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Gold Summary for Aug. 23, 2016

2016-08-23 20:52 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $1.70 to $1,336.90 on Tuesday. The TSX Venture Exchange dropped 2.45 points to 817.79 while the TSX Gold Index lost 5.08 points to 256.62. Canadian gold miners drifted lower today with bullion. Yamana Gold Inc. (YRI) lost 27 cents to $6.45 on 10.41 million shares and Iamgold Corp. (IMG) lost 28 cents to $5.66 on 9.03 million shares.

Stephen Quin's Midas Gold Corp. (MAX), down six cents to 92 cents on 908,000 shares, plans another round of drilling at its Stibnite gold project in central Idaho starting next month. The drilling has several objectives. The company wants to better define the high-grade mineralization in the core of the Yellow Pine deposit. It also wants to upgrade inferred resources lying within and immediately adjacent to the proposed open pit. Midas also wants to drill targets not included in the current resource estimate that could enhance the net present value of Stibnite. Mr. Quin, president and chief executive officer, says the drill targets have been ranked on a discounted present value basis and the work will proceed from the "known to the unknown" to maximize the potential for success.

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