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Gold/Mining/Energy : byg -- Ignore unavailable to you. Want to Upgrade?

To: Gramps who wrote (598)	11/13/1997 4:48:00 AM
From: gemini	Read Replies (1) \| Respond to of 769

To All wondering what's going on with the Gold Market, hope this sheds some light on what maybe going on! NEW YORK, Nov. 12 /PRNewswire/ -- The following is being issued by Gold Newsletter: Noted international gold market analyst Frank Veneroso said today that Bundesbank disclosure of massive gold loans ''confirms our view that the global gold market deficit is 700 tonnes larger than consensus estimates and that the aggregate short position in the gold market is too large to be covered... This is the beginning of a reappraisal of the gold market that will slowly unfold...'' Veneroso said that the very large amount of current gold forward sales, short sales and central bank gold loans is forcing a day of reckoning in which the demand for gold to cover all of these positions will overwhelm current supplies, greatly disrupt orderly markets and send gold's price soaring. This analysis springs from Veneroso's ongoing study of actual central bank gold loans which, he has concluded, are materially higher than official estimates. Veneroso's research shows that official and private gold loans total 8,000 tonnes, far more than the 3,000 tonnes that most analysts project. To put this in perspective, annual global production of gold is approximately 2,400 tonnes. This research has been developed and reported over the months in Gold Watch, a fax advisory service published by Veneroso, and in Gold Newsletter, an investment newsletter published by James U. Blanchard III, based in Jefferson, Louisiana. Germany's central bank, long recognized as one of the strongest supporters of gold in the central banking community, has just disclosed to a German newspaper that it has loaned on the order of 10 percent of its gold reserves to the market. This admission, long suspected by Veneroso but not proven until now, supports his findings of huge central bank gold loans overhanging the market. Regarding the recent crash of the gold price, Veneroso attributes ''mad dog selling'' by European central banks which are anticipating new gold sales rules and prohibitions to be established by the emerging European Central Bank in April 1998. European central banks are taking their last opportunity to dress up their books for admission to the European Monetary Union by selling gold. The balance of Veneroso's research and findings will appear in a comprehensive new annual study of the gold market, The Gold Book, to be published by Gold Newsletter and Veneroso Associates in January 1998. SOURCE: Gold Newsletter Related News Categories: banking Help Any comments? gemini (still long byg)

To: Gramps who wrote (598)	11/13/1997 8:07:00 PM
From: JUNIORSPECULATOR	Read Replies (1) \| Respond to of 769

Hello Gramps: Thought this might be of interest........Good Dayyyyyyy Ronald::>From byginc@gold.sentex.ca Thu Nov 13 18:45:10 1997 Date: Fri, 14 Nov 1997 07:46:43 -0500 (EST) From: "BYG Natural Resources Inc." <byginc@gold.sentex.ca> Subject: Increased Reserves for BYG Subsidaiary Trumpeter Yukon Gold Inc. To: undisclosed-recipients:;@baynet.net TRUMPETER YUKON GOLD AND OMNI RESOURCES ANNOUNCE MAJOR INCREASE IN RESERVES; WHEATON RIVER AREA PROPERTIES' GOLD EQUIVALENT INVENTORY APPROACHES 1 MILLION OUNCES FOR IMMEDIATE RELEASE Whitehorse, Yukon Territory, Nov. 14, 1997: Trumpeter Yukon Gold Inc. (ASE:TYG) released today mineable reserves, drill indicated resources, and inferred resources totaling 3,508,207 tons grading 0.28 ounces per ton gold equivalent on the properties held by its 50/50 joint venture with Omni Resources Inc. and its 100% owned Arctic Mine. Independent engineers calculated the new mineable reserves and all assaying was carried out at a nationally recognized lab. These reserves, combined with B.Y.G. Natural Resources Inc.'s refractory gold reserves at their Mt. Nansen site, are more than sufficient to justify the area concentrator and pressure oxidation plant proposed by BYG. BYG is Trumpeter's parent and major shareholder, holding 42% of Trumpeter's shares. Summary of Reserves Mine or Zone Tonnage Gold Silver Gold Equivalent* Short Tons oz/ton oz/ton oz/ton Skukum Creek Mine Rainbow Zone 1,052,644 0.18 5.64 0.27 Kuhn Zone 163,659 0.26 4.89 0.33 Skukum Creek Mine * 495,000 0.20 5.50 0.28 Other Mines Lake Zone 120,101 0.43 0.00 0.43 Lake Zone * 48,018 0.23 0.10 0.23 Goddell 907,053 0.21 0.00 0.21 Goddell* 440,000 0.23 0.00 0.23 Arctic Mine 82,150 0.41 10.12 0.57 Arctic Mine * 199,581 0.39 9.60 0.54 -------------------------------------------------- GRAND TOTALS** 3,508,203 0.23 3.48 0.28 -------------------------------------------------- Total Mineable 1,298,451 0.21 5.83 0.30 Total Indicated 1,027,155 0.23 0.00 0.23 Total Inffered 1,182,591 0.24 3.93 0.30 -------------------------------------------------- Notes: excludes inferred resources from Tawa and Aurchem Properties * Inferred Resource ** Indicated Resource * Equivalent Au grade=grade Au + Grade Ag/65 A custom area processing facility is expected to be located on the outskirts of Whitehorse where BYG has identified and made application to acquire a site. The Wheaton River and Arctic ores would be trucked 46 miles to this facility. Planned production from Trumpeter's properties exceeds 100,000 ounces gold equivalent per year and Trumpeter's direct and indirect interest would exceed 60,000 ounces per year. Initial mine life is six years and inferred resources should add a further three years of operations from the areas to be accessed by new mine development. Operating costs are expected to be less than US $200 per ounce. BYG targets completing this facility by late 1999. The main reserves are located at the 50/50 joint venture properties that Trumpeter holds with Omni Resources Inc. in the Wheaton River area 50 miles south of Whitehorse. These reserves are accessed by either current underground development or that which will be completed in preparation for production. The deposits remain open in both directions on strike and to depth, with major potential indicated. Trumpeter also holds 6,000,000 shares of Omni (27.8%) which it has acquired for $7.5 million over the past two years and upon completion of this transaction, exercised its right to purchase for ten dollars a full 50% interest in Omni's Wheaton River mines, mill and properties. Trumpeter has direct and indirect interest in the Wheaton River properties of 64%. In addition, it owns 100% of the nearby Arctic Mine, and 50 % J.V interests (with its parent BYG Natural Resources Inc.) in the Tawa property and Aurchem option, which properties adjoin and are on strike with BYG's mines and deposits at Mt. Nansen. -30- FOR MORE INFORMATION CONTACT: J. Malcolm Slack, President, Trumpeter Yukon Gold Inc. (519) 942-3181 Jon Bergvinson, President, Omni Resources Ltd. (604) 688-6477 Whitehorse Office, BYG Natural Resources Inc. (867) 668-8060 Email: feedback@byg.ca WWW: byg.ca .