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.

Highlights:

* 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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