Silverado Gold Mines Ltd.: Update to August 31, 2010 News Release / Antimony Prices Soar; Silverado Drill Core Examination Shows Mineralized Widths Over 60 Feet
"VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/01/10 -- NOTE: Due to numerous inquiries about yesterday's news release, we've added or clarified the information shown in ALL CAPITAL LETTERS.
Silverado Gold Mines Ltd (OTCBB: SLGLF)(FRANKFURT: SLGL) (www.silverado.com the "Company" or "Silverado") noted that the antimony markets have advanced from $4,000 per tonne (2200 lbs.) in early 2009 to $9,800 per tonne in July 2010 according to Martin Hayes, chief correspondent of TheBullionDesk.com, a London metals trading company.
The U.S. Geological Survey (USGS) shows that China, the world's largest producer of antimony, produced 170,000 tonnes of antimony out of a total 2009 global output of 187,000 tonnes. Currently, Chinese smelters are being rebuilt to upgrade scrubbing systems (pollution controls) and mine production is off dramatically due to mine closures relating to a number of major mining accidents in the last year. This is also the case in South Africa.
In the face of this major decline in output and given the antimony trioxide flame retardant industry's continued growth at 8% per year, and as new uses for the strategic metal including window frames for building construction and additives to carbon fiber components emerge, the market price is expected to continue rising"...
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Den Vorhang AUF, der Krimi geht weiter...