Canada unveils 100 kg gold coin, Apex buys three gold projects

Gold closed slightly lower at USD$673.10 an ounce in Sydney yesterday, down USD$1.05 on Wednesday’s close. Gold miners had mixed results, with Newmont (ASX:NEM) adding 3c to AUD$5.08, Lihir Gold (ASX:LHG) gaining 5c to
AUD$2.97 and Newcrest (ASX:NCM) losing 20c to AUD$22.40, Radio New Zealand reports.

The Royal Canadian Mint (RCM) has launched the world’s first 100 kg, 99.999% pure gold bullion coin with a C$1 million face value and a 99.999% pure one-ounce Gold Maple Leaf bullion coin. These coins, which have the highest gold purity currently available in the bullion market, were unveiled at the RCM’s Ottawa facility, where the coins were made, CNW group reports.

Apex Minerals (ASX:AXM) has acquired three gold projects in Western Australia’s Eastern Goldfields for AUD$28 million. The company has said that the Gidgee, Youanmi and Aphrodite projects, located north of Kalgoorlie, are well advanced and could potentially transform Apex into a 300,000 ounce per year producer within three years.

“By taking a broad regional view of the Eastern Goldfields region – which has access to excellent infrastructure – we identified an opportunity to consolidate these projects, thus providing the critical mass to justify the construction of central processing facilities to be fed by a number of high grade gold deposits or concentrates,” said Apex Managing Director and CEO Mark Ashley.

African Eagle Resources (SEA:AFE) has entered into a joint venture with a wholly-owned subsidiary of Randgold Resources concerning the Miyabi gold project in the Lake Victoria Goldfield of Tanzania. Under the initial option, Randgold Resources will carry out and fund an agreed phase 1 exploration program at the 500,000 ounce project by the end of May 2008, Mining weekly online reports.

Reliance Money is set to commence marketing gold coins manufactured by Swiss company Valcambi SA in India, The Times of India reports. This move makes Reliance Money the first non-banking company in the private sector to retail gold coins, which will be available in five and eight gram weights.

A new exhibition, “Real Pirates: The Untold Story of the Whydah from Slave Ship to Pirate Ship,” will display artifacts from a genuine pirate ship, the Whydah, that sank in US waters. The treasure retrieved from the ship includes many gold and silver coins, as well as gold Akan jewellery. The exhibition has been organised by National Geographic and Arts and Exhibitions International (AEI) LLC, in cooperation with Cincinnati Museum Center.

The remnants of jewellery retrieved from the ship show that pirates were so insistent on dividing their loot equally that even valuable gold jewellery was broken into tiny fragments and divided by weight to ensure everyone on board, with the exception of the captain and a few officers, got an equal share.

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Bullion Buff

I recently saw prices closer to $700 per ounce…which would make this coin worth well over $1,000,000 in gold! The fact that it’s the only one in existance makes it invaluable!

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