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Gold Summary for Feb. 16, 2017

2017-02-16 20:48 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $5.40 to $1,238.60 on Thursday. The TSX Venture Exchange gained 5.18 points to 843.32 while the TSX Gold Index rose 3.87 points to 228.11. Most Canadian gold miners moved higher today, led by Goldcorp Inc. (G), which added $1.28 to $23.11 on 7.11 million shares. Agnico Eagle Mines Ltd. (AEM) was a noteworthy exception. It slid $2.92 to $61.66 on 2.17 million shares.

Rudi Fronk's Seabridge Gold Inc. (SEA), up 91 cents to $15.65 on 161,000 shares, has expanded its inferred resource at Deep Kerr on its KSM project in northwestern British Columbia. The company now lists 1.92 billion tonnes at 0.31 gram of gold per tonne and 0.41 per cent copper -- about 19 million ounces of gold and 17.3 billion pounds of copper. This adds three million ounces of gold and two billion pounds of copper to the former estimate, which the company calculated late last summer. Mr. Fronk, chairman and chief executive officer, says the additional ore falls within a conceptual mine plan based on block-cave underground mining. He adds that "as the deposit grows year by year," it provides Seabridge with "further opportunities for economic optimization" based on increased processing rates.

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