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by Stockwatch Business Reporter

New York spot gold closed up $8.70 to $1,246.90 Monday, rising on physical buying from India. The five-day Hindu festival of lights named Diwali begins on Thursday, during which it is lucky to give gifts of gold jewellery. Here in Canada, the TSX Venture Exchange rose 1.22 points to 811.35 and the TSX Gold Index added four points to 166.53.

Canada's bigger gold miners followed bullion higher. Agnico Eagle Mines Ltd. (AEM) climbed $1.88 to $34.22, Barrick Gold Corp. (ABX) gained 31 cents to $15.43, Eldorado Gold Corp. (ELD) gained 20 cents to $8.07 and Yamana Gold Inc. (YRI) rose 20 cents to $6.44.

George Salamis's Edgewater Exploration Ltd. (EDW), up one-half cent to five cents on 15,000 shares, might have finally found a joint venturer for its Corcoesto gold project in Spain. The company has signed a letter of intent with a Spanish construction company, but it has given few other details. Edgewater needs 30 million euros, before it can resume work at Corcoesto, which has been on hold since July, 2013. The Spanish government has refused to grant the company a mining permit, until Edgewater can prove it can finance the $135-million project. The government would like to see at least 30 million euros ($43-million) upfront; Edgewater has $78,000 in working capital. Mr. Salamis thought he had the mine financing covered. In late 2012, he arranged loan agreements with Credit Suisse and Barclays totalling $120-million, but before those loans close, Edgewater first needs its mining permit. The company will continue in limbo until it can raise the money.

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