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by Stockwatch Business Reporter
New York spot gold rose $1.80 to $1,282.20 on New Year's Eve. The TSX Venture Exchange gained 5.11 points to 557.20 and the TSX Gold Index rose 3.32 points to 186.74. Barrick Gold Corp. (ABX) was active again today, gaining 80 cents to $18.43 on 17.25 million shares. The stock had slumped $1.05 on nearly 43 million shares Friday, its most active day ever. Barrick is merging with Randgold Resources Ltd.
Dr. Tom Morris's Northern Superior Resources Inc. (SUP), unchanged at 2.5 cents on 97,000 shares, has sold 30.3 million shares at 3.3 cents per share, raising the $1-million it had been seeking since mid-December. These are unconsolidated shares: Northern Superior will roll back its stock on 1 1:10 basis shortly. (The consolidation cuts the shares outstanding from 320 million to 32 million, but the new placement keeps Northern Superior's perpetual dilution machine humming.)
Dr. Morris, president and chief executive officer, says that the new cash is for geophysical preliminaries and drilling at Northern Superior's Lac Surprise gold project in west-central Quebec, an area that he calls "one of the more active mineral exploration camps" in Quebec. Most of that activity, of course, centres on the Nelligan project that is being advanced by Iamgold Corp. (IMG: $5.01) and Vanstar Mining Resources Inc. (VSR: $0.135). (Iamgold, which is earning up to an 80-per-cent interest in Nelligan, recently received assays of up to 3.31 grams of gold per tonne over 82.6 metres from work designed to develop a maiden resource estimate for the project.)
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