Sidon Receives Approval for High-Grade Gold Prospect in Tanzania

July 15, 2010 By Leave a Comment

VANCOUVER, BRITISH COLUMBIA, Jul 14 (MARKET WIRE) —
Sidon International Resources Corp. (TSX VENTURE: SD)(FRANKFURT:
SY7)(PINK SHEETS: SIDNF) has received final approval from the TSX Venture
Exchange in regards to its high-grade gold prospect, the “Morogoro East
Gold (MEG)” property in the Morogoro area of Tanzania.

Company president Kamal Alawas states: “This is great news for the future
growth of Sidon. Rarely does a company of our small market capitalization
be afforded an opportunity to be able to acquire a property of such
potential in what can only be described as one of the world’s last
potential world-class undeveloped gold districts. In the 1990s Tanzania
only had approximately one million ounces of known gold reserves, now it
has over 50 million ounces of reserves, placing it in third place in the
African gold-producing countries behind only South Africa and Ghana.
Considering it has at least five world-class gold deposits, Tanzania has
yet to be subjected to serious and prolonged exploration by modern
methods. Few junior resource companies have had the ability to become
involved in this expanding gold district and management is excited about
what the future development of this prospect will provide for the growth
of Sidon. Seeing how the market embraced Canaco Resources Inc. after
their recent discoveries in Tanzania, it is clear that there is growing
market awareness for this emerging gold district in Africa. Couple this
with the anticipated work program to start immediately, it is clear that
Sidon is entering a significant period of corporate growth right now.”

If you would like to be added to Sidon’s news distribution list, please
send your email address to info@sdmines.com.

ON BEHALF OF THE BOARD

Kamal Alawas, President

We seek safe harbour.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture Exchange
Inc.) accepts responsibility for the adequacy or accuracy of this press
release.

Contacts:
Sidon International Resources Corporation
Kamal Alawas
President
(425) 493-4653
(425) 258-3366 (FAX)
info@sdmines.com
www.sdmines.com

Copyright 2010, Market Wire, All rights reserved.

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APPOINTMENT OF NOMINATED ADVISOR AND JOINT BROKERS

June 11, 2010 By Leave a Comment

For Immediate Release
10 June 2010

European Goldfields Limited

APPOINTMENT OF NOMINATED ADVISOR AND JOINT BROKERS

10 June 2010 – European Goldfields Limited (TSX / AIM: EGU) (“European
Goldfields” or the “Company”) is pleased to announce the appointment of
Liberum Capital Limited as Nominated Adviser and Joint Broker and
Evolution Securities Limited as Joint Broker to the Company. These
appointments take place with immediate effect.

Commenting on the appointment, Martyn Konig, Executive Chairman and
President of European Goldfields, said: “We see the appointment of
Liberum Capital and Evolution Securities as key to developing our
London investor base and enhancing London liquidity to complement the
strong trading activity in the Company’s shares on the Toronto Stock
Exchange.This decision follows a review by European Goldfields of its
advisors as it readies itself for development of its key projects in
Romania and Greece.”

About European Goldfields

European Goldfields is a developer-producer with globally significant
gold reserves located within the European Union. The Company generates
cash flow from its 95% owned Stratoni operation, a high grade lead/zinc
/silver mine in North-Eastern Greece and the sale of gold concentrates
from Olympias. European Goldfields will evolve into a mid tier producer
through responsible development of its project pipeline of gold and
base metal deposits at Skouries and Olympias in Greece and Certej in
Romania. The Company plans future growth through development of its
highly prospective exploration portfolio in Greece, Romania and Turkey.

For further information please see the Company’s website at
www.egoldfields.com

For further information please contact:

European Goldfields:
Liberum
Capital Limited

Sally Schofield, VP Investor
Relations Simon Atkinson

e-mail: info@egoldfields.com
Michael Rawlinson

Tel: +44 (0)20 7408 9534
Tel: +44 (0)20
3100 2000

Buchanan Communications:
Evolution Securities Limited

Bobby Morse / Katharine
Sutton Rob Collins

e-mail: bobbym@buchanan.uk.com Tim
Redfern

Tel: +44 (0)20 7466 5000
Tel: +44 (0)20 7071 4300

Forward-looking statements

Certain statements and information contained in this document,
including any information as to the Company’s future financial or
operating performance and other statements that express management’s
expectations or estimates of future performance, constitute
forward-looking information under provisions of Canadian provincial
securities laws. When used in this document, the words
“anticipate”,”expect”, “will”, “intend”, “estimate”, “forecast”, “planned”
and
similar expressions are intended to identify forward-looking statements
or information. Forward-looking statements include, but are not limited
to, the estimation of mineral reserves and resources, the timing and
amount of estimated future production, costs and timing of development
of new deposits, permitting time lines and expectations regarding metal
recovery rates. Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic
and competitive uncertainties and contingencies.

The Company cautions the reader that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual financial results, performance or achievements of
the Company to be materially different from its estimated future
results, performance or achievements expressed or implied by those
forward-looking statements and the forward-looking statements are not
guarantees of future performance. These risks, uncertainties and other
factors include, but are not limited to: changes in the price of gold,
base metals or certain other commodities (such as fuel and electricity)
and currencies; uncertainty of mineral reserves, resources, grades and
recovery estimates; uncertainty of future production, capital
expenditures and other costs; currency fluctuations; financing and
additional capital requirements; the successful and timely permitting
of the Company’s Skouries, Olympias and Certej projects; legislative,
political, social or economic developments in the jurisdictions in
which the Company carries on business; operating or technical
difficulties in connection with mining or development activities; the
speculative nature of gold and base metals exploration and development,
including the risks of diminishing quantities or grades of reserves;
the risks normally involved in the exploration, development and mining
business; and risks associated with internal control over financial
reporting. For a more detailed discussion of such risks and material
factors or assumptions underlying these forward-looking statements, see
the Company’s Annual Information Form for the year ended 31 December
2009, filed on SEDAR at www.sedar.com. The Company does not intend, and
does not assume any obligation, to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by law.

This information is provided by RNS
The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
rns@londonstockexchange.com

http://www.rns.com

Copyright 2010, Market Wire, All rights reserved.

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Factbox: Russia’s ties with Venezuela: arms, energy, politics

April 3, 2010 By Leave a Comment

(Reuters) – Russian Prime Minister Vladimir Putin arrived in Caracas on Friday to bolster energy and defense ties with Venezuelan President Hugo Chavez and launch a $20 billion joint venture to tap the Orinoco heavy oil belt.

World | Russia

Following are facts about relations between Venezuela and Russia:

* ENERGY AND MINERALS

Russia is the world’s second-biggest oil exporter and biggest gas producer. OPEC member Venezuela boasts Latin America’s largest oil reserves and 7.9 percent of the world’s total proven reserves, according to the BP Statistical Review of world energy.

Venezuela’s state-run PDVSA and a Russian consortium that includes state giant Rosneft and private major Lukoil agreed in February to set up a venture to tap the Junin 6 field in Venezuela’s vast Orinoco heavy crude belt.

On Wednesday, Caracas said the project would begin producing 50,000 barrels a day by the end of this year and that the Russian companies would pay Venezuela a first tranche of $600 million on Friday — out of an agreed total of $1 billion — for the right to take part.

Reserves in the Junin 6 block are estimated at 53 billion barrels, potentially making it the biggest Russian oil exploration project overseas, although Orinoco crude is extra heavy and must be processed before it can be refined.

Other Russian companies involved in the block are Gazprom, TNK-BP and Surgutneftegaz.

Gazprombank, part of the Gazprom business empire, said in July it would finance the development of minerals and other raw materials in Venezuela with a $4 billion loan.

Also last year, Venezuela and Russian-Canadian miner Ruso unveiled the development of large gold reserves valued at up to $30 billion at the Las Cristinas and Brisas mines.

Chavez’s government says it wants to grow the mining sector into the country’s second-biggest source of income after oil.

During a regional tour that included a visit to Moscow in September, Chavez urged Turkmenistan, which has the world’s fourth-largest gas reserves, to help create a global gas exporters’ group opposed by Western consumers.

* WEAPONS

During his Moscow visit in September, Chavez recognized the independence of two pro-Russian rebel territories in Georgia — a move the Kremlin has failed to persuade its allies to make. Hours later, President Dmitry Medvedev said Russia would supply Venezuela with all the arms it asked for.

Chavez wants to beef up the Venezuelan military with Russian missiles, tanks and even diesel submarines. Colombia, a U.S. ally, is particularly concerned after rising tensions between the two Andean neighbors.

Russian sources say weapons deals worth some $5 billion have been signed in the last three years, including for 100 T-72 and T-90 tanks, 24 Sukhoi fighter jets, dozens of helicopters and S-300 advanced anti-aircraft missile systems.

Chavez says he wants to resist what he calls U.S. imperialism in Latin America. Washington has expressed concern about Venezuela’s weapons purchases, saying they have the potential to trigger a regional arms race.

* MILITARY COOPERATION

In September 2008, Russia sent two long-range Tu-160 nuclear-capable bombers to Venezuela on what it said was a training mission. Also in 2008, Moscow sent the nuclear-powered battle cruiser Peter the Great, a destroyer and other vessels to the Caribbean for joint exercises with the Venezuelan navy.

In March 2009, Chavez said he told Medvedev he would let Russian planes use an airfield on one of his nation’s islands, La Orchila, during their long-range flights.

* TRADE

Trade between Russia and Venezuela totaled $957.8 million in 2008, down 15 percent from a record $1.13 billion the year before, according to Russia’s Economy Ministry.

Russian exports to Venezuela — mostly aircraft — made up the vast majority of trade in 2008 at $957.4 million. Venezuelan exports to Russia that year amounted to just $400,000.

Sources: Russian Economy Ministry, BP Statistical Review, Reuters

(Writing by Guy Faulconbridge and Daniel Wallis; Editing by Anthony Boadle and John O’Callaghan)

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China fifth largest holder of gold in the world

April 25, 2009 By Leave a Comment

New Delhi, Apr 25 (ANI): China earned 82.5 billion dollars from nearly two trillion dollars in foreign exchange reserves last year, and is now the fifth largest holder of gold in the world.

The United States owns the largest gold deposits followed by Germany, France and Italy.

Hu Xiaolian, head of the State Administration of Foreign Exchange (SAFE), said on Friday that the 82.5 billion dollars return was an increase of 8 percent on the year before, and dismissed foreign media reports that China had lost “tens of billions of dollars” on the value of its reserves during the economic crisis.

“Not only has China managed to keep its foreign exchange reserves secure and in liquid investments, but it has also made a profit,” she said.

The China Daily quoted Hu as saying that China had boosted its gold reserves by 76 percent since 2003, making it the fifth largest holder of gold.

Beijing now has 1,054 tons of gold in its reserves; 454 tons more than it did in 2003.

Discussing the economic data, Hu said “a considerable proportion” of China’s earnings on its reserves were from diversified investment activities, but she gave no further details.

Hu said that SAFE managed the nation’s reserves well last year when many overseas investment funds were incurring huge losses.

The high returns were from diversification in multiple assets and holding various currencies, she added.

Commenting on China’s foreign exchange reserve portfolio, David Jiang, Asia-Pacific CEO of BNY Mellon Asset Management, said China should diversify its investment and move from US treasury bonds to inflation-proof notes and other assets. (ANI)

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WCG VP Shivaram says: Gold is ideally the best investment alternative!

April 16, 2009 By Leave a Comment

*

World-Gold-CouncilIn the opinion of the World Gold Council (WCG) Vice-President, K Shivaram, gold is one of the safest ways to secure savings, more so in the current murky economic scenario. Gold is ideally the best investment alternative because, the equity market crash notwithstanding, it still managed to give over 28 percent returns of late!

Noting that the value of gold has never plunged to unexpected lows, Shivaram said that the recent slump in gold prices is transitory. He expects the gold prices to soar as its supply from the mines is dropping, and countries like China and Russia are adding to their quantum of gold reserves.

Shivaram said that following a decision taken at the G-20 summit, gold rates had plummeted in accordance with the move by some countries to put up for sale one-eighth of the gold holdings of the International Monetary Fund, in order to shore up economies.

Saying that India needs to increase its investments in gold, Shivaram made a mention of the forthcoming ‘Akshaya Tritiya festival. He said the festival has provided the requisite impulse to retailers, especially during the last almost eight years.

Shivaram said that since 2001, WGC has been underlining “the importance of the festival across all outlets to encourage people to buy gold,” and has also initiated promotional strategies coinciding with the festival.

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Tanzanian Royalty: No gold, where’s the value? -Barron’s

April 13, 2009 By Leave a Comment

NEW YORK, April 12 (Reuters) – Tanzanian Royalty Exploration Corp (TNX.TO), a gold explorer has no revenue, no earnings and no proven gold and could be substantially overvalued, Barron’s said.

Its shares trade at premium to peers, and its chief executive has been selling shares, Barron’s said in its April 13 edition.

Chairman and CEO James Sinclair is famous for correctly forecasting gold prices and is very bullish on the metal, but he has been a steady seller of shares of his own gold-related company, Barron’s said.

While Sinclair has had success predicting gold prices, the company does not have a good track record of finding gold, Barron’s said.

The small-cap Canadian outfit has been looking for gold for a decade but none of its properties, all in Tanzania, have shown economically viable miner reserves, Barron’s said.

If it were valued more like its rivals with similar cash and gold reserves, its shares should be priced substantially lower than the current $4.05 per share, Barron’s said. (Reporting by Ilaina Jonas; Editing Bernard Orr)

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Japan’s foreign reserves rise above 1 trillion dollars in March

April 7, 2009 By Leave a Comment

Tokyo – Japan’s foreign reserves exceeded 1 trillion dollars in March, thanks to gains in the appraisal values of its US Treasury bond holdings and euro-denominated assets, the Finance Ministry said Tuesday.

The nation’s foreign reserves totaled 1.02 trillion dollars, up from 9.2 billion dollars in the previous month.

Japan held 905.53 billion dollars in foreign securities as of March 31 while its foreign currency deposits amounted to 84.2 billion dollars.

The nation had 7.43 billion dollars of those deposits in foreign central banks and the Basel-based Bank for International Settlements, 20.9 billion dollars in Japanese banks and 55.88 billion dollars in foreign financial institutions.

Gold reserves totaled 22.55 billion dollars.

Japan had 2.95 billion dollars in International Monetary Fund (IMF) reserve positions and 2.95 billion dollars in IMF special drawing rights.

Other reserve assets came to 366 million dollars.

Japan was the world’s second-largest holder of foreign reserves after China, according to IMF data.

Japan’s foreign exchange reserves consist mainly of securities and deposits denominated in foreign currencies, gold, and reserve positions and special drawing rights at the IMF.

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India to seek $5.2 bn from World Bank

April 5, 2009 By Leave a Comment

London, April 4 (IANS) Assured a greater say into the affairs of multilateral lending institutions, India will seek additional assistance of $5.2 billion from the World Bank for its financial sector and infrastructure projects, officials said.

The main component of this assistance is for recapitalisation of state-owned commercial banks over the next two to three years, Indian officials here said.

The rest of the amount is for infrastructure finance companies and power grid corporations.

India normally gets assistance worth $ three billion from the World Bank annually of which half is given in concessional form.

At the G20 summit that concluded Thursday, Prime Minister Manmohan Singh was assured that developing countries like India will have a higher voting right in institutions such as the International Monetary Fund and the World Bank.

Leaders at the G20 on Thursday pledged a $1.1 trillion package alongside measures for a tighter regulation of the international financial system to help bring the world out of recession.

The measures were also designed to prevent future shocks.

The leaders agreed to negotiate a speedy conclusion of the Doha trade round and put some $250 billion more into trade finance – key demands from India, represented by Prime Minister Manmohan Singh.

Out of $1.1 trillion pledged for various institutions, $250 billion will be given to the IMF to lend at cheaper rates to needy countries in the form of special drawing rights (SDRs).

The leaders agreed to another major Indian demand by deciding to sell IMF gold reserves to raise $6 billion that will go toward helping out the world’s poorest countries with cheap loans over the next two to three years.

Besides India, Britain and the US, the G20 comprises Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the EU.

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G20 puts IMF at centre of crisis response

April 3, 2009 By Leave a Comment

World leaders will impose new financial rules on Thursday and triple the war chest of the International Monetary Fund to fight the worst economic crisis since the 1930s, sources at the G20 summit said.

Host Britain conceded there were still gaps to close. France and Germany are demanding concrete measures — not just promises — to crack down on tax havens and regulate hedge funds and markets.

“The text that has already circulated reflects the very high level of consensus that exists,” British Prime Minister Gordon Brown said. “Obviously people have changes they wish to make to the text and if they give them to me I am prepared to look at them.”

The communique drafted for the meeting, obtained by Reuters, said leaders would submit large hedge funds to supervision for the first time and enhance regulation through a new agency and a beefed-up IMF.

Summit sources said the latest draft summit communique provided for a $500 billion boost to the IMF’s resources, raising to $750 billion the funds it can make available to countries worst hit by the global crisis.

The IMF would also be able to borrow money on international markets if needed, the sources said. A British government minister said leaders would discuss possible sales of IMF gold reserves, which could raise yet more cash, although he did not expect an immediate decision on Thursday.

The G20 were also close to agreeing a trade finance package worth $250 billion to support global trade flows, a source at the summit in London told Reuters. Brown had been targeting at least $100 billion to help reverse the decline in trade following the credit crunch.

World stock prices, battered by the crisis for months, have recovered some lost ground in the last month and shot higher on Thursday on hopes for a strong agreement by the G20 leaders. The index of top European shares was up 3.2 percent after Japan’s Nikkei gained 4.4 percent.

“This is a positive step to jump-start global trade flows. It is a significant contribution towards solving the problem,” said Eoin O’Malley, senior advisor on international trade at BusinessEurope, Europe’s top business group.

“But the key now is implementation. G20 governments must act quickly to provide this finance to companies that need it urgently,” he told Reuters.

TAX HAVENS

Addressing one of the summit’s potential stumbling blocks, British Treasury Minister Stephen Timms said leaders were expected to agree “in due course” to the publication of a list of tax havens and to impose sanctions against them.

But it was unclear whether the vague timing would satisfy France and Germany, which have led demands for a crackdown on tax havens they blame for allowing the wealthy to avoid paying their fair share at a time of growing economic hardship. Paris said on the eve of the summit it would refuse to sign any communique that failed to satisfy its demands.

The draft communique included a pledge to deliver “the scale of sustained effort necessary to restore growth”, but without making any commitments beyond the trillions already being spent to stabilise banks, shore up demand and limit job losses.

The world economy will shrink this year for the first time since World War Two and tens of millions of people are expected to lose their jobs.

Analysts said Thursday’s stock market gains would vanish if the summit does not deliver.

“A good rally is coming through, particularly from Asian markets overnight on hopes for a decent stimulus package from the G20 to lift confidence, especially with regards to emerging economies and a boost to the International Monetary Fund,” said Henk Potts, strategist at Barclays Wealth.

CONFIDENCE BOOST

Keen to secure a confidence-boosting message as the world succumbs to recession, U.S. President Barack Obama has said there are no substantive differences with Europe, despite a hardball stance taken by France and Germany over regulation.

“The most important issue is that we agree … on the principle that no financial market product, no financial market participant and no financial market can remain without regulation and without supervision,” German Finance Minister Peer Steinbrueck told Deutschlandfunk radio.

The global economy is expected to shrink more in 2009 than any year since World War Two, dropping between 0.5 and 1.0 percent, according to the IMF, whose head, Dominique Strauss-Kahn, is calling it a “Great Recession”.

“They are not yet moving quickly enough in doing the cleaning up of the financial system,” the Financial Times quoted Strauss-Kahn as saying.

The draft communique contained a pledge by the G20 nations to allow “candid, even-handed and independent” surveillance of their economies and financial sectors by the IMF, which will take an increasingly central role in global oversight.

It also unveiled a new Financial Stability Board to work with the IMF to identify economic and financial risks and measures needed to address them, revamping an existing body called the Financial Stability Forum.

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G20 heads craft crisis response, markets rise

April 3, 2009 By Leave a Comment

World leaders will impose new financial rules on Thursday and triple the war chest of the International Monetary Fund to fight the worst economic crisis since the 1930s, sources at the G20 summit said.

Host Britain conceded there were still gaps to close. France and Germany are demanding concrete measures — not just promises — to clamp down on tax havens and regulate hedge funds and markets.

“The text that has already circulated reflects the very high level of consensus that exists,” British Prime Minister Gordon Brown said. “Obviously people have changes they wish to make to the text and if they give them to me I am prepared to look at them.”

The communique drafted for the meeting, obtained by Reuters, said leaders would submit large hedge funds to supervision for the first time and enhance regulation through a new agency and a beefed-up IMF.

Summit sources said the latest draft summit communique provided for a $500 billion boost to the IMF’s resources, raising to $750 billion the funds it can make available to countries worst hit by the global crisis.

The IMF would also be able to borrow money on international markets if needed, the sources said. A British government minister said leaders would discuss possible sales of IMF gold reserves, which could raise yet more cash.

Group of 20 leaders are close to agreeing a trade finance package worth $250 billion to support global trade flows, a source at the summit in London told Reuters.

Brown had been targeting at least $100 billion to help reverse the decline in trade following the credit crunch.

The draft included a pledge to deliver “the scale of sustained effort necessary to restore growth” without making any commitments beyond the trillions being spent to stabilise banks, shore up demand and limit job losses.

The world economy will shrink this year for the first time since World War Two and tens of millions of people are expected to lose their jobs.

MARKET LIFTED

World stock prices, battered by the crisis for months, have recovered some lost ground in the last month and shot higher on Thursday on hopes for a strong agreement by the G20 leaders. The index of top European shares jumped 3.9 percent after Japan’s Nikkei gained 4.4 percent.

“A good rally is coming through, particularly from Asian markets overnight on hopes for a decent stimulus package from the G20 to lift confidence, especially with regards to emerging economies and a boost to the International Monetary Fund,” said Henk Potts, strategist at Barclays Wealth.

Those gains will vanish if the summit does not deliver.

Keen to secure a confidence-boosting message as the world succumbs to recession, U.S. President Barack Obama said there were no substantive differences with Europe, despite a hardball stance taken by France and Germany over new financial rules.

Washington wanted tougher regulation too, Obama said on Wednesday. The gathering brings together the world’s biggest economies, developed and up-and-coming, in all accounting for more than 80 percent of world trade and economic output.

It was not clear whether the flashpoint, which appeared to focus primarily on France’s demands for blacklisting of tax havens, would be enough to derail a message of unity.

“The most important issue is that we agree … on the principle that no financial market product, no financial market participant and no financial market can remain without regulation and without supervision,” German Finance Minister Peer Steinbrueck told Deutschlandfunk radio.

SUMMIT HOPES BOOST STOCKS

The global economy is expected to shrink more in 2009 than any year since World War Two, dropping between 0.5 and 1.0 percent, according to the IMF, whose head, Dominique Strauss-Kahn, is calling it a “Great Recession”.

“They are not yet moving quickly enough in doing the cleaning up of the financial system,” the Financial Times quoted Strauss-Kahn as saying.

The draft communique contained a pledge by the G20 nations to allow “candid, even-handed and independent” surveillance of their economies and financial sectors by the IMF, which will take an increasingly central role in global oversight.

It also unveiled a new Financial Stability Board to work with the IMF to identify economic and financial risks and measures needed to address them, revamping an existing body called the Financial Stability Forum.

Filed Under: International News Tagged With: , , , , , , , , , , , , , , , , , , , ,