Au ( Gold ) -Underground but court holding mining sale license overground.
The Treasure Underground - Agreement Over ground.
Karnataka produced Gold and it went on for hundreds of years,not stored like in Fort Knox as you see in a picture but sent,looted from our country by the rulers of India,the British who ruled the world.The Gold thus looted and is kept underground by The Bank of England.Many more places may be there but our Gold looted by British is perhaps here.The rulers of India not only looted gold but many artifacts which perhaps could have been here id not sent out of our country.
Kolar Gold Limited (Kolar Gold) is a gold exploration and development company, incorporated in Guernsey and focused primarily on the Kolar Gold Field region to the east of Bangalore in India. The Group was established in 1997 to secure and revive the Kolar Gold Fields operated by Bharat Gold Mines Limited (BGML) in joint venture with the local workforce and community. As the timing of any decision regarding the sale of the Kolar Gold Fields was uncertain, in order to diversify the Company’s strategy, management approached Geomysore Services India (GMSI) in 2009 to form a strategic partnership to develop the Kolar Gold Projects which surround and are adjacent to the Kolar Gold Fields.
The Kolar Gold Projects have been divided geographically into three tenement groups, being the North, South and East Kolar blocks and straddle the states of Andra Pradesh, Tamil Nadu and Karnataka. Lithological, structural and geochemical characters similar to the historic BGML mine site are found within these project areas and it is concluded that these represent continuations of the Greenstone Belt.
Mining at Kolar Gold Field’s has operated for over 120 years and produced approximately 25M oz of gold at an average grade of 15.9 g/t. BGML mined near vertical lodes over a strike length of 7.3 km to a maximum dept of 3200 metres and developed 1400 km of tunnels and 100 shafts.
During the first two decades of mining (1884 - 1904) the average grade of the ore produced from near-surface underground mining was 45 g/t Au. During the subsequent century, the grade of the ore mined decreased to 2.5 g/t Au. The mine became uneconomic in the late 1990's due to poor management, exploration, underinvestment, and the focus on labor-intensive deep underground mining leading to the abandonment of mining operations in 2001.
Kolar Gold Limited (“Kolar Gold” or the “Company”) Notification of Director’s Interests and Director Dealings Kolar Gold Limited was informedon 24July2014 that Nick Spencer, Chief Executive Officer, purchased 340,000ordinary shares in the Company at an average price of 3.12paisa per share on 23July 2014. Following this transaction, Mr Spenceris now beneficially interested in 2,103,569 ordinary shares in Kolar Gold, representing 1.98% of the Company’s issued share capital.
We the people of Karnataka were never informed about the dealings of our govt with any one out side India and we were sure that there was no gold or gold mining that was going on on paper.Who was the Minister of Mines since its start to present is on record but never reported by our TV or print media and the public was kept behind the curtains and things moved un noticed by public.We the proud people of Karnataka say we were stupid and never asked our representative in the ministry of our Govt of India.to ask a question in the lok sabha as to what are the plans and how a govt company share was sold to a person who was a foreigner at a price of 3.12 Paisa per share and who fixed this price and on what basics it was done.This back door business is not new but to sell a Gold Mine Share was sold by direct sale in a way not appropriate for the govt to do.
15 July 2014 - KOLAR GOLD LIMITED
Update for shareholders and investors Since its listing on AIM in June 2011,Kolar Gold’s objective has been to become one of the leading participants in the developing Indian gold exploration and mining sector. Following the elections in India earlier this year,the Board of Kolar Gold believes that the environment for the Company’s activities has improved and remains confident of progress in the future.
The Board reviewed its strategy in 2013, in light of the slow pace of progress with its gold license and exploration activities, and revised its arrangements with its partner,Geomysore Services India Private Limited (“GMSI”),in order to focus on developing prioritized, later stage gold exploration and mining licenses. At the same time measures were taken to reduce costs and preserve cash.
As part of this revised strategy,in August 2013Kolar Gold entered into new arrangements with GMSI, which included further investment at that time and which included Nick Spencer joining the board of GMSI. In exchange for dissolving the 2011 agreements with GMSI, the cancellation of a loan of £300,000 to GMSI from Kolar Gold and the investment of £700,000, Kolar Gold gained a 30per cent shareholding in GMSI.
This investment gave Kolar Gold direct exposure to GMSI’s extensive portfolio of Indian gold license rights and applications, including a new project at Jonnagiri that did not fall under Kolar Gold’s initial 2011 agreements with GMSI.In October 2013,GMSI was granted a mining licence at Jonnagiri, the first such grant in India for gold since 2003.
Jonnagiri has 720k ounces of JORC Resource and an exploration target of 2-5Moz, which was validated by a competent person’s report conducted by Mining Associates. GMSI is now working on developing this resource.Kolar Gold has recently invested $100,000 into GMSI for ongoing expenses. GMSI continues to discuss its options with the Kolar Gold Board and third parties with regard to securing future financing however Kolar Gold has no obligation to make any further investment.
Kolar Gold's holding in GMSIis currently24.65per cent.In December 2013 Deccan Gold Mines (“DGM”), whose shares are listed on the Bombay Stock Exchange and which currently has a market capitalization of $22m, announced that its board had, subject to relevant regulatory approvals and consents, given its in-principle approval for an amalgamation of DGM and Australia India Resources (“AIR”) – the largest shareholder in GMSI.
This merger is proposed under a court approved Scheme of Arrangement in Mumbai. DGM has a number of gold mining assets,key amongst them being the Ganajur Prospect License, which has 308k ounces of JORC Resource confirmed by SRK mining consultants and a final stage mining lease application pending.Upon completion of the proposed amalgamation DGM will own and control AIR’s interests in GMSI.Additionally the board of DGM has given in-principle approval for the acquisition of the remaining 62.45per cent equity interests in GMSI not held by AIR, including Kolar Gold’s share holding in GMSI.
Since the announcement of the proposed merger,GMSI and DGM have been preparing their respective companies ’valuations and proposed share swap ratios together with the scheme for approval by the Indian court. It is Kolar Gold’s understanding that the scheme is almost fully prepared.It is also the understanding of the Board of Kolar Gold that the merger would require new funding to be raised to finance the activities of the enlarged group, which it is anticipated will occur at the completion of the amalgamation,from the Indian and international capital markets.The Board of Kolar Gold believes that the proposed merger between GMSI and DGM and the associated fund raising will create a unique, significant and potentially well capitalized listed gold mining and exploration player in India.If the transaction is completed Kolar Gold will own a proportional stake in the merged, listed entity. It is likely that Kolar Gold,together with other major GMSI share holders,will have the opportunity to invest in the merged DGM / GMSI entity.Shareholders should note, however, that the Board of Kolar Gold has not received any firm proposal for it to consider in relation to the proposed merger. If and when such a proposal is received the Board will consider it and advise shareholders of the terms and what action, if any, If it is proposed what action the Company should take.
Importantly, Kolar Gold has given no commitment or undertaking that it will participate in the DGM/GMSI funding from its existing cash resources.In parallel with this, Kolar Gold continues to work on the proposed acquisition of Bharat Gold Mines Limited (“BGML”), which represents a significant and separate opportunity and remains the second limb of Kolar Gold’s strategy. The tender for the privatization was expected to be issued before the recent election,following the 2013 decision of the Supreme Court of India instructing the Government to proceed with the asset sale and mine revival. Kolar Gold continues to work in partnership with the BGML ex-employees and their representative co-operative societies. Together with the ex-employee unions and societies,Kolar Goldhasa right of first refusal (“ROFR”) to acquire BGML and the Company is preparing for the tender sale process and ROFR counter offer bid. Kolar Gold is considering its available financing options to enable participation in the sale process, which is anticipated to commence later this year. Kolar Gold shareholders may also have the opportunity to participate in any equity funding for this project.Based on Kolar Gold’s two key assets -
(1) A significant shareholding in GMSI (24.65%) together with the proposed merger with DGM and
(2) It's preferred position in the anticipated tender of BGML - Kolar Gold has the ability to play a pivotal role in the emergence and development of the Indian gold mining sector.
Getting to this point has been a long, complex and resource consuming journey but the opportunity is clear. Kolar Gold intends to use its cash resources prudently and in the best interests of all its shareholders in order to take as full advantage of these opportunities as is possible. The Board of Kolar Gold has a broad base of relevant mining, funding and M&A experience and in addition to proceeding with its stated strategy, reviews the challenges of doing business in India on an ongoing basis,whilst balancing these with the cash resources available to the Company. The remainder of 2014 is likely to be key in the delivery of Kolar Gold’s two clear gold strategies in India and we look forward to providing a further update on these developments over the months ahead.( what developments who authorised take over of BGML sale license case in court and gold waiting underground. )
Gold Mines in South India.
Court holding sale license over ground for Gold waiting underground.Gold smuggling over Sea.
Rock solid: Several thousand 28lb bars of 24-carat gold stored in the Bank of England's Massive Underground Vault .
Where do we keep the Gold.?
How did America get so much Gold.
We INDIANS keep Gold in our homes,lockers and wear them also in ears men & women in hands and necks,men try to show how rich they are wearing Dubai Chain.
If all people in India surrender Gold as Gold Deposit at good interest we many have more Gold than America but that is a useless talk now.
Pakistan has 65 Tons of Gold it was Ours once.
Our Gold Mine is Idle it has become ECO friendly you can see the green creeper leafs.
Why was Gold Mining Stopped.
Govt of India has stopped saying no Gold is available and they have stopped,why it is not because Gold is not there but on account of the equipment that is there being too old and with that equipment they do not get gold,they can as well buy from our gold merchants,who have Gold Jewelery shop in every 10th shop on any market street.Where do they get Gold,stupid question,every body knows it is smuggled from any place where it is cheaper than India as smuggled Gold is duty free and our Govt do not want to touch the Gold mafia.
When Ambani's can find Gas in the Sea they can find GOLD also,why can't Gold mining be PPP when so many other Infrastructure projects are allowed.
Karnataka has hidden treasure Gold,Copper and Diamond are not fully explored.
You have further minerals to be fully explored,however this is not a subject for the state govt,its the govt of India's concern.The concern of the Prime Minister of India who is over 76 yoa a diabetic with 2 bypass surgeries asked to work by a unknown hand who is more powerful than the Prime Minister.
We all know what we cannot do but we do not know what we can do.Let's refuse accepting our Rs.1,000 notes.What will happen you know,think.
The MOU is like HONEYMOON with a difference,You take the Moon and I Take the Honey.
Earth's most important iron ore deposits are found in sedimentary rocks. They formed from chemical reactions that combined iron and oxygen in marine and fresh waters. The two most important minerals in these deposits are iron oxides: hematite and magnetite. These iron ores have been mined to produce almost every iron and steel object that we use today - from paper clips to automobiles to the steel beams in skyscrapers.Karnatakas famous Bellary Brothers are here sitting right on top of the place where the ore lies to be raped and looted right under the nose of the authorites.
We now have people like Lakshmi Mittal going to send his men to further loot the place with the promise of starting a steel mill.The Bellary brothers are not worried they will start the mill before Mittal's people set their tea shop and dump their baggage in a rented house.The BB have also given a proposal to start a Steel Mill.
A Iron Ore Mine.
Karnataka's Diamond mines.
Diamonds - Yes we do have them underground like other minarals not fully explored as stated in his speach by none other than Karnataka Govt Commerce & Industries Secretary at the innaguration of Global Investers Meet on 3rd,June, 2010.The other minerals are:-
1 - Copper.
2 - Gold.
3 - Titanium.
4 - Vanadium bearing magnetite.
5 - Molybdenum.
6 - Cobalt.
7 - Uranium.
8 - Tungsten.
9 - Platinum.
10 - Rare Earth Elements like Lanthanum and Cerium.