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Gold Summary for Jan. 8, 2017

2018-01-08 21:01 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $1.10 to $1,319.90 on Monday. The TSX Venture Exchange rose 25.33 points to 921.04 while the TSX Gold Index lost 1.81 points to 194.81. A recent laggard, Torex Gold Resources Inc. (TXG), jumped $1.25 to $11.60 on 2.66 million shares. The company says it had a good year at its El Limon-Guajes gold mine in southern Mexico, at least until an illegal blockade forced it to suspend work last fall. There are now glimmers of hope that it could reopen soon.

Noureddine Mokaddem and Eric Swenden's Maya Gold and Silver Inc. (MYA), down 5.5 cents to 55 cents on 3.90 million shares, has updated its resource estimate for the Zgounder silver mine in Morocco. The company now lists 990,000 tonnes measured and indicated at 315 grams of silver per tonne plus 3.44 million tonnes inferred at 256 grams per tonne, for a total of 38.3 million ounces. Of those, 22.9 million ounces are contained in a pit-constrained resource, another 13.3 million are deemed an underground resource and the remaining 2.1 million ounces are contained in historical tailings dumps.

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I appreciate your coverage of Canamex's updated PEA results, but your compensation information is quite outdated. I took a voluntary reduction in compensation in January 2015 to $90,000 annually (50% cut), as did Mark Billings, and those remunerations were still in place when Mark Billings resigned in October 2017. Mine is still in place. New CEO David Vincent's remuneration is nominally higher.

Posted by Greg Hahn at 2018-01-09 10:25


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