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Gold Summary for Aug. 18, 2014

2014-08-18 21:06 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $6 to $1,298.50 Monday, as the U.S. dollar rose after reports Russia and Ukraine agreed to a ceasefire over the weekend. Here in Canada, the TSX Venture Exchange lost 5.28 points to 990.62 and the TSX Gold Index edged up a fraction to 204.44.

Major Canadian gold miners ended inconsistently. Agnico Eagle Mines Ltd. (AEM) gained 24 cents to $43.20, Yamana Gold Inc. (YRI) added three cents to $9.49, Eldorado Gold Corp. (ELD) lost one cent to $8.99 and Goldcorp Inc. (G) lost two cents to $31.12.

Buddy Doyle's Amarillo Gold Corp. (AGC), down one-half cent to 11 cents on 39,000 shares, has arranged a gold-linked loan of up to 5,000 ounces or $12.8-million. The company will use the money at its Mara Rosa gold project in Brazil, where permitting has all but stalled. Amarillo needs three mining licences before it can start building a $190-million gold mine. It applied for its first in May, 2012, and had originally hoped to receive it that fall. Two years have passed and the stock has tumbled from $1.20. Because of difficult market conditions, Mr. Doyle, says he has had to spread himself a little thinner in the past few years. Juniors, such as Amarillo, are no longer able to afford big executive salaries. To improve his earnings, he has decided to provide his geological services to several companies. In April, he joined Paul Brockington's Margaret Lake Diamonds Inc. (DIA: $0.40) as vice-president of exploration. Margaret Lake is looking for diamonds in the Northwest Territories, an area with which Mr. Doyle has plenty of experience. He spent 23 years working for Rio Tinto in the Northwest Territories. Now, he is also the VP of exploration for Patrick Power's Arctic Star Exploration Corp. (ADD: $0.08), which is exploring in the Lac de Gras area. There, one disappointing round of drill results returned today, sending Arctic's stock down 3.5 cents on high volume.

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