This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold closed up $10.80 to $1,203.90 Monday, rising as oil fell. The U.S. dollar hit a two-year high against the euro, thanks in part to last week's strong jobs report and worries that the Eurozone is falling back into recession. Here in Canada the TSX Venture Exchange dropped 22.16 points to 679.83, while the TSX Gold Index edged up 1.99 points to 148.25.

Canadian gold miners ended the day up, but only slightly. Barrick Gold Corp. (ABX) added six cents to $13.27, Goldcorp Inc. (G) rose six cents to $22.37, Detour Gold Corp. (DGC) gained 27 cents to $9.33 and Iamgold Corp. (IMG) edged up three cents to $2.74.

Robert Quartermain's Pretium Resources Inc. (PVG) rose 15 cents to $6.65 on 1.25 million shares. The company has arranged an $80.87-million financing from Zijin Mining Group Co. Ltd., the largest gold producer in China. Zijin will buy 12.8 million Pretium shares (9.9 per cent of the company) at $6.30. Pretium plans to use the money as it brings its seven-million-ounce Brucejack gold deposit in Northern British Columbia to production. The mine will cost $747-million to build; Pretium has $65-million in working capital before today's financing. Mr. Quartermain should have no trouble raising the rest of the money as Brucejack is one of the few gold projects that remains economic even if gold slips to $800 an ounce. Since listing the stock in 2010, Mr. Quartermain has raised $640-million for Brucejack. The company awaits environmental approval from B.C.'s Environmenal Assessment Office. The process is taking longer than usual, but that was to be expected, considering Brucejack's application was accepted for review on Aug. 13, nine days after Imperial Metals Corp.'s (III: $8.19) Mount Polley tailings spill.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS