OGDEN Progress on Hole #2 (150meters south of the first). Its rumored two mineralized zones have been intersected to the 450meter level. This is exciting as it’s also rumored the intersections appear to be ultramafic in nature, as were those in Hole #1. Very early going, but very encouraging that drilling dollars appear to be yielding some results. The Red Lake Mine has been producing gold from a large ultramafic for many years. Obviously, far more drilling will be required to establish credibility to this contention. The first hole core is at the lab, so actual GOLD content will be forthcoming shortly.

Gold continues to hover in the US$1,235-40 range. With the SGE coming onstream tomorrow, it will be very interesting to see what happens to the price of GOLD, given the SGE will be demanding delivery on GOLD & Silver. Everything I read tells me we have an exponential increase in demand, squelched by the NY Futures Paper market. Even with Duetschebank guilty of manipulation, along with The Bank of Nova Scotia, and HSBC, nothing’s changed…business as usual!!

“China's Yuan-Based Gold Fix To Include Two International Banks (Pascal)

According to the rules that were sent to participating banks in February, the benchmark, which will be quoted in yuan per gram, will be set twice daily. The auction will be derived from a one-kilogram contract, traded among the 18 members of the SGE (Shanghai Gold Exchange).

Many analysts are not surprised that China is moving forward with its plan to launch its own yuan-based gold benchmark as it has become a central player in the marketplace. China’s benchmark will now fight for dominance with the London Bullion Market Association Gold Price Fix, which was launched last year and replaced the century-old London Fix.

The Shanghai Gold Exchange, or SGE, is working on plans for China's first forwards and options in gold, sources say, potentially putting China ahead in the race to set an Asian pricing benchmark that might eventually rival the London gold fix.”

And, here’s a link to the Shanghai Gold Exchange website. Most notable is who is NOT amongst the membership…yet. http://www.en.sge.com.cn/services/market-entry/market-entry-guide/526571.shtml