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by Stockwatch Business Reporter

New York spot gold rose $12.70 to $1,789.10 on Monday. The TSX-V followed, gaining 4.11 points to 668.28, while the TSX gold index rose 4.46 points to 244.63. Most Canadian gold miners moved higher. Kinross Gold Corp. (K) was one, as it added 15 cents to $4.45 on 4.94 million shares, but Oceanagold Corp (OGC) went the other way, dropping seven cents to $2.39 on 1.95 million shares.

Rob McEwen's McEwen Mining Inc. (MUX) rose 15 cents to $4.67 on 35,000 shares. The company last traded at 47 cents before its 1:10 consolidation late last month. Since then, it rallied to $5.28 on its second day of post-rollback trading then slid to $4.39 last week. Consolidations usually do not have a positive impact on a company's share price, but McEwen Mining had no other option if it was to save its New York Stock Exchange listing.

Shareholders of Michael Spreadborough's Novo Resources Corp. (NVO) exhaled this morning after word that Toronto billionaire, Eric Sprott, has completed his purchase of 6.75 million shares of New Found Gold Corp. (NFG) from Novo Resources at the now heavily inflated price of $8.45 per share. This is a second and final tranche of a two-tranche purchase that Mr. Sprott agreed to in mid-April.

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