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by Stockwatch Business Reporter
New York spot gold closed up $1.10 to $1,207 Monday, a lighter day of trading because markets in the United States were closed for Memorial Day. In Canada, the TSX Venture Exchange lost 3.39 points to 700.09 and the TSX Gold Index slipped a fraction to 166.06.
Gold miners in Canada had a rather flat day. Yamana Gold Inc. (YRI) slipped three cents to $4.62, Kinross Gold Corp. (K) remained unchanged at $2.95, Iamgold Corp. (IMG) rose two cents to $2.66 and Barrick Gold Corp. (ABX) rose one cent to $15.12.
Barrick is selling its Cowal gold mine in Australia to Jacob Klein's Evolution Mining Ltd. for $550-million (U.S.) cash. Barrick will use the money paying down debt. The miner had $2-billion in short-term liabilities and $18-billion in long-term ones as of March 31. Barrick says the closure of its Perth office will also reduce its general and administrative expenses. Cowal has been in production since 2006. It produces around 290,000 ounces of gold a year, which will nicely complement production from Evolution's five other gold-silver mines in Australia. With the addition of Cowal, Evolution targets over 600,000 ounces of gold this year.
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