From: Biniam Tekle (biniamt@dehai.org)
Date: Thu Jul 08 2010 - 15:20:46 EDT
"At current metals prices, Asmara hosts approximately $8.5 billion of
in-situ gold, copper, zinc, and silver."
http://www.goldalert.com/stories/Gold-ETFs-GLD-Fall-Sunridge-Gold-Shines
Gold ETFs (GLD) Fall, Sunridge Gold Shines
July 6th, 2010 - 11:40 am | by GoldAlert
GOLD ETFs NEWS - The SPDR Gold Trust (GLD), the largest of the gold ETFs,
tumbled 1.6% to $116.62 on Tuesday amid liquidation in the gold sector. The
GLD sell-off came as the euro rallied 0.7% to 1.264 against the U.S. dollar
following Spain’s successful sale of 6 billion euros in bonds. With today’s
weakness, the GLD extended its monthly decline to 4.2%, although the gold
ETF, which holds over 42 million ounces of gold valued at roughly $51
billion, remains higher by 8.7% year-to-date.
In spite of the slide in the yellow metal, gold ETFs such as GLD have
outperformed stocks and cyclical commodities throughout 2010 amid heightened
risk aversion on Wall Street. Inflows into the GLD have surged this year, as
the gold ETF has allowed investors to gain exposure to the metal in a more
liquid manner. In addition to gold ETFs, investors have sought out emerging
gold explorers in order to gain leverage to gold. One company that made
headlines today that fits this profile is Sunridge Gold (SGC.TSXV), a
relatively unknown Canadian-based mineral exploration and development
company that has made substantial progress at its flagship Asmara project in
Eritrea, Africa.
Sunridge acquired Asmara in 2003, and has since drilled over 140,000 meters.
At current metals prices, Asmara hosts approximately $8.5 billion of in-situ
gold, copper, zinc, and silver. Sunridge Gold published news Tuesday
morning, releasing results from re-assays of drill core from four holes at
its Adi Rassi copper-gold project, located within the Asmara project’s
envelope.
Adi Rassi is located within the “Exploration Areas” and is part of a
joint-venture exploration funding agreement with Antofagasta Minerals S.A, a
multi-billion dollar mining conglomerate. Highlights from the re-assayed
drill core included the intersection of 0.97 grams per tonne (g/t) of gold
and 0.62% copper across 52.0 meters - including 8.0 meters of 2.97 g/t gold
and 0.85% copper.
Based on the recently completed detailed geological mapping and sampling by
the Antofagasta-Sunridge joint-venture, Sunridge stated that Adi Rassi is
now considered to be a potentially large and continuous zone containing
“significant“ copper and gold mineralization. Furthermore, the company noted
that the latest results indicate that “alteration associated with copper
mineralization can be seen at surface in a zone that measures about 80m wide
along a strike length of approximately 500m.”
Shares of Sunridge Gold withstood the decline in the SPDR Gold Trust (GLD),
trading higher by $0.025 to C$0.435. Other gold ETFs, such as the Sprott
Physical Gold Trust (PHYS $11.56 -0.21), also posted losses.
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