Vulture In Review

Tuesday, October 21, 2014

True Gold's North Kao Deposit to generate over US$118 million in free cash flow to Karma

Phase II Expansion Scenario Adds Average of ~118,000 ounces gold per year for 2.5 years VANCOUVER, B.C. – True Gold Mining Inc. (TSX-V; TGM) (“True Gold” or the “Company”) is pleased to announce that the North Kao Deposit (“North Kao”) will generate an additional US$118Min after-tax free cash flow to the Karma Gold Project (“Karma”).As a result of its high gold grades, low capital costs, and synergies to be realized by sharing future infrastructure, North Kao yields an after-tax IRR of over 200%.

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Millrock Enters Letter of Intent on the Rio Sonora Project, Mexico

VANCOUVER, BRITISH COLUMBIA, October 20, 2014- Millrock Resources Inc. (TSX-V: MRO) (Millrock) announces that it has entered into a letter of intent with a third party in respect of theRio Sonora projectin northern Sonora, Mexico, pursuant to which the third party will fund a $250,000 initial exploration program and may subsequently earn into a joint venture on the project.

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Sunday, October 12, 2014

China now takes nearly all world gold production, Shanghai exchange chief confirms

Dear Friend of GATA and Gold: Chinas annual non-government gold consumption has been officially confirmed as having reached 2,000 tonnes, gold researcher and GATA consultant Koos Jansen reports. That figure is close to annual world gold mine production. The figure, Jansen writes, was repeated several times by the chairman of the Shanghai Gold Exchange, Xu Luode, in an address to the London Bullion Market Association conference in Singapore in June.

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Saturday, October 11, 2014

Charles Nenner: Scary Deflation on Horizon, Gold Update and Nuclear War

Economist Charles Nenner is not bullish on the global economy. Nenner says, “We should have a nice quarter until the end of the year, and next year, we should start weakening again. We had a normal business up move. The problem is the GDP never got up much above 3%. So, now we are going down from 3%, and that is kind of scary because I still see a lot of deflation on the horizon. That is something that is going to be very difficult to fix.” Deflation is debt destruction, and Nenner goes on to say, “It’s the destruction of almost everything.

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Thursday, October 09, 2014

Rickards: Fundamental U.S. Economy Is Very Weak

Oct. 6 (Bloomberg) –- West Shore Group Chief global Strategist Jim Rickards discusses Fed Chair Janet Yellen, gold and concerns over inflation. He speaks on Market Makers. (Source: Bloomberg)

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Endeavour Silver Produces 1,634,294 Oz Silver and 14,118 Oz Gold (2.5 Million Oz Silver Equivalents) in the Third Quarter, 2014

VANCOUVER, BC--(Marketwired - October 09, 2014) -Endeavour Silver Corp.(TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD) reports silver and gold production for the Third Quarter, 2014. The Company owns and operates three silver-gold mines in Mexico: the Guanaceví mine in Durango state and the Bolañitos and El Cubo mines in Guanajuato state.

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Tuesday, September 30, 2014

Millrock Announces Increase In Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA, September 30, 2014- Millrock Resources Inc. (TSXV:MRO) (“Millrock” or the “Company”) reports it has increased the non-brokered private placement announced on September 22, 2014. The Company has received strong interest from parties that, if their subscriptions are accepted in full by Millrock, will become “reporting insiders” as defined under National Instrument 55-104. The financing will now consist of up to 80,000,000 units at a price of $0.05 per unit for gross proceeds of up to $4,000,000. Each unit shall consist of one common share of Millrock and one share purchase warrant (the “Warrants”), with each Warrant entitling the holder thereof

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Monday, September 29, 2014

CONSTANTINE INTERSECTS 89 METERS OF 5.0% ZINC, 0.8% COPPER, 21 G/T SILVER AND 0.3 G/T GOLD AT THE PALMER VMS PROJECT, ALASKA

Vancouver, BC – Constantine Metal Resources Ltd. (TSX Venture – CEM) (Constantine or the Company) is pleased to provide an update on the 10,000 meter drill program on the Palmer VMS Project, Alaska (“Palmer” or “Project”) that is host to a 4.75 million tonne inferred resource estimate grading 1.84% copper, 4.57% zinc, 0.28 g/t gold and 29 g/t silver*. Step-out drilling continues to make important expansions to the South Wall Zone (“South Wall”) both laterally and to depth. Assay results are reported for nine new drill holes, includingCMR14-65 which has yielded the widest intersection drilled to date – 89 meters grading 0.79% copper,

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Tuesday, September 23, 2014

Real Reason Venezuela Repatriated its Gold

GGR Comment: In our opinion an example of the real reason Venezuela repatriated its gold back to Caracas is the story below and many more like it that will be coming at them from the ICSID. Chavez didn’t want his gold confiscated by an international tribunal to pay aggrieved companies, after he expropriated these companies’ Venezuela assets and businesses. Gold Reserve says awarded $740.3 mln in Venezuela Brisas arbitration (Reuters) - The International Centre for Settlement of Investment Disputes (ICSID) determinedVenezuelamust pay U.S.-based miner Gold Reserve $740.3 million for terminating its Las Brisas gold concession, the company said on Monday. Socialist-runVenezuelain 2009 formally

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Precipitate Drills Discovery Hole Containing 13.4 g/t Gold Over 5.0 Metres within 18.0 Metres of 4.5 g/t at Ginger Ridge

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 23, 2014) -Precipitate Gold Corporation(the Company or Precipitate) (TSX VENTURE:PRG) is pleased to announce results for its maiden drill program at the Ginger Ridge Zone within the Companys 100% owned Juan de Herrera project in the Tireo Gold Camp in the Dominican Republic. The six-hole 1,193 metre (m) diamond drill program targeted surface geochemical anomalies and near-surface geophysical induced polarization (IP) anomalies in the central and southern areas of the Ginger Ridge Zone. Drilling succeeded in returning a significant gold discovery hole and identified a new gold-rich VMS system that remains open in all directions. See the attached

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Monday, September 22, 2014

They Do Ring A Bell At The Top: Alibaba Proves Wall Street Is Off Its Rocker

David Stockman writes: They do ring a bell at the top. On Friday Alibaba gained $65 billion of market capin 5 minutes! And that was on top of the $170 billion IPO price—-a valuation that was not all that shabby to begin with. In fact, BABAweighed in for the opening bellat 20X its$8.6 billion in sales. My Alibaba US $2.5-10 /Piece( FOB Price) 800 Pieces(Min. Order) 30000 Piece/Pieces per Month(Supply capacity) Well,the above red hotmultiple was not actually with reference to the company’s results, but to itsdrop-box financials. That is, before the day was overit was trading at 27X the LTMsales posted for

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Columbus Gold Places 9.9% Stake with Prominent US Investor in Amended PP

Vancouver, BC, Canada, September 22, 2014. Columbus Gold Corporation (CGT: TSX-V, CBGDF: OTCQX)is pleased to announce that a prominent US resource investor has agreed to acquire approximately 9.9% of Columbus Gold, representing the entire private placement on amended terms from those announced on September 2, 2014, which include a reduction in the size and price of the offering. Overall, the amended placement is more favourable to Columbus Gold and its shareholders by eliminating the dilutive warrant component, and facilitating the financing to close promptly.The non-brokered private placement, as amended, will now consist of 13,400,000 common shares, at a price of $0.40 per share,

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Millrock Announces Financing and Share Consolidation

VANCOUVER, BRITISH COLUMBIA, September 22, 2014- Millrock Resources Inc. (TSXV:MRO) (“Millrock” or the “Company”) announces that it plans to raise gross proceeds of up to $3,500,000 through the sale of 70,000,000 units (the “Units”) priced at $0.05 per Unit. Each Unit consists of one common share and one share purchase warrant (the “Warrants”), with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.07 per share for a period of two years, and thereafter at a price of $0.10 per share for an additional period of three years. Millrock expects to pay finder’s fees in connection

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The Tribute the World Pays to the Empire

International monetary reserves set a new high mark early this month: they now amount to a bit more that $12,000,000,000,000 dollars. ($12 trillion dollars, when we calculate the value of all the reserves in dollars. The largest part of reserves is in dollars; the rest is split up into euros, pounds sterling, yen and Swiss francs.) What does this colossal number mean? Reserves measure the quantity ofcreditwhich the exporting countries of the world have granted to countries (and the EMU - the European Monetary Union ) that issue currencies considered as adequate to act as reserves for the central banks of the world.

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Sunday, September 21, 2014

A Few Silver Related Graphs

Any serious silver investor knows that there was an attempt to break silver down through its implied support on Friday, Sep 19. In short term tick charts the sell raid took on a look something like this. Take a look at the COMEX open interest graph for silver futures below.The Key point here is that there is an extremely high open interest at the same time that silver is probing its implied lows. In essence there is an unusual amount of “paper metal” in the system. By the way, a COMEX open interest of 171,260 contracts is equivalent to 856,300,000 ounces of metal.

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The Original
Vulture Speculator

Trading gold, silver and mining shares since 1980 with a focus on taking advantage of volatility extremes, Gene Arensberg analyses the markets through a basket of technical and fundamental indicators and shares his findings from time to time here at Got Gold Report. Mr. Arensberg has been quoted in the Wall Street Journal, Dow Jones MarketWatch, USA Today and dozens of other news organizations.

"I've been a huge fan of Gene and his amazing work for years..."

Brien Lundin, CEO, Jefferson Financial, Host of the annual New Orleans Investment Conference and Publisher of Gold Newsletter


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