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by Stockwatch Business Reporter
New York spot gold lost $12.40 Thursday, ending the day at $1,825.60. The TSX-V lost 9.11 points to 631.79 while the TSX gold fell 9.97 points to 275.79. Lundin Gold Corp. (LUG) was one of the big decliners, as it fell $1.24 to $9.51 on 972,000 shares.
Oh, here we go again. Larry Radford's Argonaut Gold Inc. (AR) slumped 22 cents to 57 cents on 22.72 million shares on an update about its Magino mine construction and financing. The company has offered a "reaffirmation of the estimated cost" -- reaffirming, one might hope, the earlier big increases in the estimated cost. Well, the new estimated cost is $920-million, which is $120-million north of the $800-million estimate laid out late last year. In fact, the reaffirmation refers to a May review that suggested the estimated cost was "likely to be approximately 15 per cent higher" than that estimate.
And so here we are. Now, Mr. Radford, president and chief executive officer since March and the fellow who ordered the May review, has put together a new financing to tide the company through to production early next year. The package includes a six-year, $200-million (U.S.) term loan and a $50-million (U.S.) credit facility that will bear interest at 1.25 per cent when undrawn and 6.0 per cent above the adjusted term secured overnight financing rate when in use.
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