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by Stockwatch Business Reporter
New York spot lost $1.10 Monday, ending the day at $1,838.70. The TSX-V rose 1.57 points to 641.95 while the TSX gold shed another 1.29 points to 287.27. Most Canadian gold miners drifted lower today. There were no shocking moves, up or down, but McEwen Mining Inc. (MUX) did go one way, adding one cent to 63 cents on 56,000 shares, while Franco-Nevada Corp. (FNV) went the other, dropping 67 cents to $180.36 on 232,000 shares. Neither company had news today.
One company with news was John McCluskey's Alamos Gold Inc. (AGI). It lost 11 cents to $9.18 on 960,000 shares on word that it has poured 991 ounces of gold as its initial production from the La Yaqui Grande mine, a part of its Mulatos operation in Mexico. La Yaqui Grande is expected to yield 3,000 ounces in June and will ramp up production through the second half of the year.
This is a "significant achievement," says Mr. McCluskey, president and chief executive officer, cheering that construction of the new mine at the old Mulatos project was completed ahead of schedule. La Yaqui Grande, he beams, "represents another in a long line of discoveries" that have continued to extend the life of the Mulatos operation since production began in 2005. With its higher grades and recovery rates, Mr. McCluskey says that La Yaqui Grande "underpins a strong outlook," with higher production and lower costs driving Alamos's free cash flow into 2023 and beyond.
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