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Gold Summary for Jan. 26, 2015

2015-01-26 21:00 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold lost $13.50 to $1,280.60 Monday, falling ahead of the United States Federal Reserve meeting later this week. Syriza, the left-wing anti-austerity party in Greece won the presidential election this past weekend, promptly declaring that the previous agreement with the Eurogroup is dead. The Eurogroup says it is ready to talk with the new government. In Canada, the TSX Venture Exchange lost 3.80 points to 674.39, while the TSX Gold Index added 3.29 points to 188.22.

Major Canadian gold miners ended the day mostly up. Barrick Gold Corp. (ABX) rose 39 cents to $15.82, Goldcorp Inc. (G) added four cents to $29.76 and Yamana Gold Inc. (YRI) added 16 cents to $5.26, while Iamgold Corp. (IMG) slipped three cents to $3.47.

John McCluskey's Alamos Gold Inc. (AGI) dropped 36 cents to $7.14 on 3.1 million shares. The stock has fallen from $10 last week after some disappointing production numbers. The company produced only 140,000 ounces of gold at its Mulatos mine in Mexico last year, missing its 160,000-ounce production target. President McCluskey blames the shortfall on a transition to two new pits, lower-than-expected recovery rates and heavier-than-usual rains that diluted the company's heap-leach solution. Alamos aims to produce 170,000 ounces of gold this year, noting that grade should increase as it mines deeper into its new Mulatos pits. The company has no debt and $360-million in cash, which it would have liked to use building a second gold mine at its Agi Dagi and Kirazli gold deposits in Turkey, but Turkish anti-development groups put a stop to this last year when they persuaded a Turkish court to revoke Alamos's Kirazli environmental permit. It has obtained the permit for Agi Dagi but will need both to build a mine. It awaits a court decision regarding an appeal. Alamos has one more gold deposit in Mexico, Esperanza, but it is in the prefeasibility stage, which means months and months of permitting ahead. The process will not be easy, as Esperanza is in the state of Morelos, which banned the use of cyanide in mining in 2013. Mr. McCluskey has experience working with Mexican authorities, having run the company for the past 12 years.

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