http://www.gold.org/news/ World Gold Council, the information resource for gold, investment, jewellery, science and technology, historical and culture en info@gold.org Copyright 2008 http://www.gold.org/news/2008/05/14/story/9306/gold_dealers_hunt_for_sunken_treasure http://www.gold.org/news/2008/05/14/story/9306/gold_dealers_hunt_for_sunken_treasure
Led by four Louisiana residents who obtained rights to the wreckage after stumbling upon it by chance, the salvage has already produced a trove of rare US gold coins minted in the mid 1800s.

Produced by the Dahlonega and Charlotte mints, the quarter eagle and half eagle coins have attracted particular interest from gold dealers.

"Some of these are in uncirculated or mint condition," David Bowers, co-chairman of New York-based Stack's Rare Coins, told the Associated Press.

Meanwhile, Craig DeRouen, who has shared legal rights to the wreckage, said that they had found a variety of both silver and gold coins onboard.

The group funded the salvage after making repeated small scale dives to the wreck to retrieve some of the coins by hand.

According to the Shipping Times, the sunken SS New York was a single screw steam ship capable of speeds of ten knots that was built in 1858.]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9307/gold_resource_appoints_manager_for_mexico_project http://www.gold.org/news/2008/05/14/story/9307/gold_resource_appoints_manager_for_mexico_project
Reynaldo Jimenez Salazar will take up the post, bringing with him over 23 years of experience in the mining industry, CNNMoney.com reports.

He has previously worked as a superintendent of engineering, planning and construction, as well as mining manager for both open pit and underground mining operations, and has worked for one of Mexico's biggest mining firms, Industrias Penoles.

Commenting on the appointment, Gold Resource president William Reid said Mr Salazar's experience in the country's mining sector was "well suited" to helping the company's development in Mexico.

"The mining industry's workforce is a competitive environment and we are pleased to have such an experienced professional join Gold Resource," he added.

El Aguila, which is located around 120 kilometres south-east of Oaxaca's state capital, is Gold Resource's flagship operation in Mexico. It is scheduled to go into production in mid-2008.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9308/drilling_returns_record_gold_intercept http://www.gold.org/news/2008/05/14/story/9308/drilling_returns_record_gold_intercept
The company developing the site, Gold Resource, said the record intersection is graded at 142.5 g/t gold across 1.3 metres.

Company president William Reid said the discovery was the result of "focused exploration" carried out by the firm on the high-grade La Arista and Baja vein structures.

Other results from the veins include gold grades of 42.1 g/t gold over 4.6 metres, 7.5 g/t gold over 3.1 metres and 14.1 g/t gold over 0.6 metres.

Both La Arista and Baja, which are located 30 metres apart, have now been mapped at surface level over a strike length of around 600 metres. Drilling has been conducted on around 250 metres of this distance and each vein remains open laterally and at depth.

Gold Resource is an exploration and development firm with four properties under development in Mexico - El Aguila, Las Margaritas, El Rey and Sologa.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9309/edible_gold_and_chocolate_extravaganza_at_shangri_la http://www.gold.org/news/2008/05/14/story/9309/edible_gold_and_chocolate_extravaganza_at_shangri_la
The sweet, known as "chocolate extravaganza" is part of the menu at the hotel's Bord Eau restaurant, which specialises in French and Basque cuisine.

A reviewer described the pudding, which also comes with chocolate ice cream, as melting into a "gooey moat of molten gorgeousness" under the hot sauce and the balmy United Arab Emirates sun.

The restaurant is also praised as "one of the best al fresco dining locations" in the Gulf state for its terrace, which provides "grand vistas" over the sea to the mainland and the "towering minarets" of the Sheikh Zayed bin Sultan Al Nahyan Mosque.

Other dishes at the restaurant include recipes inspired by the late "chef of chefs" Auguste Escoffier, who is widely credited with popularising both French cuisine and its traditional cooking methods.

Abu Dhabi is the capital and second largest city of the United Arab Emirates. Around 80 per cent of its population of one million people are expatriates.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9310/nayarit_gold_expands_orion_mining_concessions http://www.gold.org/news/2008/05/14/story/9310/nayarit_gold_expands_orion_mining_concessions
The new sites, which are located in the northern portion of the district, increase the company's total holdings in the area to 1,100 square kilometres.

Nayarit added that the concessions cover several "highly prospective drill targets" around the newly-discovered Animas zone, an area it says has the potential to become a "world class" mineral deposit.

At least 19 known gold and silver zones are included in the company's expanded land parcel, ten of which have formerly been producing mines.

Historical results from the area include gold grades of 9.04 g/t gold over 10.59 metres, 57.92 g/t gold over 1.29 metres and 19.40 g/t gold over 1.15 metres.

The Orion project is located around 109 kilometres north-west of the city of Tepic in the state of Nayarit, eastern Mexico.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9311/china_sees_gold_jewellery_sales_rise http://www.gold.org/news/2008/05/14/story/9311/china_sees_gold_jewellery_sales_rise
Newspaper the Economic Times says figures from the country's National Bureau of Statistics show that jewellery also helped to drive a 22 per cent rise in retail sales to 814.2 billion yuan (£59.85 billion) over the 12 months to April 2008.

In urban areas, sales of consumer goods such as gold jewellery and watches was up 22.9 per cent to top 555.9 billion yuan, while rural areas saw sales growth of 20.1 per cent to 258.3 billion yuan.

The growth in sales is being fuelled by China's economic boom, which has seen the creation of a new and more affluent middle class with the money to purchase gold jewellery as a fashion accessory as well as a long-term investment, Agence France-Presse recently reported.

It says per capita income in China's major cities rose 17.2 per cent last year to 13,786 yuan, brining gold jewellery into the price range of a much wider market.

According to figures from consultancy GFMS, China recently overtook South Africa as the world's biggest gold producer.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9312/first_gold_pour_at_frogs_leg_mine http://www.gold.org/news/2008/05/14/story/9312/first_gold_pour_at_frogs_leg_mine
La Mancha Resources said the start of production comes two months ahead of schedule.

The company decided to move Frog's Leg into production in August 2007 and has been developing the site since.

According to the company's forecasts, the mine will produce an average of around 83,000 ounces of gold a year from underground operations for a period of seven years.

Its reserves currently stand at 3.65 million tonnes with an average grade of 5.29 g/t gold, although this does not include additional mineralisation logged in March 2008, which added 267,000 ounces of gold to its measured and indicated resources, and a further 990,000 ounces of gold to indicated resources.

Frog's Leg is located around 25 kilometres west of Kalgoorlie in Western Australia. It forms the southern portion of the six million-ounce Kundana gold field.

La Mancha's other projects include the White Foil property in Australia, the Hassai gold mine in Sudan and the Ity gold mine in the Ivory Coast.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9313/roman_gold_returns_home_for_exhibition http://www.gold.org/news/2008/05/14/story/9313/roman_gold_returns_home_for_exhibition
Newspaper the Thetford and Brandon Times says the 44 pieces of jewellery and 33 spoons dating from the Roman occupation of Britain are on show as part of the Thetford Treasure, Romans Rediscovered exhibition being held at the Ancient House Museum of Thetford Life.

The artefacts were discovered in 1979 by a local metal detector enthusiast before being "whisked away" to the British Museum in London, where they have been on display ever since.

However, a loan from the institution has brought part of the Thetford Treasure back to the place where it lay undetected in the soil for over 1,500 years.

Among the articles on display are a gold belt buckle depicting a mythical creature known as a satyr, a number of blacksmith's tools and a figurine of Mercury, the messenger of the gods.

British Museum curator Richard Hobbs described the treasures as being of "national and international importance".

Thetford is a market town in Norfolk, eastern England. It is historically thought of as the royal residence of legendary warrior queen Boudica, who led a rebellion against the occupying Roman Empire in the first century AD.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/14/story/9314/eritrea_to_start_gold_mining_by_2009 http://www.gold.org/news/2008/05/14/story/9314/eritrea_to_start_gold_mining_by_2009
News agency Reuters states the country's president, Isaias Afwerki, made the forecast, adding that the country has "huge" potential resources for development.

Mr Afwerki added that his government would work with foreign mining firms from countries such as Canada, Australia and China to ensure local people benefit from the arrival and growth of the mining industry.

"We need to be careful on how we use this resource for a sustainable course and development in this country. That resource is the property of the people," he said.

The agency adds that the Bisha gold project, operated by Canadian developer Nevsun Resources, is likely to lead off Eritrea's gold production.

The property is expected to produce approximately one million ounces of gold and other metals over a ten-year period, it added.

Eritrea is located in the Horn of Africa in the continent's north-east. It is recovering from a 31-year civil war that ended in 1991. The country shares its borders with Ethiopia, Sudan and Djibouti.
]]> Wed, 14 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9295/gold_jewellery_at_new_tiffany_store_in_seoul http://www.gold.org/news/2008/05/13/story/9295/gold_jewellery_at_new_tiffany_store_in_seoul
JCK India observes that the 1,700-square-foot store's highlights include gold-set diamonds, as well as items by Elsa Peretti, Paloma Picasso, Jean Schlumberger and Frank Gehry.

As the latest boutique to be opened by the iconic store, perennially associated with the Audrey Hepburn film based on Truman Capote's classic novel, Breakfast At Tiffany's, the Seoul location offers a variety of items in gold and other precious metals.

Engagement rings and other gifts can be perused at the store, which has been opened after other branches in Jeju City and Busan.

In related news, Tiffany & Co recently released a designer jewellery collection designed by Gehry.

Entitled Orchid, the range is available in 18-carat yellow and white gold and aimed at the woman with a "unique sensibility", the company revealed.]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9296/researchers_make_nanostructured_gold_surfaces_that_absorb_light_from_any_direction http://www.gold.org/news/2008/05/13/story/9296/researchers_make_nanostructured_gold_surfaces_that_absorb_light_from_any_direction
Materials Today reports that scientists in France, Spain and the UK have created nanostructured metal surfaces that absorb light from any direction.

Such surfaces have a number of applications, including preventing crosstalk in optical interconnects and in thermal light emitters, the publication observes.

The researchers fabricated nanoporous surfaces, electrodepositing Au over a monolayer of latex spheres on an Au substrate.

A smooth cone is formed as the gold develops around these latex spheres, leaving buried spherical voids when the latex is removed.

This void effectively traps light until it has been absorbed, the report explains.

"The familiar metallic look of Au becomes as black as it gets, whichever way we observe it from," says F Javier Garcia de Abajo, from the Instituto de Optica – CSIC, in Spain.

In related news, researchers at Brown University recently embedded gold nanoparticles into tissue culture in order to create a new dye-free optical probe.]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9297/brits_have_love_affair_with_gold_jewellery http://www.gold.org/news/2008/05/13/story/9297/brits_have_love_affair_with_gold_jewellery
A study from Halifax suggests that there is about £52 billion worth of jewellery in the UK's homes.

Some £8.6 billion in gold is worn each day across the British Isles, the study found.

"Our research shows that between us we Brits own a staggering amount of jewellery and enjoy making a statement by wearing valuable items when out and about," commented Martin Foulds, senior claims manager with the company.

The most jewellery-loving area of the UK was said to be Northampton, with £469 worth of bracelets, rings, necklaces and other adornments worn each day by residents.

In Glasgow, locals tend to wear jewellery worth £468 each day, with the average value of the items sported in Wrexham reaching £460.

Meanwhile, a new report in Indiatimes advises ankle bracelets as a versatile item of jewellery that can be worn on a variety of occasions.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9298/new_gold_drilled_in_mexico http://www.gold.org/news/2008/05/13/story/9298/new_gold_drilled_in_mexico
Canadian firm Geologix Explorations reported that drilling had returned gold grades of 0.46 g/t gold over 294.30 metres, 0.62 g/t gold over 178.30 metres and 0.25 g/t over 350.40 metres.

There were additional intercepts of 0.23 g/t gold over 151 metres, 0.31 g/t gold over 144 metres and 0.29 g/t gold over 25.30 metres.

Geologix Explorations president and chief executive Dunham Craig said he was "extremely pleased" with there results of the latest phase of drilling and that the company would use the results to compile a new preliminary resource estimate for the site later in 2008.

"Considering our company began receiving new drill results only one year ago, we are impressed with how the mineralization is rapidly expanding and showing very good continuity," he commented.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9299/midlands_minerals_issues_gold_report_from_ghana http://www.gold.org/news/2008/05/13/story/9299/midlands_minerals_issues_gold_report_from_ghana
The area, which was formerly an open pit gold mining operation, is located on the prolific Ashanti gold belt around 30 kilometres north-west of the 8.7-million ounce Akyem gold deposit.

Work on the independent resource estimate was carried out by Geostat Systems International following 7,000 metres of test drilling by Midlands.

Indicated gold resources for the site are now put at 2.56 million tonnes with an average grade of 2.33 g/t gold for a total of 192,400 ounces of gold.

Meanwhile inferred resources are estimated to be 2.69 million tonnes graded at 2.35 g/t gold for a total of 203,350 ounces of gold.

Midlands Minerals' president and chief executive Kim Harris said: "Midlands is focused on the Sian gold project in Ghana where the resource has increased significantly in the past few months."

He added that the company is planning an "aggressive exploration programme" for the site in the remainder of 2008 and 2009.

The Sian gold property is located around 150 kilometres north-west of Ghana's capital Accra.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9300/gold_drilling_starts_in_alaska http://www.gold.org/news/2008/05/13/story/9300/gold_drilling_starts_in_alaska
The campaign will involve the drilling of between 150 and 175 holes within a "core target area" of 1.5 square kilometres.

Work will concentrate on the high-grade Lillian zone, with ITH hoping to double its existing inferred gold resource of around two million ounces.

Previous drilling in this area has returned high-grade intercepts including assays of 9.95 g/t gold over 8.8 metres, 9.64 g/t hold over 8.5 metres and 7.33 g/t gold over 3.5 metres.

Work is expected to be carried out by shift teams, with one of the two drill rigs in operation 24 hours a day, seven days a week. The campaign is expected to last until December 2008.

ITH president and chief executive Jeffrey Pontius said: "We are very excited to move the Livengood deposit to this next stage of development as this type of opportunity to define a major new gold deposit in such a logistically and politically favourable location is very rare."

The Livengood gold project is situated on Alaska's Tintina gold belt and its main target area lies in the centre of the Livengood placer district, which has produced over 500,000 ounces of gold since 1914.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9301/golden_predator_intercepts_gold_in_nevada http://www.gold.org/news/2008/05/13/story/9301/golden_predator_intercepts_gold_in_nevada
Drilling was concentrated on a 1,500-feet by 300-feet area where previous exploration firms had completed approximately 12,000 feet of test drilling.

Golden Predator completed an additional five holes for the programme to a total overall depth of 5,140 feet.

Significant gold assays returned from the series of five-feet intersections include values of 5.09 gold parts per million (ppm) from 155 feet to 160 feet, 5.95 gold ppm from 450 feet to 455 feet and 4.59 gold ppm from 780 feet to 785 feet.

There were also returns of 3.29 gold ppm from 150 feet to 155 feet, 3.91 gold ppm from 795 feet to 800 feet and 4.47 gold ppm from 605 feet to 610 feet.

In addition to the Modoc property, Golden Predator Mines also operates projects in California, Oregon, Montana, Wyoming, North Carolina and the Canadian province of Ontario.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9302/rx_confirms_gold_strike_in_montana http://www.gold.org/news/2008/05/13/story/9302/rx_confirms_gold_strike_in_montana
In its report, RX Exploration said the veins were struck at the mine's 400-foot level. Due to a "number of reasons", it added, large parts of the Drumlummon mine remain unexplored.

Highlights of the intercepts recorded during the latest round of drilling include gold values of 31.1 g/t gold over a true width of 1.52 metres, 34.01 g/t gold over 0.60 metres and 23.53 g/t gold over 0.91 metres.

Additional intersections were graded at 16.15 g/t gold over a true width of 1.21 metres, 13.04 g/t gold over 1.21 metres and 13.04 g/t gold over 0.60 metres.

RX said it plans to start drilling the vein system from the surface as soon as new drill rig arrives on site.

Despite the lack of recent exploration, the Drumlummon mine was formerly one of the biggest gold and silver producers in the western United States. It is located around 25 miles from Montana's state capital Helena.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9303/treasure_hunters_strike_gold_off_florida http://www.gold.org/news/2008/05/13/story/9303/treasure_hunters_strike_gold_off_florida
According to tcpalm.com, the finds were recovered by from a sunken ship at the site of a sunken 1715 fleet known as the Corrigans by Captain Greg Bounds of the ship MV Gold Hound and a subcontractor from Mel Fisher's Treasure Museum in Key West.

Nichole Abt, the museum's office manager and granddaughter of its late founder told the site it was a "good sign" to find gold so early in the summer treasure hunting season when waters off the coast off Florida's Indian River County are clear and calm.

"There are only 100 workable days at sea and the season has just started," she added.

Ms Abt noted that the pieces recovered from the Corrigans will be preserved and displayed at the museum for the remainder of the summer.

Around 11 Spanish ships are thought to have sunk in the Corrigans region during a hurricane in July 1715.

Mel Fisher, a former US Army engineer and self-styled "world's greatest treasure hunter", dedicated 16 years of his life to searching for the treasure of the lost Spanish galleon Atocha before finally hitting his own mother lode in 1985.

Mr Fisher recovered over 40 tonnes of treasure from the Atocha, which was valued at the time at $450 million (£231.13 million).
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9304/hip_hop_royalty_splash_out_on_white_gold_champagne http://www.gold.org/news/2008/05/13/story/9304/hip_hop_royalty_splash_out_on_white_gold_champagne
ITN.co.uk reports that the vintage champagne, which comes in a bottle sleeved in the precious metal, contributed to an "eye-watering" bar bill of £110,000 after the artists held court for their friends at "plush Kensington nightclub Amika".

Each bottle of the special edition white gold Dom Perignon costs £16,000, the site adds.

According to sybarites.org, a jeroboam takes its name from a biblical king and each bottle holds the same amount of champagne as four regular 75 centilitre bottles.

The news provider adds the party, which lasted until 4am, was thrown by singer and actress Rowland to unwind after a weekend of house-hunting in the capital's fashionable borough of Chelsea.

She is best known as a member, along with Beyonce Knowles and Michelle Williams, of all-conquering pop and soul girl group Destiny's Child, who according to the World Music Awards are the best-selling all-female group of all time.
]]> Tue, 13 May 2008 00:00:00 +0100 http://www.gold.org/news/2008/05/13/story/9305/gold_jewellery_factory_planned_for_south_africa http://www.gold.org/news/2008/05/13/story/9305/gold_jewellery_factory_planned_for_south_africa
State news service BuaNews stated that around 100 million South African rand (£6.74 million) will be invested in developing the site by the country's Industrial Development Corporation.

Partners involved in the scheme include the Northern Cape provincial government, black economic empowerment firm Solandra and Italian company Q-Quality, which will help with training, skills and access to markets.

Around 300 people will be employed at the manufacturing plant by 2012, the service said, with around three tonnes of gold scheduled to be processed there once it reaches full capacity.

In a statement to the news agency, the Northern Cape premier's office said production would focus on chain jewellery for the export market, "specifically the United States".

Abel Malinga of IDC's mining strategic business unit commented: "This is a key opportunity for facilitating empowerment in the jewellery manufacturing sector, while continuing regional development among the poorest communities in this country."

According to figures from GFMS, South Africa is now the world's second-largest gold producer behind China.
]]> Tue, 13 May 2008 00:00:00 +0100