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Gold Summary for June 30, 2015

2015-06-30 20:58 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold closed down $7.50 to $1,172.60 Tuesday, ending the month down $18. The TSX Venture Exchange rose 4.40 points to 671.49, while the TSX Gold Index slipped a fraction to 150.77.

Major Canadian gold miners ended some up, others down. Yamana Gold Inc. (YRI) gained 13 cents to $3.76, Eldorado Gold Corp. (ELD) gained 17 cents to $5.18, Agnico Eagle Mines Ltd. (AEM) dropped 57 cents to $34.46 and Iamgold Corp. (IMG) lost eight cents to $2.50.

Shawn Wallace and Ivan Bebek's Auryn Resources Inc. (AUG) edged up two cents to $1.50 on 135,000 shares. The company has offered $20.7-million in shares for its Nunavummiut joint venturer, John Williamson's North Country Gold Corp. (NCG), up three cents to 13 cents on 5.32 million shares. Auryn was supposed to spend $6-million on exploration in exchange for 51 per cent of North Country's Committee Bay gold project, but now it will issue 13.8 million shares and acquire the entire company. North Country's president, John Williamson, will receive 183,000 shares of Auryn, worth about $274,000. He is also entitled to a $450,000 change-of-control payment. He helped raise $50-million to explore at Committee Bay between 2010 and 2012, but ever since hitting an all-time high of $2.05 in 2011, the stock has been grinding down. Committee Bay has 1.6 million ounces of gold, but the ounces are remote and investors have lost their love for the stock. That was until Auryn decided to option half of the property in February. The company (Auryn) has $8-million in working capital, thanks to an oversubscribed $7.3-million Christmas financing (the shares of which are now worth $16.8-million). President Wallace had been hoping to raise $3.25-million, but he was able to double the financing thanks to increased demand following the sale of his and Mr. Bebek's Mexican gold explorer, Cayden Resources Inc. Agnico Eagle bought that company for $205-million, or $3.79 a share. Mr. Wallace and Mr. Bebek each received around $12-million for their three million shares. Together, they own around six million shares of Auryn.

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