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Gold Summary for June 29, 2020

2020-06-29 17:29 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $1.10 to $1,772.60 on Monday. The TSX-V rose 9.51 points to 608.25 while the TSX gold index rose 3.72 points to 338.19. Endeavour Mining Corp. (EDV) lost ground today, dropping 96 cents to $32.16 on 1.14 million shares. Fiore Gold Inc. (F) went the other way, adding eight cents to $1.16 on 791,000 shares.

Gordon Stothart's Iamgold Corp. (IMG) was one of the busier traders among Canadian gold miners today. It added seven cents to $5 on 2.32 million shares on word that its Cote gold project in Northern Ontario has received approval from Canada's federal government under the Fisheries Act. This is just one of several steps in the formal permitting and approval process for the project, which cleared feasibility late in 2018. Iamgold, which holds a 70-per-cent interest, proposes to mine an average of 367,000 ounces of gold annually over a 16-year period from the mine, projected to cost $1.15-billion (U.S.) to build. Cote hosts a reserve of 233 million tonnes averaging 0.97 gram of gold per tonne, about 7.28 million ounces.

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