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Gold Summary for May 3, 2016

2016-05-03 20:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold retreated $5.20 to $1,285.70 on Tuesday. The TSX Venture Exchange lost 8.86 points to 662.37 while the TSX Gold Index slipped 3.36 points to 221.22. Most Canadian gold stocks moved lower, led by Barrick Gold Corp. (ABX), which fell 63 cents to $23.33 on 8.34 million shares. Kirkland Lake Gold Inc. (KGI) went the other way gaining 26 cents to $9.88 on 1.70 million shares.

Leon Teicher and Ari Sussman's Continental Gold Inc. (CNL), down 11 cents to $2.76 on 2.08 million shares, has concluded trial mining at its Buritica gold project in Colombia. The program, which produced 2,093 ounces of gold and 2,733 ounces of silver from 2,091 tonnes of ore, "clearly validated" the company's feasibility study, according to Mr. Sussman, president and chief executive officer, and Mr. Teicher, chairman. They say the test supports their plan to conduct long-hole mining at Buritica and it supports the assumed stope design dimensions, noting that the mining encountered "higher-than-anticipated grades and widths."

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