Sunday, November 8, 2009

Gold touched US$1,109

Finskiy is on the BoD of Polyus Gold. It sounds like he was one of the people that started it also. Polyus is by far Russia's largest gold producer, with 1,300,000 ounces of annual production. The key slogan on Polyus' website is "we know the worth of gold". Finskiy is looking to use Century as the vehicle to create a mini Polyus (in the public markets also) - likely 500,000 to 1,000,000 annual production ounces eventually (it might be possible for 200,000 to eventually be generated from Lamaque and San Juan, which provides a good foundation) - he has the connections and access to the necessary capital to get it done. This will enable him to realize the significant investment return he is targeting.

Scola is involved with a number of companies also, including being the CEO for a TSX-V company called Ecometals. That company is currently going through the preparation/permitting process to allow them to drill a property adjacent Aurelian's major gold discovery in Ecuador (now owned by Kinross Gold). It sounds like (based on Ecometals' findings from preliminary work done on their own property) they feel like there is extremely high probability for success on their own property.

As you can see, these guys live and breath gold. They know the value of Century's 6,000,000 (43-101) ounces (and counting - with 2,600,000 u/g ounces being located within 300 metres of the surface at Lamaque), with at least $150,000,000 of infrastructure already in place (Lamaque and San Juan combined), with the capabilities to one day produce 200,000 annual ounces (Lamaque and San Juan combined), with US$1,105 gold.

Here is part of a article that got published this evening:

How the tables turned dramatically for gold

Key events on gold in 2009

11-3 - IMF sells 200 tons of gold to the Reserve Bank of India for $6.7 billion.

8-19 - The World Gold Council said that central banks bought 14 tons of gold in the second quarter of 2009 - "the first net purchase by central banks for a considerable length of time."

8-13 - South Africa gold production down 12% in June v. a year ago.

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