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Gold Summary for Sept. 14, 2018

2018-09-14 20:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $7.80 to $1,193.10 on Friday. The TSX Venture Exchange rose 0.84 point to 715.16 while the TSX Gold Index lost 0.50 point to 151.97. Most Canadian gold miners moved little to end the week, although Guyana Goldfields Inc. (GUY) dropped 13 cents to $3.01 on 2.6 million shares. Torex Gold Resources Inc. (TXG), which has rallied from a low of $7.51 in mid-August, had an off day today before recovering to close down one cent to $10.28 on 471,000 shares.

Javier Reyes and Curtis Turner's Candelaria Mining Corp. (CAND), down 1.5 cents to 38.5 cents on 12,000 shares, has a preliminary economic assessment of its Pinos gold project in Zacatecas, Mexico. The study is based on a measured and indicated resource of 261,500 tonnes averaging 3.0 grams of gold and 59.1 grams of silver per tonne and another 529,300 tonnes inferred at 3.6 grams of gold and 47.7 grams of silver per tonne. (In all, Pinos holds just 85,000 ounces of gold and 1.3 million ounces of silver.) The dream sheet, which contemplates a seven-year mine starting at 200 tonnes per day and increasing to 400 tonnes per day by year four, is projected to cost just $13.5-million (U.S.) to put into production. The study projects a discounted net present value of $12.2-million (U.S.) after taxes.

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