*** GENERAL MOLY NEWS ***
General Moly Announces Results of Annual Meeting (6/14/2013)
Mt. Hope construction continues despite financial issues (by Marianne Kobak McKown, Elko Daily Free Press, 5/31/2013)
General Moly Provides Finance Update (5/15/2013)
General Moly Quarterly Report (Released 5/3/2013)
A very detailed General Moly briefing for investors on the status of Mt. Hope molybdenum project:
General Moly Investor Presentation
See earlier March 22 and March 29 reports for a full chronology of the $665 million Hanlong loan suspension.
Latest Nevada Gas Prices (click this link)
My latest Kitco commentary: $1,100 Goldilocks and the Three Bears (07/09/2013)
Paintings by Mariana Titus, The Three Anas & The Three Moon Anas, are presently at Lafitte Guest House & Gallery, New Orleans
Friday's morning prices...
Below are the morning prices used for today's analysis:
COMEX Gold price = $1,278.1/oz (August contract most active)
COMEX Silver = $19.830/oz (September)
COMEX Copper = $3.1550/lb (September)
NYMEX WTI crude = $105.30 (August)
ICE Brent crude = $107.53/bbl (September)
Eureka Miner’s Gold Value Index© (GVI) = 85.60 (gold value is trading at a discount to oil and near fair value relative to copper)
Value Adjusted Gold Price© (VAGP) = $1,248.2/oz
COMEX - VAGP = $30.5/oz; gold is trading at a declining premium to key commodities.
General Moly (GMO) = $1.90 down 4.04%
Barrick Gold (ABX) = $15.01 down 1.38%
Newmont Mining (NEM) = $27.41 down 2.52%
It's good to be back. The Eureka Miner took a brief hiatus initiated by technical problems with the blogsite (unusual for Google-based products!) followed by some personal travel - thank you for your patience. There have been some wild rides for the metals while I was away, please checkout my input to the weekly Kitco News Gold Survey (below) and most recent Kitco News commentary for my latest thoughts.
Mt. Hope - A Journey in Space and Time
The Colonel is happy to announce a new multi-part series, "Mt. Hope - A Journey in Space and Time," the first installment will commence next Friday.
For those new to the Eureka Miner, Mt. Hope is one of the world's largest deposits of molybdenum 22 miles north of Eureka, Nevada, and is presently awaiting mine construction by General Moly (GMO). All the permits have been obtained and pre-construction activities are underway. A $665 million loan suspension in March has delayed full construction activities and the GMO management team is presently working very hard to find financing alternatives; a subject of this report and the Elko Daily Free Press for many weeks (please see links below today's headline photo).
While we await resolution of the financial issue, the ole Colonel thought it would be fun to circumnavigate the mine site on Eureka County back roads and highways to appreciate some of the geology of the area as well as its colorful history which includes ranches of early settlers, a portion of the Pony Express Trail, a challenging section of the old Eureka-Palisade Railroad and a mine site tour. There will be two different routes starting from Main St. Eureka with mileage markers at points of interest :
Mt. Hope Loop #1: A 65 mile day trip that departs Highway 50 at the Roberts Creek turnoff. 26 miles are on well-graded roads that take the traveler around the base of Mt. Hope to eventually join HWY 278 for a return to Eureka. This loop includes a tour of the General Moly mine site.
Mt. Hope Loop #2: A longer 110 mile day trip leaving Highway 50 at Three Bars Road with 50 miles of graded roads that pass many of the historic Damele family ranches. This route also joins HWY 278 a little further north at the Alpha turnoff. Background material for this tour was graciously provided by Eureka County Public Works Director Ron Damele and his mother, Arlene Damele.
For this time of year, 4-WD is not required but the standard precautions should be taken when traveling in the back country of Northern Nevada - lots of water, a sleeping bag and a good map are at the top of my list and don't forget some treats for your 4-legged friend.
Both loops will take you past the entrance to the Mt. Hope mine. If you are thinking of stopping there, please make arrangements beforehand with Zach Spencer, General Moly's Director of Media Relations. Like any mine site, there are both security and safety concerns at Mt. Hope, but Zach and the Mt. Hope team do everything possible to accommodate public interest in their project. You can contact Zach by e-mail:
Spot moly oxide prices have fallen far below the key $11 per pound-level. Here are the latest numbers compliments of moly benchmark miner Thompson Creek (TC):
Metals Week Weekly Average: US$10.074 as of July 8, 2013 (updated weekly)
Ryan's Notes Average: US$9.98 as of July 9, 2013 (updated twice weekly)
The London Metal Exchange (LME) futures contracts are just above spot prices this week. Remember that this is a thinly traded futures market and contract prices reflect developments in Europe probably more than the global spot price averages above.
3-month seller's contract $22,000 per metric ton ($9.98 per pound)
15-month seller's contract $25,200 per metric ton ($10.31 per pound)
The Colonel's Gold, Silver & Copper Prices for Next Week
Here is my weekly input to the weekly Kitco Gold Survey:
Photos by Mariana Titus
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Paintings by Mariana Titus, The Three Anas, are presently at Lafitte Guest House & Gallery, New Orleans
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