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Gold Summary for May 5, 2015

2015-05-05 21:04 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $5.20 to $1,193 Tuesday. The TSX Venture Exchange slipped 2.37 points to 696.75 and the TSX Gold Index lost 1.57 points to 166.39.

Canadian gold miners ended the day some up slightly, others down. Agnico Eagle Mines Ltd. (AEM) gained 18 cents to $38.34, Detour Gold Corp. (DGC) rose six cents to $13.05, Goldcorp Inc. (G) fell 30 cents to $22.39 and Kinross Gold Corp. (K) fell one cent to $2.99.

Fred George and Terry Coughlan's GoGold Resources Inc. (GGD) edged up one cent to $1.51 on 61,000 shares. The company has assays, including 37.6 metres of 8.8 grams per tonne gold, from its Santa Gertrudis gold project in Mexico, where it hopes to build a small $32-million mine. GoGold will use revenues from its Parral tailings project in Mexico, where the company has been heap leaching for about a year. Parral, a 21-million-tonne old tailings pile, has produced 661,000 ounces of silver equivalent so far; GoGold is hoping it will yield 35 million ounces. The town of Parral was more than happy to approve the project, which GoGold marketed as a clean-up exercise. (The company is cleaning up the unsightly pile of dirt that surrounds the town.) It also granted the town a 12-per-cent net profits interest, and to appease the reptilian enthusiasts it promised to safely relocate the pile's snakes and lizards. GoGold has yet to run into difficulty with the locals at its Santa Gertrudis property. A group of angry farmers forced the previous owner, Animas Resources Ltd., out in 2011. Then, they built a fence and began their own illegal mining operation. Animas had a court evict the farmers in mid-2013, but by that time it had run out of money and was forced to sell Santa Gertrudis to GoGold for $11-million.

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