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Gold Summary for April 6, 2020

2020-04-06 17:39 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold added $38.90 to $1,660.70 on Monday. North American markets surged higher, with the TSX Venture Exchange adding 15.25 points to 399.19 while the TSX gold index leapt 12.82 points to 266.72. The surge carried Eldorado Gold Corp. (ELD) 72 cents higher; it ended the day at $9.89 on 2.41 million shares. Kirkland Lake Gold Ltd.(KL) had another good day, gaining $2.18 to $48.94 on 2.67 million shares. A share could have been had for less than $41 early last week and for barely $25 in mid-March.

Jason Simpson's Orla Mining Ltd. (OLA), up 23 cents to $2.24 on 896,000 shares, has closed its sale of 36.6 million shares at $2.05, raising $75-million that will primarily be used for development and construction at its Camino Rojo oxide gold project in Zacatecas, Mexico. This includes payments to Fresnillo PLC under a tentative layback agreement that the two companies signed late in March: Orla would pay $62.8-million (U.S.) over 3.5 years for the right to expand its Camino Rojo pit onto Fresnillo's adjacent property. Of that amount, $10-million (U.S.) will be due on signing, another $15-million (U.S.) by the end of June and a further $15-million (U.S.) within a year.

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