Former Air Canada manager wanted in gold heist to turn himself in, lawyer says – by Katie Nicholson (CBC News Toronto – June 14, 2024)

Simran Preet Panesar wanted in connection with multi-million dollar airport robbery

The former Air Canada manager wanted on a Canada-wide warrant for his alleged role in the largest gold heist in Canadian history is preparing to turn himself in, according to his lawyer.

Simran Preet Panesar is wanted on charges including theft over $5,000 in connection with the April 2023 theft of more than $20 million in gold from Toronto’s Pearson International Airport. Panesar is “very confident in the Canadian justice system,” his lawyer, Greg Lafontaine said in a statement to CBC News. “When this prosecution is over, he will have been absolved of any wrongdoing.”

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Mining and murder: One of the world’s best unsolved crime stories – by Karen Bachmann (Bradford Today – June 8, 2024)

Sir Harry Oakes was murdered in 1943 and his story is still talked about today

Much has been said recently about the Sir Harry Oakes Chateau in Kirkland Lake. Owned by the Ontario Heritage Trust and operated by the Town of Kirkland Lake, the chateau is a monument commemorating the early days of the Northern Ontario gold rushes, the prospectors who made the discoveries and the men who developed the mines and the communities in the region.

Since 1983, the Museum of Northern History, which originally lived in the assay office of the Wright-Hargreaves Mine, has been housed in Sir Harry’s former abode. The chateau was built in 1929 after Sir Harry’s original Kirkland Lake house was destroyed by fire.

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‘You’re always a drill hole away from an immense discovery’: Pirie – by Nicole Stoffman (Timmins Daily Press – June 10, 2024)

Ontario Minister of Mines excited by new prospects in the region

Timmins MPP George Pirie, Ontario’s minister of mines was engrossed in conversations with three promising junior mining operations in the Prospector’s Tent at the 2024 Canadian Mining Expo on Thursday, June 6. “That’s what excites me about the mining industry,” Pirie told the Daily Press before heading off to give the Ontario State of Mining Address. “You’re always a drill hole away from an immense discovery.”

According to the Ministry of Mines, the Timmins-Porcupine gold camp is the largest producer of gold in Ontario. Last year Ontario allocated $6 million to support junior minors (who explore mining deposits), bringing the province’s total investment in their junior mining program to $35 million since 2021.

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Gold rush grips Asia despite near-record prices – by Ashitha Shivaprasad and Brijesh Patel (Reuters – June 11, 2024)

SINGAPORE, June 12 (Reuters) – Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty.

Spot gold is trading a little over $2,300 per ounce, up about 12% year-to-date and only about 6% shy of the record high it hit last month. Lower confidence in other investment options, such as real estate and equities, is also a factor behind the demand for gold, analysts say.

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[Bre-X Gold Scandal] Bay Street in the shade – by Rita Trichur (Globe and Mail – June 11, 2024)

What do phony gold, a Russian godfather and a crypto scam have in common? They all illustrate how The Globe plays an important role in exposing corporate malfeasance

It was surely one of the clumsiest attempts ever to rewrite history. In 1996, Calgary-based Bre-X Minerals Ltd. spent months assuring investors it owned most of Busang, a mammoth gold deposit in Indonesia. But the following February, CEO David Walsh flipped the script.

“Some have mistakenly thought that we somehow owned 90 per cent of this property,” Walsh said at the time. “This was never the practical reality, nor was it ever a basis for the valuation of Bre-X stock.”

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Exploring the mystery of the man embroiled in a Canadian mining company’s billion-dollar gold scam – by Lucy Wallis (CBC News – June 7, 2024)

New podcast digs into the history of Bre-X Minerals’s claims of gold deep in the Indonesian jungle

On the morning of March 19, 1997, Michael de Guzman, chief geologist at Canadian mining company Bre-X Minerals, boarded a helicopter flight to travel to a remote jungle site in Indonesia. It was a journey he had made many times before, to a place where he had reported finding huge deposits of gold.

But this time, de Guzman never arrived. Twenty minutes into the journey, a rear door on the left-hand side of the helicopter opened and de Guzman plummeted to his death into the dense foliage below.

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Wall Street throws in the towel on gold after Friday’s rout, Main Street optimism likely a pre-selloff snapshot – by Ernest Hoffman (Kitco News – June 7, 2024)

(Kitco News) – This week, precious metals markets saved all their drama for the grand finale. Spot gold opened the week trading at $2,325.26, and spent much of the first four days trading in a relatively narrow $25 range.

The expected 25 basis point rate cuts from the ECB and the Bank of Canada came and went, with spot gold eventually setting its weekly high of $2,386.75 just after midnight on Friday.

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China’s PBOC Halts Gold Purchases After Price Hits Record – by Yvonne Yue Li and Sybilla Gross (Bloomberg News – June 7, 2024)

(Bloomberg) — Gold fell the most in more than two years as surprise strength in a key US jobs report dashed hopes that the Federal Reserve will be able to start lowering borrowing costs soon.

Treasury yields and the dollar surged after the US government’s May employment report showed job growth exceeded expectations and wages were hot. Bullion slumped as much as 3.1%, the most since March 2022, while base metals also tumbled.

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Gold’s attractiveness to criminals forces market participants to shoulder the AML-KYC burden – by Ernest Hoffman (Kitco News – June 4, 2024)

(Kitco News) – The biggest gold-smuggling bust in Hong Kong’s history has brought the challenges of detecting illegal movements and transactions of precious metals into sharp relief, according to a June 2 report from consulting firm Alvarez and Marshall.

“On 27 March 2024, the Hong Kong Customs and Excise Department made its largest ever gold-smuggling bust — approximately 146kg, with an estimated market value of HKD 84 million — at the Hong Kong International Airport,” the report stated. “The gold was not smuggled as ingots or jewelry with serial numbers as one might expect, but was disguised as parts for air compressors.”

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India repatriates over 100 tonnes of gold from BoE to RBI vaults, amount could double in coming months – by Ernest Hoffman (Kitco News – June 3, 2024)

(Kitco News) – Over 100 tonnes of gold have been moved from the United Kingdom to the Reserve Bank of India’s (RBI) vaults in one of the most ambitious transfers of the precious metal ever undertaken, and that amount could double in the coming months, according to a report from the Times of India published Friday.

Up until now, over half of the RBI’s gold reserves were being held with the Bank of England (BoE) and the Bank of International Settlements (BIS) overseas, but the Indian government has begun the process of repatriating the country’s bullion holdings.

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Why the U.S. is heading for hyperinflation — and what will happen when it arrives – by Frank Giustra (Toronto Star – June 4, 2024)

Bonds will be losers, stock picking trickier and high-priced tech stocks a sell, writes Frank Giustra. So how can you protect yourself from the coming disaster?

In politics it is necessary either to betray one’s country or the electorate. I prefer to betray the electorate. – Charles de Gaulle

In the opinion piece I wrote last week, I warned of a looming financial crisis in the U.S. (and other Western nations) fuelled by spiralling debt, money printing and a broken political system — and that most people will be unprepared.

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Second Northern Ontario gold company retracts drill assay results – by Ian Ross (Northern Ontario Business – May 27, 2024)

‘Unfortunate situation’ as MacDonald Mines reviews exploration results of Sudbury project

t’s stunning news when a mining exploration company must retract its drill assay results. Now two gold companies operating in Northern Ontario have been forced to do so within a month.

Following on the heels of Red Pine Exploration’s Wawa assay fiasco, MacDonald Mines Exploration, a junior mining outfit operating in the Sudbury area, reportedly has found “inconsistencies in certain assay results” at its Scadding gold prospect. MacDonald is withdrawing all of the announced results for Scadding as the results are deemed not reliable.

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In uncertain times, gold jewellery offers financial security – by Yumna Iftikhar (Globe and Mail – May 29, 2024)

As a child, Adiba Ahmed didn’t understand why her mother loved gold jewellery. But when her family came under financial stress and her mother sold the gold to keep them afloat, Ms. Ahmed realized that gold jewellery could be a reliable emergency fund.

Gifting gold jewellery on special occasions is a prominent tradition in many South Asian countries, including Bangladesh, from where Ms. Ahmed’s family moved to Canada. Other countries where gold gifting is popular include Pakistan and India.

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Gold company, First Nation set the ground rules for Far North exploration – by Staff (Northern Ontario Business – May 24, 2024)

Eabametoong Chief says agreement with Storm Exploration is a ‘model for others to follow’

Vancouver’s Storm Exploration has signed an exploration agreement with the Eabametoong First Nation (EFN) regarding planned activity around its Fort Hope Projects in the remote James Bay region.

In a May 23 news release, Bruce Counts, Storm’s president-CEO, called the signing a “major milestone” that offers mutual benefits for both the company and community. Storm’s Miminiska, Keezhik and Attwood projects are 350 kilometres north of Thunder Bay within a mineralized geological structure called the Miminiska-Fort Hope greenstone belt.

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New gold mine in northern Ontario could become biggest in Canada – by Lydia Chubak (CTV Northern Ontario – May 24, 2024)

IAMGOLD’s Cote Gold open pit mine, located off Highway 144 between Timmins and Sudbury, had its official ribbon-cutting ceremony this week as production ramps up. Cote primarily produces gold, with silver as a by-product.

“Our production is growing, we’re still not at nameplate capacity yet,” said Bryan Wilson, general manager of Cote Gold. “We’re still going through teething problems in the process plant, but it’s getting to where we need to be.”

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