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Gold Summary for May 11, 2015

2015-05-11 20:30 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $4 to $1,183.50 Monday. The TSX Venture Exchange slipped a fraction to 690.75, while the TSX Gold Index edged up a fraction to 166.01.

Canada's larger gold miners ended the day mostly up. Agnico Eagle Mines Ltd. (AEM) rose 92 cents to $39.24, Barrick Gold Corp. (ABX) rose 8.5 cents to $15.48 and Kinross Gold Corp. (K) climbed 8.5 cents to $3.05, while Goldcorp Inc. (G) fell 19.5 cents to $22.46.

Doug Forster and Blayne Johnson's Newmarket Gold Inc. (NGN) last at 30 cents, was halted this morning, pending news. The company has arranged to merge with Rodney Lamond's Crocodile Gold Corp. (CRK), up 3.5 cents to 30.5 cents on 5.90 million shares, in a deal valued at $176-million. Newmarket has spent the past year looking to acquire a producing gold mine. Crocodile has three, Fosterville, Stawell and Cosmo, all in Australia, which together could produce up to 220,000 ounces this year. All-in cash costs are low, coming in at $938 an ounce in the first quarter, which is just under Newmarket's $1,000-an-ounce threshold. Newmarket has $1.8-million in working capital, so it plans to sell $25-million worth of subscription receipts. Management and directors will subscribe for $8-million; selling the other $17-million should not be a problem, considering Lukas Lundin, Randall Oliphant and Raymond Threlkeld are all on Newmarket's board. All three men will stay on with the merged company, which will be run by Newmarket's president, Mr. Forster. Newmarket's Mr. Johnson will be an executive vice-president, and Crocodile's Mr. Lamond will be chief operating officer.

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