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by Stockwatch Business Reporter

New York spot gold rose $6.90 to $1,966.30 on Monday. The TSX Venture Exchange rose 2.42 points to 627.52 while the TSX gold index added 3.63 points to 287.09. Most Canadian gold miners followed bullion northward today. The gains were mostly modest, but Iamgold Corp. (IMG) did add 15 cents to $3.60 on 1.93 million shares. Iamgold was quiet today and is two weeks away from revealing its second quarter financials.

One company with news did do well: Michael Steinmann's Pan American Silver Corp. (PAAS) jumped $1.34 to $22.32 on 1.34 million shares. The move followed word that the company is selling some non-core assets -- Mara in Argentina, Morococha in Peru and Agua de la Falda in Chile -- to optimize its portfolio of projects after expanding the roster through its acquisition of Yamana Gold Inc. earlier this year.

Morococha, one of Pan American's own projects before the takeover, has been on care and maintenance since early 2022. A Peruvian company will pay $25-million (U.S.) for the mothballed mine. Glencore International AG, which owns a 43.75-per-cent interest in Mara, will pay $475-million (U.S.) for Pan American's majority interest and will grant it a 0.75-per-cent copper royalty. Rio Tinto will pay $45.55-million (U.S.) and grant Pan American a 1.25-per-cent royalty for a 57.75-per-cent interest in Agua de la Falda.

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