High River Gold Mines Ltd HRIVF

Russian Ruble devaluation improves cash costs

[goldpig]

The Ruble was about 23 to the USD in July 2008.

The central bank let the ruble weaken around 1% Friday, taking its loss for November to about 3%. The bank has been executing the staged moves by widening the ruble's trading band against a basket composed of 55% dollars and 45% euros by around 30 kopecks in each direction.

The ruble was trading midday Friday at 31.21

Some economists forecast the ruble's value will be halved from current exchange rates within a year, while others see only a 20% fall. The decline in the ruble's value reflects the strain on the currency from declining oil prices, which have fallen almost two-thirds since their July peak above $147 a barrel, and also $83 billion in capital outflows from the country from August to October.

With the POG in USD and increasing, and with cash costs in ribles declining, the profit spread is becoming better and better.
These guys knew exactly what they were doing when they bought controlling interest in HRG.

Major developments coming that will demonstrate the strength of their convictions.