02:13:39 EDT Fri 29 Mar 2024
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Gold Summary for Jan. 7, 2015

2015-01-07 20:10 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $8.20 to $1,211.10 Wednesday, its first down day of the year, as the U.S. dollar rose against the euro. In Canada, the TSX Venture Exchange lost 1.95 points to 683.65 and the TSX Gold Index lost 2.30 points to 162.18.

Major Canadian gold miners followed bullion lower. Goldcorp Inc. (G) slipped 19 cents to $23.81, Eldorado Gold Corp. (ELD) fell 31 cents to $7.92, Alamos Gold Inc. (AGI) dropped 37 cents to $9.59 and Agnico Eagle Mines Ltd. (AEM) dropped 61 cents to $33.69.

Shawn Wallace's Auryn Resources Inc. (AUG) rose nine cents to $1.19 on 57,000 shares. The company has $9-million in working capital, 18 million shares outstanding and is looking to buy a mineral exploration property somewhere in North America, South America or Eurasia. Mr. Wallace closed a $7.31-million financing last month. He was aiming for only $3.25-million, but had to double Auryn's offering after increased demand following the sale of his and Ivan Bebek's Mexican gold explorer, Cayden Resources Inc., to Agnico Eagle Mines. Agnico paid $205-million, or $3.79 for each Cayden share, entitling Mr. Wallace and Mr. Bebek to about $12-million in cash and Agnico stock. As disclosed on SEDI, they each owned just over three million Cayden shares. Since the sale, Mr. Bebek has been taking it easy, joking that he is unemployed, while Mr. Wallace has been busy raising money for Auryn. Mr. Wallace also serves as a director of Asanko Gold Inc. (AKG: $1.82) (formerly their Keegan Resources Inc.), which is building a $295-million gold mine in Ghana. Mr. Wallace owns 3.31 million shares of Auryn and Mr. Bebek owns 2.4 million.

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