newly-mined gold that is certified as “conflict free” on a global basis. Image of Ethiopian soldier is from Wikipedia.

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce that the US$85 million Project Finance Facility provided to Perseus’s 90%-owned subsidiary, Central Ashanti Gold Limited (“CAGL”), by Macquarie Bank Limited and Credit Suisse AG has been drawn down. To date, approximately US$152 million of the estimated US$174 million capital cost of Perseus’s Central Ashanti Gold Project in Ghana has been funded by equity capital raised by Perseus. The balance of construction costs will be financed using funds drawn under the debt facility.

Osisko Mining Corporation CA:OSK +2.75% , has declared commercial production at their flagship Canadian Malartic Mine in Malartic, Quebec. Sean Roosen, President and Chief Executive Officer, commented on reaching this major milestone: "It is our great pleasure to report that our gold milling plant has processed an average of 33,300 tonnes per day during the 30-day period ending June 17, 2011. Our operating team has been successful in ramping up production rapidly and we are seeing steady progress on a daily basis in all facets of our operations. The rapid development of the Canadian Malartic Project from exploration to commercial production is a tribute to the hard work, dedication and expertise of our employees and contractors. With great pride we present Canada's newest and largest commercial gold mine."

Sutter Gold Mining Inc. (TSXV:SGM) said Wednesday it will go ahead with mine and mill construction at the company's Lincoln gold project in California, according to a report by Canadian Press: The decision follows completion of an independent preliminary economic assessment that indicated "positive economics" for the project near Sutter Creek, Calif., using a base gold price of US$1,100 an ounce. The project will be financed through a $20 million prepaid gold facility from RMB Australia Holdings. Sutter has agreed to deliver a total of 53,027 ounces to RMB, at a price of approximately $950/oz.

Data out this week show the likes of Goldman Sachs and JP Morgan raking in record revenues of almost $1bn/month in commodity and other trading revenue. A recent study of mining mergers and acquisitions shows the proportion of financial firms – as opposed to other miners – taking over resource companies had increased fourfold. And perhaps the most significant indication that US banking practices honed in the property markets have arrived in minerals is news that star metals traders now command pay as high as $3 million/year.

The Financial Times reports Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks. Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public.

"Cost inflation has been experienced at all operations," continued Mr. Stothart. "The industry is experiencing higher costs for fuel, consumables and labour in all regions this year, as well as higher royalties commensurate with the higher gold prices. Even with these higher costs, and a conservative gold price assumption of $1,200 per ounce, we believe that the projected cash flow from our operations combined with our current cash position will fund our significant three-year $1.2 billion investment to expand production at our existing gold mines and further strengthen our balance sheet."

Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to announce continued positive exploration results for six new drill holes from the ongoing 70,000 metre drilling program being carried out this year on its 100%-owned Shahuindo Gold and Silver Project in northern Peru