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by Stockwatch Business Reporter
New York spot gold slipped $2.20 to $1,461.80 on Monday. The TSX Venture Exchange added 1.50 points to 533.31 while the TSX Gold Index added 1.33 points to 244.99. Scott Perry's Centerra Gold Inc. (CG) tumbled to an intraday low of $8.27 before ending the day down $1.30 at $10.06 on 3.87 million shares. The company's Kumtor mine in Kyrgyzstan suffered a "significant rock movement" at its waste dump. The rockslide leaves two employees missing and open-pit mining suspended for now. The company has no timetable for when mining will resume, but it could be some time, as Centerra is re-evaluating its mine plan.
The mill continues processing stockpiled ore.
Ari Sussman's Continental Gold Inc. (CNL), leapt 52 cents to $5.39 on 56.71 million shares on word that Zijin Mining Co. Ltd. will acquire the company for $5.50 per share. The $1.4-billion offer represents a premium of nearly 30 per cent to Continental's stock performance over the past month. Zijin is also buying $50-million (U.S.) in Continental convertible debentures, which will convert at $4.50 per share. That cash will be used in part to redeem $25-million (U.S.) in currently outstanding convertible debentures, presumably because they carry a lower conversion price.
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