This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

New York spot gold climbed $15.10 to $1,123.80 Wednesday. The TSX Venture Exchange added 1.05 points to 578.58 and the TSX Gold Index rose 7.23 points to 137.97.

Canadian gold miners ended the day higher. Barrick Gold Corp. (ABX) rose 50 cents to $10.55, Alamos Gold Inc. (AGI) rose 49 cents to $5.06, Detour Gold Corp. (DGC) gained 94 cents to $14.72 and Iamgold Corp. (IMG) added 27 cents to $2.45.

Jean Martineau's Dynacor Gold Mines Inc. (DNG) lost five cents to $1.65 on 80,000 shares. The drop in the price of gold is starting to affect toll miners. The company earned only $800,000 in the second quarter, down from $2.1-million last year, and this could soon get worse. Dyancor's Huanca toll mill in Peru has been operating below capacity for the past month as artisanal miners look for only the highest-grade ore. Dynacor depends on artisanal miners to fill its mill, where the company just received approval to expand the plant by 100 tonnes of ore a day to 350 tonnes. It also just received approval to build a second, 300-tonne-a-day toll mill named Chala. Chala will cost $12.9-million, but there is little point if it will just sit empty. Dynacor aims to produce 80,000 ounces of gold this year. The target seems optimistic, as the company produced just 32,000 ounces to June 30. For his services Mr. Martineau received $277,000 in salary and bonus last year.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS