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    Posted April 18, 2014 by

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    Mining industry given a boost with positive survey feedback - WB

    Mining and oil/gas operations have positive impact on a country’s economy, according to a World Bank-sponsored survey which was published recently.
    The World Bank Institute (WBI) Governance for Extractive Industries Program commissioned an “Extractive Industries Public Perceptions Survey” to provide “unique insights into people’s perceptions of the contributions of the extractive industries to their country’s development.”
    The survey employed an internet-based technology called “innovative nano survey approach” which involved a random sampling of respondents in 14 countries affected by mining. However, the respondents are limited to those with internet access, not the communities surrounding mining or oil/gas development.
    While the methodological limitation meant that those mostly impacted by these projects may least represented in the survey, the World Bank has highlighted the positive public perception about oil, gas and mining.
    One of these extractive companies is Premium Exploration Inc. (TSX-V: PEM; OTCQX: PMMEF - http://finance.yahoo.com/q?s=PMMEF&ql=1(, a North American precious metal explorer, which has pushed forward its drilling explorations in Idaho with the discovery of high gold mineralization in the area.
    Premium (http://www.premiumexploration.com/) engages in extracting, exploring and developing precious metals in North America, at same time is involved in exploring gold, silver, platinum, palladium and rhodium in the United States.
    Ongoing projects are at North-Central Idaho which covers an area of about 90 square miles of the Orogrande Shear Zone, and South-Central Montana covering 3,640 acres of the Stillwater Ignaeous complex. The Idaho project is considered to have a high revenue potential since the mining town of North Idaho promotes a healthy, pro-mining environment for explorers and investors.
    The price of gold has steadily increased after it suffered a setback in 2013. With the U. S. Federal Reserve hinting that interest rates are about to soar, gold traders and speculators have began holding back on the yellow metal.
    A U. S. Federal Reserve official said that gold “is an asset people want to hold when they’re fearful about potential market catastrophe or economic troubles and tail risks,” adding that “where there is financial market turbulence, often we see gold prices rise as people flee into them.”
    Gold Demand Trends data from The World Gold Council said China is now the biggest gold consumer after taking over India. In fact, analysts believe that China helped propel the increase in the price of gold, buying the metal as a hedge against a possible “financial correction of the world’s second largest economy.”
    However, the price of gold fell below $1,300 an ounce on Thursday as investors cut their exposure to gold-backed funds. China led the decrease in the demand for gold in Asia and industry sources said gold prices are likely to go down in 2015 with the normalization of the U.S. monetary policy and investors switching to higher yielding assets.
    Premium Exploration, Inc. shares traded at $0.050 on Thursday, with a total volume of 323,000.
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