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Gold Summary for Oct. 16, 2014

2014-10-16 21:27 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $2.20 to $1,238.90 Thursday, falling with the U.S. dollar and the euro. European stock markets plunged today on worries that the EU's peripheral countries are once again in financial trouble. Here in Canada, the TSX Venture Exchange climbed 13.57 points to 791.93, while the TSX Gold Index slipped a fraction to 168.12.

Canada's larger gold miners ended some up, some down. Barrick Gold Corp. (ABX) rose 26 cents to $15.50, Goldcorp Inc. (G) gained 29 cents to $26.88, Agnico Eagle Mines Ltd. (AEM) lost 48 cents to $34.18 and Yamana Gold Inc. (YRI) lost eight cents to $6.47.

Mike Weeks's Angkor Gold Corp. (ANK) remained unchanged at 34 cents on 13,000 shares, as Mrs. Weeks (Delayne) readied for a trip to Europe. She is off to Geneva next week for a United Nations conference where she will speak about Angkor's work in Cambodia, specifically its corporate social responsibility efforts. Angkor may be even better versed in CSR than it is in mining. Over the past year, Mr. Weeks has been putting $9,500 a month (from his personal salary of $13,500) toward local development projects. He has been doing this ever since the company went public in 2012, not only because he cares but also in hopes it will help Angkor gain favour with Cambodian locals and government officials -- and subsequently result in mining permits. Angkor has received permits to explore at seven properties in Cambodia so far, but none to mine. It had hoped to have its first gold mine in production by now, at Phum Syarung, where an optionee from India, Mesco Gold, has been waiting to build a mine. Mesco promised to pay for everything as long as Angkor obtained approval. Mr. Weeks had originally hoped to receive it in January, but now he is targeting late 2015. For its permitting assistance, Angkor will receive 7.5 per cent of future gold production, about 660 ounces a year.

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