Gold Bullion Completes $8 Million Financing

October 29, 2010

Gold Bullion Development (OTC Other: GBBFF; TSX-V: GBB) has raised gross proceeds of $8 million at $0.54 per share with a half a warrant exercisable at $0.75 for up to one year.

As with other financings, proceeds from this closing will be used for the next stage of development of the Company’s Granada Gold Property in northwestern Quebec, five kilometers south of Rouyn-Noranda.

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Laurion Information to be Available via Standard & Poor’s Market Access Program

October 29, 2010

Laurion Mineral Exploration (OTC Other: LMEFF; TSX-V: LME) will utilize Standard & Poor’s Market Access Program to make available company information, including share price, volume, dividends, shares outstanding, company financial position, and earnings. 

In addition, a full description of Laurion Mineral Exploration Inc. will also be published in the Daily News section of Standard Corporation Records, a recognized securities manual for secondary trading in up to 38 states under their Blue Sky Laws.

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Advanced Explorations Accelerates Exercise of Warrants

October 29, 2010

Advanced Explorations (OTC Other ADEXF; TSX-V: AXI) has elected to accelerate the exercise of approximately 9.2 million warrants which are exercisable at $0.40 per share.  As a result and if all warrants are exercised, the Company would stand to receive gross proceeds of $3.7 million.  All warrants must be exercised within 30 days from today otherwise they shall expire.

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Lynden Wolfberry Update, Including Reserves and Wells to Spud

October 29, 2010

Lynden Energy (OTC OTher: LVLEF; TSX-V: LVL) proved plus probable reserves are estimated to be 8.25 million barrels of oil and 22 billion cubic feet of gas.  Of this amount, proved reserves were 1.28 million barrels of oil and 3.7 billion cubic feet of gas, the estimated NPV of which was calculated to be $64.0 million.

As a result of the recently completed financing, the Company seeks to expand its Wolfberry Project by upgrading the reserves through development drilling and by acquiring additional acreage. The Company expects three new Wolfberry Project wells to be spudded within the next ten days. Lynden is funding 50% of the cost of the three wells to earn a 43.75% working interest. Additional wells are expected to be spudded before the end of the year. The Company also expects to maintain an aggressive pace in developing its Wolfberry Project in 2011.

All of the Company’s activities should result in plenty of positive news flow and additional interest in the stock.

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Vietnam Bans Banks From Selling Customer Gold for Loans

October 29, 2010

HANOI (Reuters) – Vietnam’s central bank has stopped banks selling gold deposited by customers and using the funds for loans or for converting into foreign currencies, partly to help take downward pressure off the dong VND=.

It is also concerned that, if the value of gold continues to soar, banks could suffer heavy losses when they have to buy gold back to repay depositors.

A State Bank of Vietnam circular issued on Friday also bans banks from lending gold for producing and trading small gold bars, Nguyen Ngoc Bao, head of the central bank’s Monetary Policy Department, said in an interview.

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Central Bank’s Still Not Really Selling Gold

October 29, 2010

LONDON – The first month of the second year of the third Central Bank Gold agreement has brought forth no sales of gold as yet.  Figures for the IMF for October are not yet available, but at the end of September there were 74.5 tonnes of gold remaining available for disposal from the Fund’s original allocation of 403.3t of metal (i.e. the gold that was not under the auspices of the Second Amendment to the Articles of Agreement of the Fund).

Net sales of gold from CBGA signatories in the first year of CBGA3 (i.e. to 26th September 2010) came to just 6.7 tonnes, against a quota of 400tpa and the World Gold Council, in its latest “Gold Investment Digest” notes that Germany, which said in September 2009 that it would sell no more than 6.5t, actually sold only 5.2t.  What this means of course is that the other signatories sold only 1.5t (Greece and Malta).  Figures from the IFS suggest that IMF on-market sales in the period amounted to 107 tonnes. 

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Sprott Physical Silver Trust IPO

October 29, 2010

TORONTO, Oct 29 (Reuters) – Sprott Inc (SII.TO: Quote, Profile, Research, Stock Buzz), the Canadian fund manager specializing in resource investments, said on Friday that it planned to raise $500 million in the initial public offering of the Sprott Physical Silver Trust.

The offering will consist of 50 million units priced at $10 each.  The trust, which will be managed by Sprott Asset Management, will invest and hold nearly all its assets in silver bullion.

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