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Gold Summary for Dec. 13, 2019

2019-12-13 17:57 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold added $6.40 to $1,475.80 on Friday. The TSX Venture Exchange rose 4.01 points to 540.53 while the TSX Gold Index added 1.97 points to 251.40. Endeavour Mining Corp. (EDV) had a strong day, adding 95 cents to $25.44 on 377,000 shares. The company said last week that it was "seeking to engage" with the board of Centamin PLC (CEE) "with the intention of reaching an agreement" on a merger between the two companies. (Endeavour is eager, Centamin, up four cents to $2.18 on 132,000 shares, is apparently avoiding the company's advances.)

Stephen Letwin and Gordon Stothart's Iamgold Corp. (IMG) added two cents to $4.51 on 4.84 million shares, following release of a preliminary underground plan for its Westwood gold mine in the Abitibi region of Quebec. The (latest) revised plan predicts the mine will average between 100,000 and 125,000 ounces during a four-year ramp-up period, after which it should average between 130,000 and 145,000 ounces per year. Mr. Stothart, president and chief operating officer, says that this new guidance is based on Westwood's operating reality, with potential for lower dilution and continued positive reconciliation to plan. (In other words, there is more gold there than predicted -- a trend one hopes will continue.)

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