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Gold Summary for Feb. 26, 2015

2015-02-26 21:44 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $5 to $1,209.50 Thursday, rising with the U.S. dollar. The TSX Venture Exchange added 1.44 points to 700.93 and the TSX Gold Index added 2.60 points to 180.14.

Major Canadian gold miners ended the day up. Alamos Gold Inc. (AGI) gained 21 cents to $7.76, Goldcorp Inc. (G) gained 40 cents to $27.20, Yamana Gold Inc. (YRI) rose 18 cents to $5.27 and Iamgold Corp. (IMG) edged up eight cents to $2.97.

Wade Dawe's Stockport Exploration Inc. (SPT) rose one-half cent to 3.5 cents on 29,000 shares, after the company arranged a $295,000 bridge loan (notes convertible into shares at the rate of five cents per principal amount) from directors and private investors. Stockport needs the money to finish installing a gold-recovery circuit at its Nyanza gold property in Kenya. It will then use the circuit to recover gold from artisanal tailings piles, generating cash. One hundred fifty artisanal miners dig at the Nyanza site each day. Eventually, Stockport would like to help them mine more efficiently and safely, but the company has been proceeding slowly. In late 2012, it started to make friends with locals, building a latrine for a primary school. The project attracted the attention of Nairobi businessman Zephaniah Mbugua, who joined Stockport's board. He runs a group of local companies that makes both chemicals and breakfast cereals. Mr. Mbugua helped Mr. Dawe close a $1-million financing to local Kenyans in late 2013, but that money was spent last summer on exploration.

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