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Gold Summary for Sept. 8, 2016

2016-09-08 18:47 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $6.80 to $1,338.20 on Thursday. The TSX Venture Exchange rose 3.71 points to 825.60 while the TSX Gold Index slipped 4.79 points to 246.88. Most Canadian gold miners declined today, some significantly. Detour Gold Corp. (DGC) led the retreat, slumping $2.10 to $30.90 on 1.76 million shares. New Gold Inc. (NGD) lost 33 cents to $6.40 on 4.71 million shares on the heels of a 52-cent decline yesterday.

Kevin Bullock and Kim Evans's Golden Reign Resources Ltd. (GRR), up four cents to 34.5 cents on 1.11 million shares, has received assays of up to 37.3 grams of gold and 57.7 grams of silver per tonne over 4.0 metres in the West Pit area of its San Albino deposit in Nicaragua. Several other holes in the preliminary grade-control drill program produced high-grade hits. Ms. Evans, president, and Mr. Bullock, chief executive officer, say that the results suggest that the company may be able to combine its plan for two smaller pits into a single, larger pit, since the 39-metre distance between the two pits carries gold-bearing rock. They add that the drilling has extended the mineralization along strike and at depth, pushing the existing pit boundaries outward and presumably expanding the available resource.

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