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Gold Summary for Nov. 18, 2014

2014-11-18 20:43 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $10.30 to $1,197.50 Tuesday, as the U.S. dollar fell against the euro. The TSX Venture Exchange gained 6.55 points to 784.39 and the TSX Gold Index added 7.79 points to 158.32.

Canadian gold miners followed bullion higher. Agnico Eagle Mines Ltd. (AEM) climbed $1.32 to $30.36, Goldcorp Inc. (G) rose 85 cents to $24.08, Detour Gold Corp. (DGC) rose 32 cents to $9.87 and Yamana Gold Inc. (YRI) rose 31 cents to $4.80.

John Adams's Sandspring Resources Ltd. (SSP) remained unchanged at 10 cents on a busier-than-usual 2.58 million shares. The company has $4.5-million in working capital and 142 million shares outstanding. It is working on a feasibility study for its Toroparu gold project in Guyana, where it hopes it can bring costs down. Toroparu has four million ounces of gold reserves and another 10 million ounces of resources, but it will cost $464-million to build a mine, which holds less and less appeal as gold falls. At $1,400 gold Toroparu had an after-tax NPV of $691-million, but that has since slipped to $384-million. Sandspring has arranged to borrow $148.5-million from Silver Wheaton Corp. (SLW: $24.13), but that will cover only 30 per cent of the mine costs. Sandspring has not had any trouble raising money in the past, having closed over $109-million in financings since listing in 2009. Most of those financings were in 2010 and 2011 and all of them were at prices above $1. Sandspring's stock has ground its way down from $3.75 in late 2010 despite proving up the above-mentioned ounces.

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