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Paige Taylor; 23/11/09

Phosphate mining sustained Adijah Bingham and her seven siblings as they grew up on the remote Australian territory of Christmas Island. Now Ms Bingham’s work replanting native trees is paid for by a mining company holding its breath. Within five weeks, Environment Minister Peter Garrett is expected to rule on the future of Christmas Island Phosphates, which, despite the economic boom created by the detention of more than 1100 asylum-seekers on the island, is still the largest employer of locals. The mine employs 135 residents and has offered to contribute a further $50 million to community projects on top of the conservation levy it pays for rainforest rehabilitation if its new leases are granted.

See: http://www.theaustralian.com.au/news/nation/work-the-issue-as-islanders-hang-on-garretts-mine-call/story-e6frg6nf-1225801855374

Tags: Australia, Christmas Island, Environment, Trade

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Chilean chemical solutions firm Sinquiver is looking into marketing urine separation systems in Chile, the firm’s wastewater manager Alistair Marsh told BNamericas.

There are several advantages to the system, according to Marsh. “First of all, you don’t need freshwater to flush urine so you save on water use and costs,” he said.

The concept involves installing a different pipeline which would channel the urine to be stored in a tank. “Urine is a huge source of nitrogen and phosphate which could then be used for the production of fertilizer,” Marsh said.

“This kind of system would be especially useful in mining operations which involve a large number of people,” said Marsh, adding: “It would save water while simultaneously providing a source of fertilizer for local farmers.”

An additional benefit is that by taking the urine out of sewage, wastewater is easier to treat.

Urine accounts for less than 1% of wastewater but it contains about 80% of the nitrogen, 50% of the phosphate and 70% of the potassium, all of which must be removed. Nutrient removal is the most difficult aspect of wastewater treatment. By separating the urine at source, studies have shown energy savings of 25% at wastewater treatment plants.

“We are looking to offer urine-separating toilets to municipalities and companies that employ a large number of people such as malls and hotels, among others,” Marsh said.

“Wastewater treatment is still very new in Latin America but there is a great need for it and that is where we come in,” said Marsh, adding: “Sinquiver is looking for the best technology and solutions to introduce into the local market.”

In addition to wastewater treatment, the company provides solutions for the wood and paper industry, and sells industrial equipment.

Source: Greta Bourke, BNamericas.com [subscription site], 19 Nov 2009

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Santiago, Chile - Workers at the world's largest copper mine made landmark progress in their ongoing labor dispute, winning thousands of dollars in bonuses and higher wages for unionized members. The Escondida mine, located in the Atacama Desert in northern Chile, will pay each of its workers a bonus of US$25,340, give them a 5 percent raise, increase their health and education benefits, and provide easy access to up to US$6,339 in loans. The union, which has roughly 2,250 members, voted to accept the offer with a 72 percent yes vote. The union contract was set to expire Dec. 5.

This latest concession by Escondida, which is owned by British/Australian mining giant BHP Billiton and produces 5 percent of the world's copper, will almost certainly influence labor negotiations at other Chilean mining sites, including Spence, another BHP Billiton mine, and the Andina division of state-run copper company, CODELCO.

At Spence, where the workers are on strike, union leaders are demanding benefits above those won in Escondida. “We're open to resuming the dialogue, but we're warning that we can afford to continue striking for months,” union leader Andrés Ramírez told El Mercurio. He said that his union was not blocking access for workers or vehicles entering the mine.

Still, Escondida's successes will not necessarily carry over to the other labor disputes, according to Juan Carlos Guarjardo, director of the Santiago-based Center for Copper and Mining Studies (CESCO). “I don't think it's possible to extrapolate the same numbers to all cases, but it will play an influential role in establishing a higher level of demands,” he said to El Mercurio, pointing out that several mining contracts will end later this year, which puts the Escondida settlement at the center of the mining industry's attention.

Escondida workers fought for higher wages in 2006 as well, and, after a 25-day strike, won a bonus of US$16,290 and a 5 percent wage hike.

Copper has long been the lynchpin of Chile's economy. According to the Chilean central bank, in 2008 copper represented 42.49 percent of Chile's exports and 15.5 percent of its gross domestic product.

SOURCES: EL MERCURIO, CAPITAL, REUTERS, THE AUSTRALIAN

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The DSS allows users to enter variables in yellow cells in the “Inputs” section on the left side of the worksheet and view results in green cells in the “Outputs” section on the right. Input variables include stumpage price, capital cost, and costs of each start-up, rotation, coppice, and year. The user can specify what portion of total biomass is harvested, the number of coppices, and their harvest ages. Financial incentives for renewable energy or other environmental benefits can be incorporated on a per-ton basis in the stumpage price. The DSS uses growth and yield functions developed from measurements of two planting densities of Eucalyptus amplifolia in a field trial of SRWCs on a phosphate mine clay settling area (CSA) near Lakeland, FL. Yields for each growth stage are displayed, and can be modified by adjusting the initial planting density or by adjusting yields under the general parameters. Ranges of values used to assess SRWC production on CSAs are shown in Table 1.

Under all possible combinations of the assumptions in Table 1, the profitability of E. amplifolia on CSAs varies widely, with LEVs ranging from -$909 to $6,740 acre-1. Under the base case scenario identified in Table 1, the resulting LEV is $308 acre-1 assuming an interest rate of 10% and $2,633 acre-1 assuming an interest rate of 4%. LEV, EAE, and IRR results of the base case scenario under a range of discount rates and stumpage prices are shown in Table 2.

This DSS does not automatically determine optimum harvest ages or the optimum number of stages per cycle, which both require dual optimization of continuous functions. DSS users can either input probable harvest and replanting ages and “zero in” inputs to maximize economic returns, or contact the authors to arrange a customized DSS. The DSS in either Excel or MathCad format could be modified to incorporate alternative growth and yield functions that might be developed for other SRWC species or conditions. For more information see the FIPR report “Commercial Tree Crops for Phosphate Mined Lands”, Rockwood et al. (in press).

Acknowledgements

We acknowledge the assistance of Steve Segrest of the Common Purpose Institute and funding by the Florida Institute of Phosphate Research.

References

Aronsson, P., Perttu, K., 2001. Willow vegetation filters for wastewater treatment and soil remediation combined with biomass production. Forestry Chronicle. 77, 2, pp. 293-299.

Bungart, R., Huttl, R. F., 2001. Production of biomass for energy in post-mining landscapes and nutrient dynamics. Biomass and Bioenergy. 20, 3, pp. 181-187.

Joslin, J.D., Schoenholtz, S. H., 1997. Measuring the environmental effects of converting cropland to short-rotation woody crops: A research approach. Biomass and Bioenergy. 13, 4-5, pp. 301-311.

Labrecque, M., Teodorescu, T. I., Daigle, S., 1997. Biomass productivity and wood energy of Salix species after 2 years growth in SRIC fertilized with wastewater sludge. Biomass and Bioenergy. 12, 6, pp. 409-417.

Langholtz, M., Carter, D., Rockwood, D. L., Alavalapati, J., 2007. The economic feasibility of reclaiming phosphate mined lands with short-rotation woody crops in Florida. Journal of Forest Economics, 12, 237-249.

Langholtz, M., Carter, D. R., Rockwood, D. L., Alavalapati, J. R. R., Green, A., 2005. Effect of dendroremediation incentives on the profitability of short-rotation woody cropping of Eucalyptus grandis. Forest Policy and Economics. 7, 5, pp. 806-817.

Licht, L.A., Isebrands, J. G., 2005. Linking phytoremediated pollutant removal to biomass economic opportunities. Biomass and Bioenergy. 28, 2, pp. 203-218.

Medema, E.L., Lyon, G. W., 1985. The determination of financial rotation ages for coppicing tree species. Forest Science. 31, 2, pp. 398-404.

Mirck, J., Isebrands, J. G., Verwijst, T., Ledin, S., 2005. Development of short-rotation willow coppice systems for environmental purposes in Sweden. Biomass and Bioenergy. 28, 2, pp. 219-228.

Rockwood, D.L., Carter, D., Stricker, J. 2006. Commercial tree crops for phosphate mined lands, final report. Report Number FIPR Project Number: 99-03-141R. Florida Institute of Phosphate Research. Bartow, Florida.

Rockwood, D.L., Naidu, C., Segrest, S., Carter, D., Rahmani, M., Spriggs, T., Lin, C., Alker, G., Isebrands, J. G., 2004. Short-rotation woody crops and phytoremediation: Opportunities for agroforestry? In: Nair,P.K., Rao,M.R., Buck,L.E. (Eds.), New Vistas in Agroforestry, A Compendium for the 1st World Congress of Agroforestry 2004. Kluwer Academic Publishers, Dordrecht, The Netherlands, pp. 51-63.

Rosenqvist, H., Aronsson, P., Hasselgren, K., Perttu, K., 1997. Economics of using municipal wastewater irrigation of willow coppice crops. Biomass and Bioenergy. 12, 1, pp. 1-8.

Smart, J., Burgess, J., 2000. An environmental economic analysis of willow SRC production. Journal of Forest Economics. 6, 3, pp. 193-266.

Stricker, J., Prine, G., Anderson, D. L., Shibles, D. B., Riddle, T. C. 1993. Production and Managment of Biomass/Energy Crops on Phosphatic Clay in Central Florida. Report Number Circular 1084. 1-8. Florida Cooperative Extension Service.

Tait, D., 1986. A dynamic programming solution of financial rotation ages for coppicing tree species. Canadian Journal of Forest Research. 16, pp. 799-801.

Thornton, F.C., Joslin, J. D., Bock, B. R., Houston, A., Green, T. H., Schoenholtz, S., Pettry, D., Tyler, D. D., 1998. Environmental effects of growing woody crops on agricultural land: First year effects on erosion, and water quality. Biomass and Bioenergy. 15, 1, pp. 57-69.

Tolbert, V.R., Wright, L. L., 1998. Environmental enhancement of U.S. biomass crop technologies: research results to date. Biomass and Bioenergy. 15, 1, pp. 93-100.

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“If it's not grown, it's got to be mined,” Lenny the mine guide stated matter-of-factly as he led our hard hat-wearing group into the dim, damp underground Sierra Silver Mine in Wallace, Idaho. “If you really think about it, you'll realize how true that is,” he continued proudly. “The manufacture of everyday products requires silver, gold, copper, lead, zinc and other minerals.” Lenny is right.

Nicknamed “Smurf” by his former co-workers because of his short stature, the retired hard-rock-miner-turned-tour-guide entertained and educated us for about an hour as we toured the fascinating mine and learned its history. Through humorous yet true stories of his career as a miner, we were surprised to hear that the tools of the trade haven't changed much over the last 100 years. Long pneumatic drills are still used to bore holes into rock, and the holes are then filled with explosives. Although the noise during the drill demonstration was deafening, it lasted for just a few seconds, and it helped us to better understand the working conditions endured by hard rock miners. After Lenny's enjoyable and educational tour, our group re-boarded the vintage trolley that had brought us out to the mine, and listened to the driver as he pointed out local landmarks during the short and scenic ride back into downtown Wallace.

Wallace, Idaho, known officially as the Silver Capital of the World, is just one of 14 historic towns tucked into Idaho's Silver Valley. The Valley stretches about 40 miles, mostly along Interstate 90 between the Coeur d'Alene River and the Montana border, and got its name because the silver deposits first found here in the early 1880s were some of the richest ever discovered. The Valley's Coeur d'Alene Mining District is still one of the largest silver mining regions in the world, and has produced more than a billion ounces over the past century.

To get a real sense of 125 years of silver mining history, an underground tour of the Sierra Silver Mine can't be beat. It's fun and informative for the entire family, as is the Crystal Gold Mine tour in neighboring Kellogg, Idaho. And don't forget the outdoor gear when you visit—take full advantage of the Silver Valley's plentiful camping, fishing, and hiking opportunities.

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HOUSTON and OSLO, Dec. 3 /PRNewswire-FirstCall/ – Geokinetics Inc. (NYSE Amex: GOK) and Petroleum Geo-Services (”PGS”) (OSE: PGS) today announced that they have signed a definitive agreement under which Geokinetics (”the Company”), a leading provider of seismic data acquisition, processing and interpretation services, will acquire the onshore seismic data acquisition and multi-client data library business of PGS (”PGS Onshore”) in a cash and stock transaction valued at approximately $210 million, on a cash free, debt free basis, which includes net working capital of $37.5 million. The final purchase price is subject to certain customary post-closing adjustments. The transaction is expected to close in the first quarter of 2010 and is subject to normal closing conditions and regulatory approvals; there is no financing condition.

The combination of Geokinetics and PGS Onshore will create the second largest provider of onshore seismic data acquisition services in the world in terms of crew count and the largest based in the Western Hemisphere. The combined company will have the assets and technical capabilities to support up to 38 crews and carry in excess of 207,000 equipment channels and over 150 vibroseis units; and possess in excess of 6,240 square miles of multi-client library data upon completion of current projects in progress. Empowered by a broad range of technologies that include transition zone (”TZ”), ocean bottom cable (”OBC”) and land vibroseis, the new Geokinetics will be able to compete more effectively within the entire seismic value-chain of planning, proprietary and multi-client acquisition, processing and interpretation services. Furthermore, this acquisition will propel Geokinetics into new markets including Alaska and Mexico, as well as certain new countries in the Middle East and North Africa. As a result, Geokinetics will have a greater geographic reach overall, with a more significant presence in Africa and Asia and a leadership position in the Americas.

In 2008, PGS Onshore generated $71.9 million in EBITDA (a non-GAAP financial measure defined below) on revenues of $278.8 million. In the first nine months of 2009, it generated $9.2 million in EBITDA on revenues of $141.6 million. The 2009 decline in revenues and EBITDA is primarily due to a substantial drop in multi-client revenues as a result of lower natural gas prices in North America and a lack of new projects initiated in 2009. On a pro-forma basis, the new Geokinetics would be expected to generate in excess of $700 million in revenues for 2009. PGS Onshore had backlog of $196 million as of September 30, 2009, which combined with Geokinetics represents $455 million of pro-forma combined backlog at September 30, 2009. Geokinetics anticipates the transaction will be highly accretive to 2010 earnings.

Richard F. Miles, President and Chief Executive Officer of Geokinetics, said, “We are extremely pleased to enter into this agreement with PGS as it solidifies Geokinetics' position as the clear leader in the onshore seismic data acquisition business. With the addition of PGS Onshore's technologies; its broad international operations capable of working in diverse climate conditions; its extensive multi-client library providing multi-year potential and a focus on high-impact drilling areas or areas of high lease turnover, we will be able to expand our services, accelerate our entrance into the multi-client business and enhance our position within the seismic contractor industry.

“We expect the combined company to be better positioned to serve our expanded customer base as we will have an enhanced ability to redeploy assets into more attractive markets. Our increased number of crews should also provide longer term contract opportunities with fewer mobilizations which should result in better utilization and profitability. In addition, PGS has invested over $130 million over the last three years in their 5,500 square miles of multi-client library data and multi-client technical capabilities, and we believe this high quality resource will place us in an important segment of the market in which we have not previously participated in a meaningful way.

“Finally, we look forward to PGS becoming a large shareholder in Geokinetics, as we believe this will provide numerous opportunities going forward and should benefit both companies. We are eager to welcome the PGS Onshore employees into Geokinetics, and look forward to building a stronger, more competitive business,” concluded Mr. Miles.

Jon Erik Reinhardsen, President and Chief Executive Officer of Petroleum Geo-Services commented, “The combination of PGS' and Geokinetics' competence and market presence will create a new force in the onshore seismic industry. As a future key shareholder, we are excited about the growth potential and leading market position of the new Geokinetics. This transaction adds value for our shareholders, our employees and our customers.”

Mr. Reinhardsen continues, “At the same time, this transaction establishes PGS as a focused marine geophysical company. The strengthened financial position of PGS will further allow us to continue to develop the most efficient fleet and leading edge technology in the industry.”

Following the closing of the transaction, PGS will become Geokinetics' second-largest shareholder after Avista Capital Partners. The acquisition is expected to provide annual synergies in excess of $10 million, driven mainly by organizational streamlining and cost reductions. There may be additional synergies via cross-selling opportunities and additional opportunities for processing behind Geokinetics' expanded number of crews. Geokinetics expects to begin to capitalize on these synergies in mid-2010 as the Company starts to benefit from the integration of the two businesses.

Geokinetics has agreed to finance this acquisition through a combination of cash and common stock. At closing, Geokinetics will issue PGS approximately 2.15 million shares, which represents 19.9% of Geokinetics current number of shares outstanding prior to this issuance, valued for purposes of the transaction at $12.11 per share or $26.1 million. The remainder of the purchase price or $183.9 million will be paid in cash. The Company will have until February 15, 2010 to close the transaction.

The Company has received a bridge financing commitment from RBC Capital Markets Corporation and in addition, Geokinetics will also explore various capital markets financing transactions prior to closing.

In conjunction with the financing of this transaction, Geokinetics expects to repay the majority, if not all, of its existing outstanding debt including its revolving credit facility, capital leases and equipment financings. RBC Capital Markets Corporation served as Geokinetics' exclusive financial advisor for this transaction, while Pareto Securities served as advisor to PGS.

In connection with the transaction, the Company has amended its Preferred Stock to facilitate the financing of the transaction as follows. The Company's Series B-1 Preferred Stock has been amended to, among other things, extend the date that its holders may call for mandatory redemption and the date through which the Company can elect to pay dividends in kind to a date to be determined between December 2015 and March 31, 2016, with the exact date to be determined at the completion of the financing transactions mentioned above. In addition, the coupon on the Series B-1 Preferred Stock has been amended from 8% to 9 3/4% and the conversion price has been adjusted from $25 to $20, subject to certain restrictions. The Company's Series B-2 Preferred Stock will be exchanged for a new Redeemable Preferred Stock with no common stock conversion feature. This redeemable preferred stock will have a coupon of approximately 12%, and will be redeemable at a date to be determined between December 2015 and March 31, 2016, with the exact date and coupon to be determined at the completion of the financing transactions mentioned above. Dividends will be paid in cash or, if the Company is restricted from paying such dividends, may accrue up to redemption. In addition, the Company will issue the holders of its Series B-2 preferred stock 750,000 shares of its common stock as consideration for the amendments above.

ABOUT PGS ONSHORE

The Onshore business of PGS is engaged in seismic acquisition operations on land, including onshore multi-client library, and in shallow water and transition zones. With capacity for up to 13 crews in 10 countries, PGS Onshore has widespread international operations with exposure in Asia, Africa, and South America and has an extensive presence in Mexico supported through long-term contracts. Its geographic capabilities vary from the severe desert conditions of the Middle East and North Africa to mountain, jungle and swamp regions where it manages the logistics of high manpower crews in traditionally challenging environments. PGS Onshore also operates effectively in the environmentally sensitive terrain of the Arctic. Its high channel capability allows the efficient acquisition of extremely high density land surveys, and its transition zone capabilities enable the recording of continuous data sets from onshore out to operational streamer depths. PGS Onshore also has an extensive multi-client library with over 5,500 square miles mapped, covering Texas, Alaska, Oklahoma and Wyoming, as well as significant equipment including approximately 85,000 channels and 84 vibroseis units.

ABOUT PETROLEUM GEO-SERVICES

Petroleum Geo-Services is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation and field evaluation. The Company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters in Oslo, Norway. For more information on Petroleum Geo-Services, visit www.pgs.com.

ABOUT GEOKINETICS

Geokinetics is a leading provider of seismic data acquisition, processing and interpretation services to the oil and gas industry worldwide with over 25 years of experience operating in hard to penetrate markets and expertise in tough, challenging operating environments. It provides seismic data acquisition services by collecting 2D, 3D and multi-component seismic data in land, TZ and shallow water OBC environments. In addition, it performs work for seismic data library companies. Geokinetics provides seismic data acquisition services in the United States, Western Canada, the Canadian Arctic, Central and South America, Africa, the Middle East, Australia, New Zealand and the Far East. Geokinetics' global strategy and presence allows the easy redeployment of assets to the most attractive regions. Crews use the latest technology and most appropriate methodology and equipment for each operating environment and are able to move easily between land and TZ environments. With a channel count of approximately 122,000, it has capacity to operate up to 25 total crews worldwide. For more information on Geokinetics, visit www.geokinetics.com.

CONFERENCE CALL AND WEBCAST INFORMATION

Geokinetics has scheduled a conference call for Thursday, December 3, 2009, at 11:00 a.m. Eastern Time. To participate in the conference call, dial (480) 629-9643 for international callers, or (877) 941-0843 for domestic callers a few minutes before the call begins and ask for the Geokinetics conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until December 16, 2009. To access the replay, dial (800) 406-7325 for domestic callers or (303) 590-3030 for international callers, in both cases using pass code 4189040#.

The webcast may be accessed online through Geokinetics' website at www.geokinetics.com in the Investor Relations section. A webcast archive will also be available at www.geokinetics.com shortly after the call and will be accessible for approximately 90 days. For more information regarding the conference call, please contact Donna Washburn at DRG&E at 713-529-6600 or email dmw@drg-e.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, included in this earnings release that address activities, events or developments that Geokinetics expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include but are not limited to statements about the business outlook for the year, backlog and bid activity, business strategy, related financial performance and statements with respect to future events. These statements are based on certain assumptions made by Geokinetics based on management's experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Geokinetics, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, job delays or cancellations, reductions in oil and gas prices, the continued disruption in worldwide financial markets, impact from severe weather conditions and other important factors that could cause actual results to differ materially from those projected, or backlog not to be completed, as described in the Company's reports filed with the Securities and Exchange Commission. Backlog consists of written orders and estimates of Geokinetics' services which it believes to be firm, however, in many instances, the contracts are cancelable by customers so Geokinetics may never realize some or all of its backlog, which may lead to lower than expected financial performance.

Although Geokinetics believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will be correct. All of Geokinetics' forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made and Geokinetics undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Below are condensed Consolidated Statements of Results of Operations for PGS Onshore. All amounts are in accordance with Generally Accepted Accounting Principles (GAAP) of the United States of America.

Contact: Scott A. McCurdy
Vice President and CFO
Geokinetics Inc.
(713) 850-7600

For the Nine Months Ended
September 30,
2009 2008
—- —-
(In thousands, except per
share amounts)
Revenues:
Contract $137,555 $148,703
Multi client 4,003 59,350
—– ——
Total revenues 141,558 208,053

Expenses:
Operating expenses 122,265 138,352
Research and development 2,887 16
General and administrative 7,194 10,708
Depreciation and amortization 15,456 10,504
Amortization of multi client library 3,170 41,259
—– ——
Total expenses 150,972 200,839
——- ——-
(Loss) income from operations (9,414) 7,214
—— —–

Other income (expense):
Interest expense, net (7,734) (8,714)
Other 1,382 (1,593)
—– ——
Total other income (expense) (6,352) (10,307)
—— ——-
Loss before income taxes (15,766) (3,093)
(Benefit) provision for income taxes (2,734) 10,526
—— ——
Net loss $(13,032) $(13,619)
======== ========

For the Twelve Months
Ended December 31,
2008 2007
—- —-
(In thousands, except per
share amounts)
Revenues:
Contract $210,166 $164,495
Multi client 68,611 81,195
—— ——
Total revenues 278,777 245,690

Expenses:
Operating expenses 192,950 159,905
Research and development 16 7
General and administrative 13,935 14,412
Depreciation and amortization 14,913 10,780
Amortization of multi client library 45,927 54,126
—— ——
Total expenses 267,741 239,230
——- ——-
Income from operations 11,036 6,460
—— —–

Other income (expense):
Interest expense, net (13,357) (12,389)
Other (3,449) (13)
—— —
Total other income (expense) (16,806) (12,402)
——- ——-
Loss before income taxes (5,770) (5,942)
Provision for income taxes 13,483 11,629
—— ——
Net loss $(19,253) $(17,571)
======== ========

GAAP Reconciliation

The Company defines EBITDA as Net Income before Taxes, Interest, Other Income (Expense) (including foreign exchange gains/losses, gains/losses on sale of equipment and insurance proceeds, warrant expense and other income/expense), and Depreciation and Amortization. EBITDA is not a measure of financial performance derived in accordance with Generally Accepted Accounting Principles (GAAP) and should not be considered in isolation or as an alternative to net income as an indication of operating performance. See below for reconciliation from Net Loss to EBITDA amounts for the business to be acquired referred to above:

For the Nine Months Ended
September 30,
————————-
2009 2008
—- —-
(In thousands)
Net Loss (13,032) (13,619)
(Benefit) Provision for Income Taxes (2,734) 10,526
Interest Expense, net 7,734 8,714
Other (Income) Expense (as defined above) (1,382) 1,593
Depreciation and Amortization 18,626 51,763
—— ——
EBITDA $9,212 $58,977
====== =======

For the
Twelve Months Ended
December 31,
————
2008 2007
—- —-
(In thousands)
Net Loss (19,253) (17,571)
Provision for Income Taxes 13,483 11,629
Interest Expense, net 13,357 12,389
Other Expense (as defined above) 3,449 13
Depreciation and Amortization 60,840 64,906
—— ——
EBITDA $71,876 $71,366
======= =======

SOURCE Geokinetics Inc.

PIRAEUS, Greece, Dec. 2 /PRNewswire-FirstCall/ — Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it has taken delivery of the Paxoi, a 5,500 dwt double-hull bunkering tanker newbuild from Qingdao Hyundai Shipyard in China. The vessel is expected to be deployed to the Company's market located in the U.K.

E. Nikolas Tavlarios, President, commented, “With the delivery of the Paxoi, Aegean continues to execute its well-capitalized growth strategy and strengthen its leading competitive position. This vessel represents the 10th double-hull bunkering vessel delivered in 2009 and the 20th since Aegean's IPO in December 2006. By significantly expanding our high-quality logistics infrastructure, we have further enhanced our ability to take advantage of the regulatory phase-out of single-hull tankers and increase our global market share for the physical supply of marine fuel.”

About Aegean Marine Petroleum Network Inc.

Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in 14 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore as well as Tangiers, Morocco.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “intend,” “anticipate,” “estimate,” “project,” “forecast,” “plan,” “potential,” “may,” “should,” “expect” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to manage growth, our ability to maintain our business in light of our proposed business and location expansion, our ability to obtain double hull secondhand bunkering tankers, the outcome of legal, tax or regulatory proceedings to which we may become a party, adverse conditions in the shipping or the marine fuel supply industries, our ability to retain our key suppliers and key customers, material disruptions in the availability or supply of crude oil or refined petroleum products, changes in the market price of petroleum, including the volatility of spot pricing, increased levels of competition, compliance or lack of compliance with various environmental and other applicable laws and regulations, our ability to collect accounts receivable, changes in the political, economic or regulatory conditions in the markets in which we operate, and the world in general, our failure to hedge certain financial risks associated with our business, our ability to maintain our current tax treatments and our failure to comply with restrictions in our credit agreements and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

SOURCE Aegean Marine Petroleum Network Inc.

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One of the benefits of switching to synthetic oil is that it can save your engine from destruction. Other benefits of switching to synthetic oil exist as well, but probably the most important of the benefits of switching to synthetic oil—especially during the winter—is to prevent breakdown of your vehicle.

Petroleum and Synthetic Oil

Petroleum oil is basically mined from the earth but has some additives thrown in as well. Synthetic oil, on the other hand, is created in a laboratory, so it is formulated exactly as needed to meet vehicle engine requirements.

Oil: Why does my car need it?

To better understand what the benefits of switching to synthetic oil are, it is first important to know why a vehicle needs oil in the first place. Engine oil serves to lubricate the metal parts inside a vehicle engine, keeping it operating—and you on the road. It also aids in keeping the heat temperature down inside the engine as it is operating, which helps to reduce engine part friction and the shavings that that can create.

Benefits of Switching to Synthetic Oil: Smoother Engine Operation

In the winter months the wax found in petroleum oil can become thick, making it hard to get your engine lubricated as quickly. That is why your engine doesn't operate as smoothly—or sound as softly—as it might in the summer.

Oil companies add additives to help reduce this thickening process that occurs with petroleum oil, but if very cold temperatures remain for several consecutive days then those additives dissipate eventually. Synthetic oil doesn't have this problem.

Benefits of Switching to Synthetic Oil: No Wax Ingredient

Unlike petroleum oil, synthetic oil is manufactured with extreme temperatures in mind—and does not contain any paraffin wax—so it is designed to flow much better than petroleum oil in very cold weather, regardless of the duration of the cold temperature.

Benefits of Switching to Synthetic Oil: Less Engine Wear and Tear

Other benefits of switching to synthetic oil become obvious when considering how oil affects the wear and tear on a vehicle's engine. If oil is too thick—like petroleum oil can be during the winter cold—it will not flow well enough to coat the engine upon starting.

This means that the parts in your engine are grinding against one another and metal shavings are being created as you wait for the petroleum oil to slowly make its way completely throughout the engine.

These shavings will circulate through the engine's oil once it makes its way through, thus continuing to create more wear and tear on your engine. But when you use synthetic oil you don't have this problem.

In fact, some synthetic oils will flow smoothly in temperatures as low as -70 F. So by using synthetic oil, your engine won't grind against itself, or create metal shavings, thus helping to prevent engine destruction.

Benefits of Switching to Synthetic Oil: Road Safety

An engine in good operational shape, receiving adequate—and clean—oil, is one of the best ways to ensure road safety and reduce breakdowns.

Resource

Auto Education.com: Oil Part 1

http://www.autoeducation.com/autoshop101/oil-change-2.htm

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VANCOUVER, Nov. 12 /PRNewswire-FirstCall/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) - is pleased to announce that it has filed its financial statements and MD&A for the three months ended September 30, 2009. The full documents are available on SEDAR and have also been posted on the Company's website at www.fortunasilver.com.

Third quarter 2009 highlights:

- Mine operating income of US$ 7.07 million compared to US$ 1.73
million in Q3 2008
- Historic record sales of US$ 13.23 million compared to US$ 7.49
million in Q3 2008
- Cash flow from operations before changes in non-cash working capital
of US$ 2.66 million, compared to US$2.58 million in Q3 2008
- Net loss of US$ 0.56 million compared to net loss of US$ 0.30 million
in Q3 2008
- Adjusted net income (*) of US$ 1.22 million compared to US$ 0.23
million in Q3 2008
- Cash position and working capital as at September 30, 2009 were US$
33.68 million and US$ 34.86 million respectively

(*) Adjusted net income is a non-GAAP (Generally Accepted Accounting
Principles) measure. Read below for reconciliation with the net
loss in the consolidated statement of operations. For more detail,
refer to the MD&A document filed on SEDAR.

Jorge Ganoza, President, CEO and Director, commented, “The Company reported record breaking sales of US$ 13.23 million. The average realized price of silver in the third quarter was US$ 14.70. Fortuna is well positioned to continue capitalizing on this bull trend in silver and base metals.”

A conference call has been scheduled for Monday, November 16, at 11:00 a.m. EST / 8:00 a.m. PST to discuss the quarterly results. Details of the call are available at the end of this release.

Financial Results
—————–

During the third quarter of 2009, the Company generated record quarterly sales of US$13.23 million compared to US$7.49 million in the same period of 2008; an increase of 77%.

The Company recorded a net loss in the current quarter of US$0.56 million which was due primarily to negative mark-to-market movements on our commodity hedge book. The Company's base metal price protection program generated a loss on commodity contracts of US$3.47 million during the third quarter of 2009 compared to a gain of US$0.69 million for the same period of 2008.

Adjusting for the mark-to-market effect on derivatives, the third quarter of 2009 resulted in adjusted net income of US$1.22 million compared to US$0.23 million for the same period of 2008. The increase of US$0.99 million is primarily a result of record mine operating income of US$7.07 million compared to US$1.73 million in the same period of 2008.

Summary of financial results (US$):

Expressed in '000's
—————————————–
Three months ended Nine months ended
September 30, September 30,
—————————————–
2009 2008 2009 2008
————————————————————————-
$ $ $ $
Revenue 13,230 7,492 35,072 22,072
Mine operating income 7,074 1,734 17,534 6,886
Operating income 4,388 (383) 8,820 636
Adjusted net income (loss) 1,224 231 1,849 (302)
Cash flow from operations before
changes in non-cash
working capital items 2,658 2,577 10,909 (7,659)
Cash cost per Ag oz net
of by-product credits (US$/oz) (5.34) - - -
————————————————————————-

Reconciliation of adjusted net income to net income in the consolidated
statement of operations (US$):

Expressed in '000's
—————————————–
Three months ended Nine months ended
September 30, September 30,
—————————————–
2009 2008 2009 2008
————————————————————————-
NET (LOSS) INCOME FOR THE PERIOD $ (556) $ (297) $ (414) $ 1,558
Items of note:
Mark-to-Market effect
on derivatives 1,780 528 2,263 (1,860)
————————————————————————-
ADJUSTED NET INCOME (LOSS)
FOR THE PERIOD(1) $ 1,224 $ 231 $ 1,849 $ (302)
————————————————————————-

Operating Results
—————–

The mine continues to be on target to achieve its silver production forecast of 1.6 million ounces for 2009. Silver production reached 438,186 ounces in the third quarter of 2009, an 80% increase over the same period in 2008.

Cash cost per ounce of payable silver net of by-product credits at Caylloma was negative US$5.34 for the third quarter of 2009 compared to negative US$2.98 for second quarter of 2009. This reduction in cash cost is due to higher credits from by-products. Cash cost per tonne of treated ore for the third quarter of 2009 was US$45.09 compared to US$44.43 for the corresponding quarter of 2008.

San Jose Project
—————-

Management plans to have all the engineering and permits required to initiate construction at San Jose concluded by year end. Project staffing for the construction phase is being conducted and the Company has initiated selective searches for long lead equipment.

Conference Call to Review Quarterly Financial Results
—————————————————–

The Company will hold a conference call to discuss the financial results on Monday, November 16, 2009, at 11:00 a.m. EST / 8:00 a.m. PST. Hosting the call will be Jorge Ganoza, President, Chief Executive Officer and Director, and Luis Dario Ganoza, Chief Financial Officer.

Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at the Investor Calendar website or over the phone by dialing just prior to the starting time.

Conference call details:

Date: Monday, November 16, 2009
Time: 11:00 a.m. EST / 8:00 a.m. PST
Dial in number (Toll Free): 877-407-8035
Dial in number (International): 201-689-8035

Replay number (Toll Free): 1-877-660-6853
Replay password (International): 1-201-612-7415
Replay Passcodes (both are required for playback):
Account: # 286
Conference ID: # 337303

Playback of the webcast will be available until February 17, 2010. Playback of the conference call will be available until 11:59 p.m. EST on November 30, 2009. In addition, the call will be archived in the Company's website.

Stock Option Cancellation
————————-

The Company advises that it has cancelled 1,075,000 incentive stock options which were exercisable at $3.22 per share.

Fortuna Silver Mines Inc.

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.

ON BEHALF OF THE BOARD

Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.

Symbol: TSX.V: FVI / Lima Exchange: FVI

SOURCE Fortuna Silver Mines Inc.

SPOKANE VALLEY, WA, Nov. 13 /PRNewswire-FirstCall/ - Revett Minerals Inc. (”Revett or the Company”) (”TSX:RVM/OTCBB:RVMIF) has received final approval from the Montana Department of Environmental Quality (MDEQ) on its amended plan of operations to develop the previously identified higher grade “C-Beds” at the Troy Mine. Total production at the Troy mine for the first nine months of 2009 remained consistent, totaling 879,449 ounces of silver and 6.7 million pounds of copper.

Recent Highlights Include
————————-

- Administrative process completed with the approval of the plan of
operation for the development of the higher grade “C-Bed”.
- Grade estimate of 1.61 opt Ag and 0.56% Cu. located approximately
370 feet below the current mine workings.
- Compares to current mine grades of approximately 1.00 opt Ag and
0.40% Cu.
- Mill throughput continued to improve during the first nine months of
2009, averaging 3,700 tons per day compared to 3,492 tons per day in
the first nine months of 2008, a 5% improvement.
- During the first nine months of 2009, the Troy Mine produced 879,449
ounces of silver and 6.7 million pounds of copper compared to 793,998
ounces of silver and 7.1 million pounds of copper over the same period
in 2008.

Lower Revett Formation “C-Bed”
——————————

An underground drill program conducted in 2006/2007 previously identified three new mineralized horizons in the Lower Revett Formation; the “A, B & C' Beds (labeled downward stratigraphically) ranging from 180 to 1,170 feet below the Troy Mine workings. The higher grade “C-Bed” located approximately 370 feet below the current workings contains an estimated 1,981,340 ozs of silver & 13,716,011 lbs copper. Development of the “C-Bed” in 2010 provides Revett the opportunity to phase development to depth while continuing production in existing areas and further advancing exploration in other targets.

The table below identifies the estimated probable reserves for the C-Bed, which are part of the overall reserves at Troy:

————————————————————————-
C-Bed Reserves (November 12, 2009) Grades Contained Metals
————————————————————————-
Classification(1) Tons (Mst)(2,3) Silver Copper Silver Copper
(opt) (%) (Moz) (Mlbs)
————————————————————————-
Probable 1,228,530 1.61 0.56 1.9 13.7
————————————————————————-
1. Mineral Reserves have been categorized in accordance with the
classifications defined by the Canadian Institute of Mining, Metallurgy,
and Petroleum (”CIMM”).
2. Does not include resources contained in planned pillars. Only material
scheduled to be extracted and milled included.
3. The estimated mineral reserves were calculated by Mr. Larry Erickson,
P Eng., a Qualified Person (”QP”) in accordance with Canadian National
Instrument 43-101 (”NI 43-101″). They are stated using a cut-off grade of
US$ 20.02 net smelter return per ton calculated at US$ 12.00/oz Ag and
US$2.25/lb Cu. Mr. Erickson is an employee of Revett and is not
considered independent.
————————————————————————-

Q3 Production
————-

————————————————————————-
Troy Production Septem- 3rd Quarter 3rd Quarter
Summary(1) July August ber 2009 2008
————————————————————————-
Mill Production
—————
————————————————————————-
Mill Feed (st) 81,433 111,160 109,950 302,543 321,696
————————————————————————-
Mill Feed Rate
(stpd) 2,714 3,586 3,791 3,362 3,497
————————————————————————-
Silver
——
————————————————————————-
Feed Grade -
Oz/Ton Ag 1.04 1.05 0.93 1.01 1.04
————————————————————————-
Mill Recovery - Ag 83.41% 81.82% 82.29% 82.51% 90.19%
Recovered Ounces 70,770 95,620 84,592 250,982 302,239
————————————————————————-
Copper
——
————————————————————————-
Feed Grade
- % Cu 0.41 0.40 0.37 0.39 0.45
————————————————————————-
Mill Recovery
- Cu 80.12% 80.60% 81.71% 80.81% 88.74%
————————————————————————-
Recovered Pounds 539,221 718,541 670,643 1,928,405 2,549,580
————————————————————————-
Cash Cost(2)
———–
Direct Operating
Cost (US$/st) $25.80 $19.89 $22.41 $22.70 $26.83
————————————————————————-
By-Product Basis
(payable)(3)
- Silver
(US$/oz) or, $15.88 $8.73 $13.10 $12.22 $2.65
————————————————————————-
- Copper
(US$/lb) $2.63 $1.81 $2.30 $2.21 $2.05
————————————————————————-
Co-Product Basis
(payable)(3)
- Silver
(US$/oz)
and, $14.21 $10.96 $13.68 $12.79 $10.22
————————————————————————-
- Copper
(US$/lb) $2.47 $2.02 $2.35 $2.26 $2.48
————————————————————————-
1. Production statistics are on a 100% basis.
2. Cash cost per payable ounce of silver or payable pound of copper is a
non GAAP measure. The Company believes that, in addition to cost of
sales, cash costs per ounce or per pound is a useful and complementary
benchmark for performance and is well understood and widely reported in
the mining industry. However, cash costs per ounce does not have a
standardized meaning prescribed by Canadian GAAP. Investors are cautioned
that cash costs per ounce or per pound should not be construed as an
alternative to cost of sales determined in accordance with Canadian GAAP
as an indicator of performance. The Company's method of calculating cash
costs per ounce or per pound may differ from the methods used by other
entities and, accordingly, the Company's cash costs per ounce or per
pound may not be comparable to similarly titled measures used by other
entities.
3. Average commodity prices used to off-set (by-product credit basis) or
allocate (co-product basis) cash costs are the quarterly weighted
averages from the London Metals Exchange for copper or the London Daily
Fix for silver.
————————————————————————-

Production during the third quarter of 2009 was lower than planned due
to:

- An eight day shut down in July caused by an electrical outage; and
- Lower grades and recoveries from mining predominantly in the Lower
Quartzite ore zone.

Despite these setbacks, production estimates for 2009 remain on track with mill throughput averaging 4,040 tons per day in October and improved metals grades expected from production in the South Ore body middle quartzite zone.

John Shanahan, President and CEO commented “The third quarter has been a difficult period as we were mining in some of the tougher areas at Troy, but we are encouraged by consistent production and improved operating costs which will allow us to execute our long term objectives. Bringing the C Beds into production will increase our grades and further reduce our costs out through 2013.”

About Revett

Revett Minerals, through its subsidiaries, owns and operates the currently producing Troy Mine and development-stage Rock Creek Project, both located in northwestern Montana, USA. The proven reserves at the Troy Mine and significant resources at the Rock Creek project will form the basis of our plan to become a solid mid-tier base and precious metals producer. Revett plans on expanding production through exploration in and around its current properties, as well as through targeted business combinations of advanced stage projects.

John Shanahan
President & CEO

Except for the statements of historical fact contained herein, the information presented in this press release may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “is not expected”, “budget”, “plans”, “schedule”, “estimates”, “forecasts”, “intends”, “anticipates”, “or does not anticipate” or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will “, “occur” or “be achieved”. Forward-looking statements contained in this press release include but are not limited to statements with respect the anticipated development of the “C-Bed” in 2010. Actual results and developments could be affected by development risks and production risks, our challenging working capital position and our inability to continue to fund operations, as well as those factors discussed in the section entitled “Risk Factors” in the Form 10-K filed on SEDAR at www.sedar.com and with the SEC on EDGAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Revett Minerals does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

SOURCE REVETT MINERALS INC.

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Introduction to the Gold Mining Process for Tabular Ore Bodies

There are a number of different methodologies used to conduct mining operations. One of these methods are discussed in this article.

The gold bearing ore is in situ in the reef band where it was deposited millions of years ago. It requiers drilled and blasted to free it from the country rock. According to Nell (1984:95) this process is called stoping. He defines stoping as:

the actual mining of ore by means of breaking ground in stopes to a size suitable for handling and processing for the recovery of the mineral content.

The breaking of the country rock includes drilling blast holes and blasting it. This is followed by cleaning, supporting and the providing of the infrastructure to the stope faces.

The provision of infrastructure includes the maintenance and managing of:

• in stope water and air services that is necessary for the drilling and dust allaying process

• travelling ways to and from the stope necessary for creating access ways for people and material

• scatter walls to contain the blast rock in a conveniently concentrated muck pile for the cleaning crew,

• material and people handling appliances including monorail, mono rope and chairlift devises

• double drum winches and scraper scoops for the moving of blasted rock

• pumping and pump installations to ensure sufficient water pressure and or clear out the accumulation of excess water from low lying areas.

• rail tracks for the locomotives and trains that transports workers, material and broken rock pover long horizontal distances underground.

• Safety devices that include tips and grizzlies to prevent inadvertent access of people down these near vertical excavations.

• Blasting equipment that includes remote blasting system cables and ventilation sensor equipment in the intake and return air passages.

• Ventilation systems that consists of various sizes of columns, temporary and permanent ventilation brattices, -walls, -holings and fans.

• Electricity and electric equipment required for the use during the mining process.

With reference to figure 1 a three dimensional mining layout of a typical gold mine can be viewed here. The figuredepicts the basic components, in three dimensions, used to explain the mining layout of a typical gold mine.

The broken ore is typically scraped on dip, down a 30 meter stope face into a strike gully, by means of a double drum winch and scraper scoop once it is blasted from the country rock.

Another double drum winch and scraper scoop is used to scrape the broken rock on strike to an orepass or boxhole, situated in the original raise. This boxhole can be situated up to 90 meters from the face where the blasting took place. The broken rock now cascades down this steeply inclined excavation (boxhole or orepass) to a crosscut on a lower level.

In the crosscut a train, normally with ten eight ton hoppers are used to transport the broken rock to the shaft. The shaft can be kilometres away from the point of mining. At the shaft the train tips it's cargo down the shaft orepass system, where it again cascades down to the shaft loading station near the bottom of the shaft. The broken rock are hoisted up a 2000 meter vertical shaft in rock skips with a typical capacity of 12 tons by means of a rock hoist to surface, in the case of a surface shaft, or to just above the loading station of the surface shaft in the case of a sub - shaft.

On surface the broken ore is transported to the metallurgy plant by means of a conveyor belt. In the metallurgy plant the ore is milled, screened, and chemically treated in order to allow separation of the gold from the gold bearing ore. The slime residue is pumped to a tailing dam and the gold concentrate is further treated. The gold concentrate is smelted and the 89% pure gold is poured into gold bars weighing about 31 kilograms each.

These gold bars are then transported to a Refinery where the silver is removed and the gold refined to 99.99% purity. It is this pure gold that is sold on the world gold markets.

© 2009 Carl Marx

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