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Gold Summary for Aug. 22, 2014

2014-08-22 21:24 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed up $3.70 to $1,280 Friday, after United States Federal Reserve Chairman Janet Yellen addressed attendees at the Jackson Hole Economic Symposium in Wyoming. Ms. Yellen had nothing new to say, pointing out that the U.S. labour market is improving and monetary policy is not on a preset path. Here in Canada, the TSX Venture Exchange rose 3.5 points to 1,005.70, while the TSX Gold Index lost a fraction to 198.35.

Canadian gold miners ended some lower, others unchanged. Goldcorp Inc. (G) lost 22 cents to $29.83, Barrick Gold Corp. (ABX) lost 21 cents to $19.97, Kinross Gold Corp. (K) remained unchanged at $4.32 and Yamana Gold Inc. (YRI) remained unchanged at $9.17.

Brian Kynoch and Murray Edwards's Imperial Metals Corp. (III) also remained unchanged at $9.03 on 155,000 shares. These days that is a good day for Imperial Metals. Its stock has tumbled almost $8 this month, after the Mount Polley tailings pond spill took over the B.C. news cycle. Despite three weeks of water tests -- all of which have returned potable -- environmentalists and Indian bands continue to bemoan what they are calling a "toxic disaster." Mount Polley has been shut indefinitely, but Imperial investors have something to look forward to: the company has begun stockpiling ore at its much-larger Red Chris gold mine, near Iskut. There, Imperial can begin processing as soon as its site receives power, and the company is just weeks away from completing its 90-kilometre extension to B.C. Hydro's 287-kilovolt Northwest Transmission Line. Imperial aims to finish next month, at which time it can start replacing some of its lost Mount Polley production. There is one potential hitch. Last week, mining minister Bill Bennett promised the Tahltan First Nation that he would not open Red Chris until Imperial hires an independent third party to review its tailings pond, and that review must be deemed satisfactory by Tahltan leadership. Fortunately for the company, Tahltan leaders have been reasonable ever since Imperial started hiring band members for construction. Even after the spill, the council has been supportive of Red Chris, saying only a few Tahltan members are against the mine, and those are the ones setting up post-spill blockades.

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