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Gold Summary for May 26, 2016

2016-05-26 18:15 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $4.50 to $1,219.50 on Thursday. The TSX Venture Exchange gained 2.85 points to 679.93 while the TSX Gold Index fell 1.10 points to 209.40. Canadian gold miners moved little today. Kinross Gold Corp. (K) added 12 cents to $5.86 on 13.74 million shares while Kirkland Lake Gold Inc. (KGI) lost 31 cents to $10.28 on 1.17 million shares.

David Adamson and Mark Wayne's Newcastle Gold Ltd. (NCA), up four cents to 58 cents on 695,000 shares, has completed its merger with Richard Warke and Frank Giustra's Catalyst Copper Corp. (CCY: $0.53). The friendly arrangement, completed on a 1:1 share basis, gives Newcastle's shareholders 60 per cent of the expanded company. Mr. Adamson, who was appointed chief executive officer of Newcastle in April at $200,000 per year, called the merger an "exciting step forward" for his shareholders as he believes it will ensure that the "true value of our outstanding gold resource" at Castle Mountain is realized. True value or not, it is certain that his backers' share of the value has been diluted by 40 per cent through the amalgamation with Catalyst.

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