FOX Translator
No data currently available.
No data currently available.
We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home
Thursday, August 28, 2008
GBS Gold Executive Management Changes
Comtex
TORONTO, ONTARIO, Aug 28, 2008 (MARKET WIRE via COMTEX) ----GBS Gold International Inc. (TSX: GBS) ("GBS Gold" or the "Company") announces the following executive management changes.
As part of the Company's internal business review, the Australian executive team has been restructured. New appointments have been made in operations management, focusing on the mining and processing aspects of the business, and project development, focusing upon the Company's internal growth projects, in particular the Cosmo Deeps gold project and the base metals exploration program. Mr. Grant Davey has been appointed as the Company's Chief Operating Officer and Mr. Russell Bradford has been appointed as General Manager of Growth Projects. Mr. Davey is a mining engineer with 18 years' experience in the mining industry including senior mine and operational management roles within the AngloGold Ashanti and Anglo American organizations in South Africa and Australia. Mr. Davey has operated mines in the gold, platinum and coal sectors, and also has experience in the mining contracting business. Mr. Bradford is a metallurgist formerly with Norilsk Nickel, BCL Ltd. and LionOre Mining International Ltd. where he was General Manager of Operations in Australia. Mr. Bradford has over 20 years' operating and project management experience within the gold and base metals sectors. Mr. Peter Kerr remains as Chief Financial Officer of the Company, based in Australia.
In line with the Company's restructuring plans and for personal reasons, by mutual agreement Mr. Peter Breese has resigned his position as Chief Executive Officer of the Company. Mr. Breese will remain as a key adviser to the Company regarding operational, strategic development and project management matters. Mr. Gil Playford will remain Chairman and CEO.
Also with effect from today, Mr. Tony Simpson will resign as a director of the Company. Mr. Simpson has been the Chief Operating Officer of GBS Gold since its inception in 2005, and has been the driving force behind the Company's operations and projects since that time.
About GBS Gold International Inc.
GBS Gold is a junior gold producer with 2.7 million ounces of Indicated Resources and 1.7 million ounces of Inferred Resources of gold at its Union Reefs Operations Centre located in the Northern Territory of Australia. GBS Gold produces gold through its 2.5Mtpa Union Reefs processing plant. The Company has recently commenced gold production at its Tom's Gully operation and plans to develop its Cosmo Deeps underground mine in 2009-10. GBS Gold has consolidated over 3,500km2 of prospective tenements and gold deposits and also holds gold exploration properties in Western Australia. The Company trades on the Toronto Stock Exchange under the symbol "GBS".
The Company's mineral resources comprise indicated resources of 26.8 million tonnes at 3.1g/t for 2.7 million ounces of contained gold and inferred resources of 21.5 million tonnes at 2.4g/t for 1.7 million ounces of contained gold as set out in its technical reports (refer below) and news releases dated May 13 and July 2, 2008. The Company has filed on May 8, 2008 a technical report entitled "GBS Gold International: Burnside, Union Reefs, Maud Creek and Moline Projects, Northern Territory, Australia" dated February 2008 and authored by Jeames McKibben and Christine Standing of Snowden Mining Industry Consultants Pty Ltd and Heath Gerritsen of HG Mine Design Pty Ltd. The Company has also filed two technical reports on its Tom's Gully project being a technical report entitled "Form 43-101 Technical Report on the Tom's Gully Project" authored by Paul Payne of Resource Evaluations Pty Ltd dated and filed on January 14, 2008 and a technical report entitled "Technical Report on the Mineral Reserves of the Tom's Gully Gold Mine" authored by Heath Gerritsen of HG Mine Design Pty Ltd dated December 2007 and filed on January 31, 2008.
The Company has completed feasibility studies on its Tom's Gully and Cosmo Deeps projects, and a life-of-mine study on its operating Brocks Creek underground mine, all of which have declared mineral reserves in accordance with the above technical reports. Where the Company has not completed a feasibility or life of mine study on a particular project, there is no certainty that such project will be economically successful. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Certain disclosures in this release, including management's assessment of GBS Gold's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to GBS Gold's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in gold prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in the Company's Annual Information Form available on the SEDAR website, www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. GBS Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
The TSX does not accept responsibility for the adequacy or accuracy of the information contained herein.
Contacts: In Perth, Australia: GBS Gold International Inc. Gil Playford Chairman and CEO +61 8 9492 2500 GBS Gold International Inc. Peter Kerr Chief Financial Officer +61 8 9492 2500 Email: gbs@gbsgold.ca Website: www.gbsgold.com
SOURCE: GBS Gold International Inc.
mailto:gbs@gbsgold.ca http://www.gbsgold.com
Copyright 2008 Market Wire, All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
