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Gold Summary for May 10, 2016

2016-05-10 20:38 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $1.90 to $1,265.30 on Tuesday. The TSX Venture Exchange gained 3.68 points to 661.10 while the TSX Gold Index rose 6.57 points to 222.35. Canadian gold miners moved higher today, led by Agnico Eagle Mines Ltd. (AEM), which gained $1.39 to $58.57 on 981,000 shares, and Eldorado Gold Corp. (ELG), which added 47 cents to $5.91 on 8.66 million shares.

Richard Griffiths and David Reading's Aureus Mining Inc. (AUE) tumbled four cents to nine cents on 15.09 million shares. The stock, as low as seven cents at one point, fell following word the company has "temporarily suspended" operations at its New Liberty gold mine in Liberia. The shutdown is the result of problems with the detoxification circuit in the processing plant. The circuit has been producing higher concentrations of cyanide than its design specifications projected, so the company had been using water in a closed circuit to prevent discharge of the contaminated water. Unfortunately, as a result of heavy rains, a "small overflow" occurred into a wetlands area. Aureus is now trying to fix the problem so the mine can recommence operations "in the near future."

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