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Gold Summary for Nov. 25, 2022

2022-11-25 19:15 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $0.30 to $1,755.30 on Friday. The TSX-V lost 5.68 points to 575.64 while the TSX gold index dipped 3.18 point to 269.30. Trading was muted today, today being Black Friday -- the shopping kind, not the market kind thankfully. Kinross Gold Corp. (K) was nevertheless busy, topping one million shares traded in barely an hour and ending the day down 14 cents to $5.57 on 6.31 million shares.

Most of what passed as news today was of the dark variety. Maryse Belanger's Iamgold Corp. (IMG) said that one of its employees in Burkina Faso was killed in an accident on Tuesday. His work crew had been hoisting mobile equipment at a site away from its mines, so the resulting investigations should not hamper the company's operations. Iamgold rose three cents to $2.67 on 1.33 million shares today.

Beleaguered Great Panther Mining Ltd. (GPR), halted in September and now in the throes of bankruptcy, chose Black Friday as an appropriate day to reveal its proposed sale of the Coricancha mine in Peru has fallen through. Negotiations to arrange and then complete the $750,000 (U.S.) cash sale to Robert Archer's Newrange Gold Corp. (NRG) began early this year. The deal had been arranged by Great Panther's interim chief executive officer, Alan Hair, but he and most of his crew quit late in September, as their company continued its slow-motion foundering.

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