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Gold Summary for May 2, 2016

2016-05-02 20:38 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold retreated $1.50 to $1,290.90 on Monday. The TSX Venture Exchange lost 3.64 points to 671.23 while the TSX Gold Index slipped 4.09 points to 224.58. Most Canadian gold stocks moved lower, led by Agnico Eagle Mines Ltd. (AEM), which fell 62 cents to $58.69 on 1.48 million shares and Goldcorp Inc. (G), which fell 81 cents to $24.47 on 6.17 million shares.

Tom Obradovich's Barkerville Gold Mines Ltd. (BGM) lost one cent to 56 cents on 776,000 shares on word it is acquiring Stephen Leahy and Elaine Ellingham's Williams Creek Gold Ltd. (WCX: $0.035). Barkerville will issue 6.8 million shares to Williams Creek's shareholders, which is approximately one Barkerville share for 16 Williams Creek shares. This, says Mr. Obradovich, Barkerville's chief executive officer, represents a 65-per-cent premium. He and his board believe that the acquisition of Williams Creek will add an important "central land package" within Barkerville's land position in the Barkerville camp. (In other words, Mr. Obradovich is seeking to close the doughnut hole in his company's land position.)

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