Silverado Gold Mines Ltd. noted in a press release yesterday that the antimony markets have advanced from $4,000 per tonne (2200 lbs.) in early 2009 to $9,800 per tonne in July 2010. This is according to Martin Hayes, chief correspondent of TheBullionDesk.com, a London metals trading company.
The U.S. Geological Survey (USGS) shows that China produced 170,000 tonnes of antimony out of a total 2009 global output of 187,000 tonnes. China is the world’s largest producer of antimony. Chinese smelters are being rebuilt to upgrade scrubbing systems (pollution controls) and mine production is off dramatically due to mine closures because of a number of major mining accidents in the last year. This is also the case in South Africa.
Due to this major decline in output and given the antimony, trioxide flame retardant industry continues to grow at 8 percent per year, and as new uses for the strategic metal emerge, the market price is expected to continue rising. New uses for the metal include window frames for building construction and additives to carbon fiber components.
Silverado Gold Mines Ltd.’s Nolan property displays North America’s most consistent width (six inches to two feet) of stibnite (antimony sulfide) as an ore body grading 28 percent antimony or 616 pounds per metric tonne. The main vein now undergoes drilling over a 3,500-foot length and to the northeast along a series of anomalous geochemical and geophysical zones where the #1 vein surfaces again at a width of 6 inches of solid or massive stibnite assaying 28 percent antimony and containing native gold.
The Company has continued drill core studies in the Pringle Bench area of the 3,500 foot long by 450 to 500 foot deep drilled zone. This study has confirmed that the halo of quartz carbonate stockwork of veins and veinlets containing stibnite and native gold continues to the northeast limit of drilling with mineralized widths of up to 30 feet either side of the #1 vein.
Headquartered in Vancouver, British Columbia, Silverado Gold Mines Ltd. is an exploration-stage enterprise focused on the exploration of gold properties with some past production. They have gold properties located throughout Alaska. This includes a 100 percent interest in numerous mining claims located on the Nolan Creek property.
For more information visit: www.silverado.com