Saturday, April 22, 2017

Amber Mining in Ukraine

The heart of Ukraine’s Wild West, thousands of acres of ravaged pine and birch forests whose sandy soils hide millions of dollars in amber. The rush is built by tens of thousands of poor villagers as they illegally blast apart the landscape with pressure hoses, digging for the brown lumps of fossilized tree resin.

When amber is mined on a large scale, the visible impact is industrial wasteland. Acres upon acres of forest are clear cut and backhoes are used to dig a channel to a water source—usually a river. Water pumps made of old Mercedes van engines blast into the ground. As the wildcatters pump water into the earth, deep pits form and the amber, lighter than the rocks and sand, is pushed up in the water column.
Thousands of hectares of land have been destroyed by the illegal mining of amber. The stakes are enormous. Illegal Chinese wholesale buyers in Kiev pay $ 4,800 for a rare 100-gram stone. An intact, 50-gram piece pays out $3,800. Even a 2-gram piece is worth $150. Chinese are paying about $2,000 to $3,000 per kilogram for big stones.

In a country where most people make around $2,100 a year the incentive is obvious.
Although there are a few government controlled mines, the process to get a license to operate a legal mine can take years and is fraught with corruption at every level. The estimated $500 million a year illegal amber mining business shows no signs of stopping soon.

Friday, April 21, 2017

Florida treasure hunters find $4.5M in lost gold

A team of treasure hunters scouring the waters off Florida recovered a $4.5 million bounty of gold coins – including several made for the king of Spain, Philip V, in the early 1700s.

The find – made off the coast of Vero Beach -- was announced by Bret Brisben, captain of the S/V Capitana. Brisben and his crew found 350 gold coins, nine of which are known as Royals and valued at up to $300,000 apiece.
Brisben’s find comes a month after one of his subcontractors found 52 gold coins worth more than $1 million. He found the gold while diving about 150 feet off the coast of Fort Pierce in Florida during his yearly treasure-hunting trip with his wife, his sister and his parents.
"It resonates with everybody -- every demographic, young and old, rich and poor," Brisben said. "People freak out that we're literally 10-15 feet off the beach in 2-3 feet of water."

Belo Sun Mining Corp. - BSX.t

Belo Sun Mining Corp. - BSX.t is focused on advancing the Volta Grande Gold Project located in ParĂ¡ State, Brazil.

In March 2015, the Company issued a NI 43-101 for the Volta Grande Project which estimates average annual gold production of 205,000 ounces of gold for 17 years with a cash operating cost of $618/oz.

On April 12, 2017 the company released News

Belo Sun Mining Corp. ("Belo Sun" or the "Company") (TSX:BSX) has received an interim suspension order issued by a judge from the Brazilian Federal Regional Court (the "Court") related to the Construction Licence ("LI") for the Volta Grande Project. According to the order, the LI is to be suspended until the indigenous study has been approved by Funai (Indigenous Affairs Agency of Brazil).

Thursday, April 20, 2017

Erdene Resource Development Corp. - ERD.t

Erdene Resource Development Corp. - ERD.v is advancing projects in Mongolia.

Projects include Bayan Khundii and Altan Nar and an alliance with Teck Resources to fund and explore the Tian Shan Metal Belt in southwest Mongolia.

On April 13, 2017 the company released News

Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce the commencement of its 2017 drill program at the Company’s wholly-owned Bayan Khundii Gold Project (“Bayan Khundii”) in southwest Mongolia. The program will consist of approximately 20,000 m of diamond drilling at Bayan Khundii and an additional 4,000 m on its neighboring Altan Nar and Altan Arrow gold projects.

Wednesday, April 19, 2017

1849 Mormon gold coin sells for $705K at auction

A $10 Mormon gold coin fetched $705,000, and a $20 Mormon gold coin sold for $558,000 at auction in 2014.

They were the rarest of a seven-piece collection of Mormon coins made in 1849 that brought in nearly $2 million at an auction staged by Dallas-based Heritage Auctions.
A recently surfaced 1849 Mormon gold $20 coin was tucked away in a family’s lock box for more than 50 years. It has been graded and encapsulated Mint State 62 Secure by Professional Coin Grading Service, and has been called the finest example that PCGS has certified.

The grading service considers the coin to be in a finer state of preservation than the example that has been in the Smithsonian Institution’s National Museum of American History since 1968 as part of the Josiah K. Lilly gold coin collection.
Coins and currency were scare when Mormon pioneers arrived in Utah in 1847, and the settlers began making their own coins primarily to buy goods from the East.

The gold that they used to make these Mormon gold coins came from the original California gold strike, probably right from the American River at Sutter's Mill. Only 46 of the $10 gold coins were made.