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Gold Summary for June 27, 2016

2016-06-27 21:12 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold gained $8.50 to $1,324.10 on Monday. The TSX Venture Exchange lost 7.94 points to 702.85 while the TSX Gold Index added 5.55 points to 249.18. Most Canadian gold miners posted solid gains again today. Agnico Eagle Mines Ltd. (AEM) added another $1.30 to $68.81 on 1.82 million shares, but New Gold Inc. (NGD) went the other way, losing 15 cents to $5.62 on 4.34 million shares.

Peter Hawley's Scorpio Gold Corp. (SGN), down one cent to 10 cents on 112,000 shares, has received assays of up to 3.53 grams of gold per tonne over 3.05 metres on the NW Brodie trend at its 70-per-cent-owned Mineral Ridge project in Nevada. (Elevon LLC owns the remaining 30-per-cent interest.) The assays, from the last 23 holes drilled this year into NW Brodie, a 500-metre zone connecting the Brodie and Bluelite deposits, yielded generally low grades over modest intervals.

The NW Brodie zone was first encountered two years ago, but "inconsistencies in the drilling results" prompted a rethink of the results and led to the latest drill program. Mr. Hawley, president and chief executive officer, says that the mineralized rock dips steeply, resulting in narrower true widths than hoped. As a result, he says that the NW Brodie area "is not considered economic at this time and no further work is currently planned." Meanwhile, mining will continue at Brodie and Bluelite, which hosted reserves of about 22,000 ounces of gold at last report.

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