St Andrew Grants Option on Nixon Fork Alaska Property

St Andrew Goldfields Ltd. (TSX:SAS) ("St Andrew" or the "Company") announces that it has granted to Pacific North West Capital Corp. ("PFN") an option to acquire the outstanding shares of Mystery Creek Resources, Inc. ("MCR"), the Company's wholly owned subsidiary which owns the Nixon Fork gold property located 56 kilometers northeast of McGrath, Alaska. Under the terms of the option, which is exercisable until February 15, 2009, PFN may acquire the shares of MCR by paying the Company US $500,000, of which US $100,000 has been paid, US $100,000 is payable on closing of the transaction of purchase and sale and the balance is payable in three equal installments due May 1, July 1 and September 1, 2009. PFN has indicated that exercise of the option is subject to satisfactory completion of due diligence and receipt of regulatory approvals.

"The decision to sell Nixon Fork reflects our strategy to continue to focus our efforts and resources on bringing our Holloway Holt property into production as soon as possible", said Jacques Perron, President and CEO of St Andrew.

About St Andrew

St Andrew is a gold mining and exploration company with operations in Timmins, Ontario and Alaska. St Andrew controls a very large land position in the Timmins Mining Camp, an extensive land position at Eskay Creek in northern British Columbia and land positions around Nixon Fork Gold Mine in the Kuskokwim-Tintina Mining Camp in Alaska.

FORWARD LOOKING STATEMENTS

This news release may contain forward-looking information under applicable securities laws, concerning St Andrew's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward looking information are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "intend" and similar words referring to future events and results, including completion of the sale of MCR. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information as actual results may differ materially from those expressed or implied in the forward looking information. St Andrew does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Hastings named top Republican on resources committee

By LES BLUMENTHAL
McClatchy Newspapers

WASHINGTON -- Washington Rep. Doc Hastings on Thursday was named the top Republican on the House Natural Resources Committee, a panel that has jurisdiction over everything from endangered species to federal irrigation projects, from the Bonneville Power Administration to the nation's parks and forests.

The Republican Steering Committee selected Hastings, who served on the committee during his first term in Congress but was required to take a leave of absence when he was appointed to the House Rules Committee. Even so, Hastings' seniority on the Natural Resources Committee continued to accrue.

Hastings ranked fourth in seniority on the resources committee.

"This post offers an opportunity to make a real difference for families and communities across the West and throughout rural America," Hastings said in a statement. "As ranking member, I will work to strike a responsible balance between protecting our nation's many natural treasures and spurring economic recovery through wise use of energy, water, minerals and timber resources."

The position became vacant when Alaska Rep. Don Young stepped aside Wednesday under pressure from Republican leadership.

Full Story/Source

Swiss may have to print money to stave off deflation

By Ambrose Evans-Pritchard
The Telegraph, London
Thursday, November 11, 2008

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/3710374/...

The Swiss National Bank has cut interest rates to 0.5 percent and opened the door for emergency stimulus, becoming the first country in Europe to flirt with zero policy rates.

South Korea cut to 3 percent and Taiwan cut to 2 percent, the lowest in 30 years. Both countries are facing a collapse in exports to China and traditional markets in the West.

Thomas Jordan, a board member of the SNB, said the bank was mulling extreme measures to stabilise the financial system and cushion the economy as it falls into recession next year.

"We could engage in quantitative easing and we could intervene in foreign exchange markets or we could buy up bonds and try to influence long-term interest rates. All these options are open and we're not limited in any way in choosing from among these instruments," he said.

Quantitative easing is the tool pioneered by the Bank of Japan to stave off deflation. It is tantamount to printing money.

David Bloom, currency chief at HSBC, said the shift in policy was breathtaking. "The SNB are the hard men of central banking; they are even harder than European Central Bank. What they are saying is that inflation is no longer a problem, it's the solution. They want stimulus any way they can get it."

The banking sector makes up 20 percent of Swiss GDP, leaving the country extremely exposed to the credit crisis. The liabilities of Credit Suisse and UBS are equal to seven times national GDP. This has echoes of the situation in Iceland before the country collapsed, although Swiss banks have a much better mix of assets.

"The crucial difference is that the Swiss own half a trillion dollars of external assets. They have a current account surplus of 16 percent of GDP. This is their ace in the hole. If push ever comes to shove, the Swiss taxpayers have the money to pay," said Mr Bloom.

Switzerland, Sweden, Britain, and Canada are all now following the US Federal Reserve in taking revolutionary action to head off a slump next year, while the ECB has moved with much greater caution. It is unclear whether this reflects a rift in doctrinal policy, or whether the ECB is less able to respond to crises because of its treaty-bound institutional structure. The ECB's chief theorist, Lorenzo Bini-Smaghi, said it was hazardous for central banks to cut rates too low and risk using up ammunition.

New higher limit Zimbabwe currency issued

HARARE, Zimbabwe, Dec. 12 (UPI) -- The Reserve Bank of Zimbabwe introduced new $200 million and $500 million notes in Harare on Friday.

The RBZ says the new notes should pave way for the increase in withdrawal limits to $500 million a week.

A week ago, the RBZ unveiled $10 million, $50 million and $100 million notes.

Officials say the 500 million Zimbabwean dollar note is worth about $8 in U.S. currency, enough to buy eight loaves of bread, in the southern African country's latest sign of spiraling hyperinflation.

Hecla Reports Third Quarter Results, Increases Silver Production by 88%

COEUR D'ALENE, Idaho, Nov 04, 2008 (BUSINESS WIRE) -- HL | Quote | Chart | News | PowerRating -- Hecla Mining Company (NYSE:HL) today reported a net loss of $3.8million for the third quarter of 2008 compared to net income of $13 million for the same period of 2007. Hecla reported a loss applicable to common shareholders of $7.2 million, or 5c per share, for the third quarter of 2008, compared to income applicable to common shareholders of $12.3 million, or 10c per share, for the third quarter of 2007. Third quarter 2008 results were impacted by higher cash costs per ounce due to increased smelter costs and diesel fuel prices, provisional price adjustments due to decreased metals prices, and increased interest expense resulting from Hecla's acquisition earlier this year of the remaining 70.27% of the Greens Creek joint venture in Alaska. Hecla has $161 million in debt remaining after completing the $750 million purchase of Greens Creek. The company remains on track to meet the estimate of approximately 9 million ounces of silver production in 2008, at an average total cash cost in the range of $3.50 per ounce.

Full Story

Kinross Announces Record Quarterly Production and Revenue

Kinross Gold Corporation (CA:K: news, chart, profile) (KGC:
KGC
News, chart, profile, more
Last:

Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
, , ) ("Kinross" or the "Company") today announced its unaudited results for the three and nine months ended September 30, 2008.
(This news release contains forward-looking information that is subject to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 14 of this news release. All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted.)
- Gold equivalent production(1) was 551,510 gold equivalent ounces in the third quarter of 2008, an increase of 47% over the third quarter of 2007 and 36% over the second quarter of 2008, representing a new quarterly record for Kinross. Consistent with previously stated guidance, the Company remains on track to produce approximately 1.8-1.9 million gold equivalent ounces in 2008.
- Revenue was $503.7 million in the third quarter, an increase of 83% over the same period last year, also representing a new quarterly record for Kinross. Revenue was $1.13 billion for the nine months ended September 30, a year-over-year increase of 40%. The average realized gold price was $857 per ounce sold, compared with an average realized gold price of $686 per ounce in the third quarter of 2007, an increase of 25%.
- Cost of sales per gold equivalent ounce(2) was $406 in the third quarter, compared to $383 per ounce in the third quarter of 2007, and was $60 per ounce, or 13%, lower than the second quarter of 2008. Cost of sales per gold equivalent ounce is expected to be approximately $425-445 for the full year 2008, consistent with previously stated guidance.
- Kinross' margin per ounce sold was $451 in the third quarter of 2008, compared with $303 for the third quarter of 2007, an increase of 49%.

Full Story

St Andrew Reports 2008 Q3 Financial Results

St Andrew Goldfields Ltd. (CA:SAS: news, chart, profile) ("St Andrew" or the "Company") reports for the three months ended September 30, 2008, it had a net loss of $5,273,355 or $0.02 per share as compared to a loss of $24,036,610 or $0.13 per share for the same period in 2007. Net loss for the nine months ended September 30, 2008 was $3,432,580 or $0.01 per share as compared to a loss of $62,154,948 or $0.45 per share for the nine months ended September 30, 2007.

Full Story

Emerging Metal Miners Attractive to Value Investors

There appears to be an enhanced investment opportunity for long-term value investors in emerging producers selling near cost of investment or book value. We see the mining sector gaining in interest for value investors as they screen for companies selling at 52-week lows, below book value, and with potential to expand margins and earnings. Wholesale redemptions by investors, along with tax loss selling in both the U.S. and Canada, are creating opportunities for value investors looking to acquire companies with both real assets and the potential for increasing production.

Reduced global lending and investment, which caused a shortage of liquidity, has resulted in a deflationary environment unfavorable to commodities, including precious and base metal prices. Recent actions by governments and central banks are largely inflationary, which should lead to higher gold and silver prices as banks begin to lend and invest. A reduction in credit risk should spur a resumption of global growth, increasing demand for commodities and leading to higher base metal prices. While this cycle appears inevitable to long-term investors, this scenario may be delayed by credit markets or anti-growth policies including protectionism, higher taxes, and increased regulation.

Full Story

Gold Dips as Volatility Widens; Oil Rallies & Tokyo Stocks Hit 26-Month Low

Spot Gold Prices fell $6 from an overnight rally to $911 per ounce just before the London open on Tuesday, continuing the wide volatility seen late Monday as Asian stocks fell and the US Dollar held at 7-week lows vs. the Euro and Japanese Yen.

Japan's Nikkei fell 1 percent, finishing below 14,000 for the first time since November 2005 after Bank of Japan chief Toshihiko Fukui said Japan's economic growth will "slow for some time."

The US Dollar held near to Monday's seven-week lows vs. both the Japanese Yen and the Euro ahead of on Tuesday on concern that weak U.S. bank earnings will push the economy closer to recession, fuelling expectations for more Federal Reserve interest rate cuts.

Full Story

Gold Hits Record $900 an Ounce

NEW YORK (AP) — Gold futures briefly rose above $900 an ounce Friday for the first time as high oil prices, a weak dollar and fears of a U.S. recession led uneasy investors to keep buying the precious metal.

An ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.10 in morning trading, an all-time high and a psychologically important milestone. Gold later slipped to $898.70 an ounce on profit-taking but remained in record territory.

"It's a reflection of market sentiment: Gold is a hedge against uncertainty and right now it's the best bet," said Carlos Sanchez, a precious metals analyst at CPM Group in New York. "None of the other investment options look that great and gold does."

Full Article

State economists predict continued growth in '08

ANCHORAGE, Alaska -- For 20 years Alaska's economy has been holding its own. So what should the state expect next year?

One state labor economist says, hopefully, we'll see more of the same.

Looking ahead to 2008, industry can expect growth in some areas while others may experience a slow down.

"You step back and look at 2007 and it's sort of an extension of the last 20 years," says Neil Fried, a labor economist for the state. "2007 is going to sort of end on an upbeat note."

Alaska has seen uninterrupted economic growth since the 1980s, the longest period in the state's history, according to Fried.

But with some economists predicting a recession on the national front, can the growth trend continue?

Full Story

Metals prices further brighten mining outlook

Roughly 1,800 people attended the Northwest Mining Association's annual convention here this month and "there wasn't an unhappy face in the joint," says Laura Skaer, the group's executive director.

"It was very, very upbeat," Skaer says. "Prices are up and are expected to stay up next year."

Gold has been selling for about $790 a troy ounce recently, compared with $630 an ounce at this time last year and $525 in late 2005. Silver is selling for about $14 an ounce, up modestly from a year ago, but markedly higher than in late 2005. Other metals prices also remain strong.

Demand for metals continues to grow, due in part to the fast-developing economies of China and India, says Vicki Veltkamp, the mining association's current president and vice president for investor relations at Coeur d'Alene-based Hecla Mining Co. The supply side, meanwhile, "hasn't changed that much," Veltkamp says, adding that it takes years to bring new production on line.

"The mining industry has been rejuvenated by the increase in metals prices overall," she says. "There's increased activity. A lot of excitement."

Full Story