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Gold Summary for Dec. 29, 2016

2016-12-29 20:33 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $16.00 to $1,157.70 on Thursday. The TSX Venture Exchange gained 14.28 points to 760.22 while the TSX Gold Index added 12.00 points to 202.33. Torex Gold Resources Inc. (TXG) led the surge. It gained $2.44 to $21.80 on 1.20 million shares.

Scott Perry and Stephen Lang's Centerra Gold Inc. (CG), up 41 cents to $6.51 on 3.12 million shares, got a belated Christmas present this week, when the government of Kyrgyzstan gave it permits for its Kumtor gold mine. The good news is that the permits are valid for all of 2017, unlike in previous years when the bureaucrats granted permits valid for just a few months at a time, and often just days in advance. (The relationship between Centerra and the Kyrgyzstani government has often been acrimonious; the continuing permit uncertainties are the bureaucrats' way of reminding Centerra who holds the upper hand.)

Although the government granted several one-year permits to Centerra that will allow the company to continue "mining operations" through 2017, the Kyrgyzstanis still have an ace in the hole. Centerra also needs a discharge permit before it releases water from its tailings facility, work that it starts each spring. Centerra says, in its lawyerly, if awkward way, that it "expects to apply for and receive, in the ordinary course, the required discharge permit prior to that time." Kumtor, which has been averaging 550,000 ounces of gold per year for the past 20 years, is still worth the effort of dealing with the Kyrgyzstanis. The mine had a reserve of 69.2 million tonnes at 2.5 grams of gold per tonne at last report, with an additional 29.6 million tonnes indicated at 2.7 grams per tonne for a combined 8.2 million ounces. Inferred resources bring the ounce count to 10 million ounces.

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