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by Stockwatch Business Reporter
New York spot gold rose $21.60 to $1,980.80 on Thursday. The TSX Venture Exchange rose 0.91 point to 518.88 while the TSX gold index added 5.63 points to 270.38. Most Canadian gold miners moved higher today, although one that did not was First Quantum Minerals Ltd. (FM), which lost 75 cents to $15.09 on 2.8 million shares. One of those leading the northward charge was Oceanagold Corp. (OGC), which added 12 cents to $2.35 on 3.93 million shares.
Richard Young's Argonaut Gold Inc. (AR), a 77-center in late summer -- and worth over $11 a decade or so back -- was weaker again today, as it dropped one-half cent to 42 cents on 8.25 million shares. The company had declared its much-plagued Magino mine in Northern Ontario to have reached commercial production as Halloween drew to a close, but the departing ghosts and goblins managed to spook the market one last time.
Because the ramping up of production took longer than expected, Argonaut decided to bolster its balance sheet by selling an additional 1-per-cent net smelter return royalty for $28-million (U.S.) to Franco-Nevada Corp. (FNV). Franco-Nevada, which now holds a 3-per-cent NSR royalty on Magino, added $2.21 to $166.57 on 510,000 shares today on word that the royalty acquisition has now closed.
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