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by Stockwatch Business Reporter
New York spot gold fell $6.20 to $1,307.80 on Monday. The TSX Venture Exchange lost 3.68 points to 608.26 while the TSX Gold Index dipped 1.77 points to 190.69. Kinross Gold Corp. (K) followed bullion lower today. It dropped nine cents to $4.43 on 3.97 million shares. New Gold Inc. (NGD) added eight cents to $1.62 on 5.04 million shares.
Darin Labrenz's Pure Gold Mining Inc. (PGM) slid 14 cents to 65 cents on 4.72 million shares on the results of a feasibility study of the Madsen gold project, near Red Lake in Northwestern Ontario. The study proposed a 12-year, 800-tonne-per-day mine that Mr. Labrenz touts -- in quick succession -- as being "robust" and "high-grade," and with low initial capital cost and strong financial performance. (It appears that investors were hoping for something heftier than robust and perhaps for a reserve larger than the 3.5 million tonnes averaging nine grams of gold per tonne, or just one million ounces. They may have also been hoping that the low initial cost, now pegged at $95-million, would have come in closer to the $51-million laid out in a 2017 preliminary economic assessment.)
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