Gold Futures Rebound, Silver Nears $40


Gold and silver futures rebounded Monday afternoon, fueled by broad-based gains in commodities and weakness in the U.S. dollar.

COMEX gold futures, per the December contract, initially fell to $1,734.50 but rallied back to settle with a gain of $15.40, or 0.9%, at $1,758.00 per ounce.

Silver futures for September delivery on the COMEX finished higher by $0.19, or 0.5%, at $39.31 per ounce.

Following the COMEX close, however, gold futures reached $1,767.8 per ounce and silver climbed to $39.75 per ounce as precious metals extended their gains.

Aurizon Mines Appoints New President and CEO

Aurizon Mines (ARZ.TSX, AMEX: AZK) announced that effective today, George N. Paspalas has joined the Company as its new President and Chief Executive Officer and as a member of the Company’s Board of Directors.  In addition, the Canadian-based gold producer confirmed that Mr. David Hall, who has retired from his positions as President and Chief Executive Officer, will continue to serve as Aurizon’s Chairman of the Board.


* Mr. Paspalas’ career includes 14 years in senior management positions, most recently as the Chief Operating Officer at Silver Standard Resources (SSRI).

* He previously held senior management positions with Placer Dome Inc., including Executive Vice-President and Senior Vice President Projects – Technical Development and as President and Chief Executive Officer of Placer Dome Africa.

* Mr. Hall has been with Aurizon Mines since its inception in 1988, and has served as the Company’s President and Chief Executive Officer since 1991.

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Alacer Gold Reports 13% Rise in Production

Alacer Gold (ASR.TSX) announced financial and operating results for the second quarter of 2011.  The emerging gold mining company reported production of 101,348 attributable ounces of gold, a 13% increase over the previous full quarter.  Operations generated $77.4 million in cash operating margin during the quarter.

Edward Dowling, CEO:

“Alacer Gold successfully completed its first full quarter of business as a new company…Significant progress was made with the Company’s growth and development projects, supported by exploration success, thereby setting the stage to double our annual gold production rates in 2015.”

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