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by Stockwatch Business Reporter
New York spot gold gained $6.50 to $1,329.00 on Thursday. The TSX Venture Exchange gained 5.08 points to 776.24 while the TSX Gold Index added 1.40 points to 202.15. Klondex Mines Ltd. (KDX) had a good day, gaining 18 cents to $4.19 on 1.21 million shares, and Eldorado Gold Corp. (ELD), just $2.31 earlier this week, added another 11 cents today, closing at $2.90 on 6.91 million shares.
Mark O'Dea and Darin Labrenz's Pure Gold Mining Inc. (PGM), up three cents to 65 cents on 1.07 million shares, has completed a preliminary economic assessment of its Madsen project in the Red Lake district of Ontario. The study comes on the heels of a revised resource estimate for the project, which now holds 5.79 million tonnes indicated at 8.9 grams of gold per tonne and another 587,000 tonnes inferred at 9.4 grams per tonne, for a total of over 1.8 million ounces of gold. The study, based on a mining rate of just 600 tonnes per day using existing surface infrastructure, puts the capital cost at just $50.9-million and derives a discounted net present value of $258-million after taxes.
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