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by Stockwatch Business Reporter

New York spot gold gained $2.50 to $1,243.50 on Thursday. The TSX Venture Exchange fell 1.42 points to 764.53 while the TSX Gold Index added 0.93 point to 191.97. Most Canadian gold miners moved higher today, led by Endeavour Mining Corp. (EDV) which gained 56 cents to $23.61 on 263,000 shares.

Dan Omeniuk and Bert McPherson's MX Gold Corp. (MXL), up one-half cent to 11 cents on 277,000 shares, expects to complete an upgrade to the processing plant at its Magistral tailings project in Mexico by November. The work is designed to boost the plant's capacity from 500 tonnes per day to 1,000 tonnes per day. The plant was built in 2013 by Gracepoint Mining Corp. at a cost of $4.5-million; the upgrade is apparently costing about $2.25-million -- the amount that MX Gold agreed to spend when it acquired a 50-per-cent interest in Magistral early this year.

Mr. Omeniuk, chairman and chief executive officer of MX Gold, says that the work is going well despite the rainy season, adding that it is encouraging to see the plan being "executed on schedule" and producing "positive outcomes." (The positive outcome desired by his backers, a steady stream of cash flow, will depend upon the success of the upgrade in solving the problems encountered by Gracepoint over the past four years.) The two co-venturers plan to process about 1.2 million tonnes of mill tailings that average about 2.06 grams of gold per tonne and contain about 79,000 ounces of gold. Mr. McPherson, MX Gold's president, is also optimistic. He says that his company and Gracepoint are already seeking out potential new acquisitions in the area for additional toll tailings tonnages that would extend the life of the project.

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