Metallic Minerals CEO talks about Yukon project

Canadian miner High River Gold Mines Ltd said it received a 20-year mining license in Burkina Faso to explore and construct a gold mine at its Bissa gold project in West Africa. The company, which has properties located mainly in Russia and Burkina Faso in Africa, said the license could be renewed.

Widely respected economist in China, Li Yining of Peking University, has joined a chorus of advisers urging the Chinese government to increase the country’s gold reserves as a hedge against inflation of foreign currencies. “China should increase its gold reserves appropriately, and China must take every chance to buy, especially when gold prices fall,” Li told China’s Xinhua news agency.

The African Chamber of Mines said that South Africa's gold output during the first quarter of this year fell 9.3 percent to 44,682.7 kg compared with a revised 49,245.4 kg produced in the fourth quarter last year. Africa is known for its large gold mines

Northern California gold mine that has been a tourist attraction for years could go back to mining as high gold prices boost the promise of profits. Sutter Gold Mining Inc. has lined up $20 million in financing to restart operations. Image is from Wikipedia, a map of the gold regions of California.

The total gold reserves of central banks worldwide fell by 9.6 per cent between 2000 and 2008 but has subsequently increased by 2.2 per cent from 29,870 tonnes in 2008 to 30,535 tonnes at the end of 2010. This is mainly a result of rising demand for gold from central banks with surplus liquidity in some emerging markets, such as China, India, Russia and oil producing countries in the Middle East region.

Gold futures on the COMEX Division of the New York Mercantile Exchange slumped on Friday, dropping below the key mark 1,500 U.S. dollars, as safe-haven demand further weakened after Greece made progress on reducing its debt default risk. The most active gold contract for August delivery shed 20.2 U.S. dollars, or 1.3 percent, to 1482.6 dollars per ounce, the lowest settlement for the latest six weeks.

Mexican mining production rose 22% in April from the year-ago month, led by a big jump in output of copper, the National Statistics Institute, or Inegi, said Thursday. Copper production rose 77% to 32,324 metric tons.

Silver and gold prices fell further at the bullion market on moderate selling by stockists and investors amidst continuing bearishness in the global markets. Silver ready (.999 fineness) declined by Rs 125 per kg to end at Rs 51,585 from Friday's level of Rs 51,710.

The gold and silver markets are still in high risk territory vulnerable both ways. At the moment the direction of gold and silver, in the euro and the dollar is down.