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Gold Summary for Nov. 6, 2019

2019-11-06 20:06 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $7.40 to $1,490.60 on Wednesday. The TSX Venture Exchange fell 0.03 point to 538.63 while the TSX Gold Index added 3.14 points to 241.89.

New Gold Inc. (NGD) took a hit, dropping 15 cents to $1.23 on 4.04 million shares on word that it lost $25-million (U.S.) in its third quarter. Renaud Adams, chief executive officer, says that his company "delivered another quarter of improving operational and cost performance" from its Rainy River and New Afton mines, but investors were hoping for more. Rainy River, a problematic operation since it reached production a few years ago, now looks to hit the lower end of the company's production guidance, something just over 245,000 ounces. That is spun as an improvement over 2018, since the company missed its 2018 guidance of 310,000 to 350,000 ounces, producing just 227,000 ounces -- but context is unhelpful to the spin.

Frank Basa's Granada Gold Mine Inc. (GGM), up 1.5 cents to 11.5 cents on 537,000 shares, has received assays of up to 7.67 grams of gold per tonne over a near-surface 15-metre interval from another two holes drilled at the Long Bars zone at its Granada project, near Rouyn-Noranda in Quebec. The second hole returned 3.41 grams per tonne over six metres, commencing at surface. Assays from another hole are pending, awaiting high-grade verifications. All three holes were drilled within a few metres of an outcropping zone of mineralization.

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