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Gold Summary for Nov. 12, 2014

2014-11-12 20:02 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $1.20 to $1,161.70 Wednesday, as the U.S. dollar rose in spite of reports that a Russian military convoy was headed for the Ukrainian border. In Canada, the TSX Venture Exchange slipped a fraction of a point to 771.37 and the TSX Gold Index slipped a fraction to 141.72.

Major Canadian gold miners ended some up, others down. Goldcorp Inc. (G) added eight cents to $22.29, Alamos Gold Inc. (AGI) added 11 cents to $8.08, Yamana Gold Inc. (YRI) lost 11 cents to $4.28 and Iamgold Corp. (IMG) lost one cent to $2.17. Third-quarter cash costs were $1,115 an ounce, all-in, down from $1,207 an ounce a year earlier and $1,136 in the second quarter.

Gerry McCarvill's Solvista Gold Corp. (SVV: $0.065) has $3.5-million in working capital and 68 million shares outstanding. It also has a joint venture in Colombia with Iamgold called Caramanta, where Iamgold has promised $36-million worth of exploration over the next six years in exchange for a 70-per-cent interest. Iamgold, which has been on a cost-cutting spree recently, could pull out of Caramanta at any time, but first it will need to cover a minimum of $2.5-million in exploration. It began drilling in August and now awaits assays. (According to its third-quarter financials, exploration will continue.) Iamgold would like to revisit Caramanta's El Reten gold target, from which some pleasing assays boosted Solvista to its all-time high of $1.30 in September, 2012, but the JV is not allowed to drill this target. El Reten is part of a "district of integrated management," which means no mining is allowed. Solvista applied to rezone the target area in late 2012, and until the zoning is resolved Colombia's environmental authority has advised the company not to drill. Last year, the environmental authority decided that Solvista could resume work at El Reten after completing "an acceptable environmental management plan." Solvista and Iamgold presented their plan to a Colombian panel in March; they await the panel's response.

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