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Gold Summary for March 27, 2015

2015-03-27 20:55 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $5.70 to $1,198.40 Friday, ending the week up $16. The TSX Venture Exchange rose 1.87 points to 681.43 and the TSX Gold Index added a fraction to 160.39.

Major Canadian gold miners ended some higher, some lower. Barrick Gold Corp. (ABX) rose 13 cents to $14.22, Goldcorp Inc. (G) rose four cents to $23.21, Iamgold Corp. (IMG) lost three cents to $2.55 and Yamana Gold Inc. (YRI) lost seven cents to $4.81.

Robert Quartermain's Pretium Resources Inc. (PVG) rose 14 cents to $6.69 on 418,000 shares. The company's proposed Brucejack gold mine in Northern British Columbia has received B.C. Environmental Assessment Office approval. Normally approval takes about three months, but Pretium's application was accepted for evaluation on Aug. 13, 2014, 10 days after Imperial Metals Corp.'s (III: $12.24) Mount Polley tailings spill. This delayed the mine application process for the entire province. Some environmentalists and some Indian bands tried to stop Brucejack, but the project's location is not in their favour. Brucejack sits high above the treeline, where sacred trees do not grow and sacred waterways -- mostly ponds -- are frozen 10 months of the year and they are inhospitable to salmon. Brucejack is also going to be an underground mine, which means Pretium will not lop off the heads of any sacred mountains. The mine will cost $747-million to build; the company has around $50-million in working capital. Mr. Quartermain should have no trouble raising the rest of the money for he has helped close over $640-million for Brucejack since listing the stock in 2010. The project is one of the few that would remain economic should gold slip to $800 an ounce. For his services to Pretium last year, Mr. Quartermain received $400,000 in salary and no bonus.

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