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Gold Summary for May 10, 2024

2024-05-10 18:26 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold rose $17.50 to $2,363.40 on Friday. The TSX Venture Exchange rose 1.41 points to 597.36 while the TSX gold index dipped 0.17 point to 325.95. Wesdome Gold Mines Ltd. (WDO) was strong, adding 33 cents to $11.51 on 809,000 shares today.

Harry Pokrandt and Patrick Evans's Mayfair Gold Corp. (MFG) lost five cents to $2.27 on 45,000 shares. The fight for control of Mayfair carries on, as management has filed its information circular for the annual and special general meeting to be held in early June. Naturally, Mayfair urges its shareholders to elect the company slate -- Mr. Pokrandt, its chairman, Mr. Evans, its president and chief executive officer, along with Christopher Reynolds and Douglas Cater -- while rejecting the dissident nominees put forward by Muddy Waters Capital LLC -- Carson Block, Darren McLean, Freddy Brick and Anthony Jew.

Mayfair says that the dissident nominees have no board or management experience with Canadian public companies, have no experience at running exploration, development or mining companies, nor do they have a business plan or strategic vision. Further, Mr. Pokrandt and his crew conclude, the nominees have a "record as activist short sellers associated with value destruction, not long-term growth."

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