Indian Silver Price Up Again, Australia’s Gunson/Terrace Mine Project Announced

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The price of Indian silver closed as the biggest mover for Wednesday, March 12. Switching from a downward trend, the metal increased 3.2 percent. Chinese silver saw its price rise 1.2 percent. After a 1.2 percent increase, Japanese silver finished the day. The price of US silver rose 0.2 percent.

Gunson Resources is fast-tracking an Australian silver, copper and cobalt joint venture with Terrace Mining. Gunson/Terrace aims to mine the Coburn heavy sands deposit in Western Australia, and will study the feasibility of producing copper, silver, and cobalt metal from shallow deposits at Mount Gunson in South Australia.

The deal with Terrace Mining will see Terrace spend $2.5 million on a bankable feasibility study for mining of the shallow open pittable MG14 and Windabout deposits excised from the joint venture Gunson has with Noranda Pacific, Proactive Investors reported.

A proposed flow sheet is currently being tested by Terrace that utilizes cyanide to leach copper and silver. Early tests show 90% copper recovery into solution.

More Precious Prices

The price of Indian gold bullion is back up, rising by 1.5 percent. Chinese gold bullion gained 1.1 percent. The price of Japanese gold bullion finished the market day up 1 percent per gram. US gold bullion closed at a 0.7 percent rise.

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The price of US platinum bar fell 0.9 percent. Japanese platinum bar prices rose 0.8 percent. Chinese platinum bar closed 0.6 percent lower.

US palladium dropped 0.9 percent drop on Wednesday. Chinese palladium bar fell 0.6 percent. Today marked the fifth in a row of declining prices and the drop-off has accelerated since Thursday, March 6. The price of Japanese palladium bar remained essentially flat.

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