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Gold Summary for Aug. 20, 2015

2015-08-20 20:55 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $19 to $1,153.10 Thursday. The TSX Venture Exchange dropped 9.25 points to 548.92, while the TSX Gold Index rose 5.39 points to 143.09.

Gold companies in Canada followed bullion higher. Barrick Gold Corp. (ABX) climbed 43 cents to $10.77, Agnico Eagle Mines Ltd. (AEM) rose 96 cents to $35.49, Alamos Gold Inc. (AGI) rose 54 cents to $5.96 and Detour Gold Corp. (DGC) added 29 cents to $15.03.

David Reading's Aureus Mining Inc. (AUE: $0.44) held a mine-opening ceremony this week at its three-month-old New Liberty gold mine in Liberia. New Liberty is the first commercial gold mine in Liberia and the party was attended by several dignitaries, including the country's president, Ellen Sirleaf-Johnson. She commended Aureus for its hard work, as she has done several times over the past year. Aureus managed to continue development of the mine throughout the Ebola outbreak. The company had hoped to start gold production in March, but it had to push its first gold pour to May because of some Ebola-related delays. Roadblocks, disinfecting stations and handwashing areas all helped the company keep its 500 mine workers healthy. Liberia was declared Ebola-free in June. President Reading, who lives in London, made several trips to the site last year, earning him the nickname "strong one" among the locals. For his work, he received $534,000 in salary and bonus. This year, he has a new struggle: keeping all-in cash costs far enough below the gold price so that the mine is profitable.

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