04:13:24 EDT Tue 26 Sep 2023
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Gold Summary for June 7, 2023

2023-06-07 18:27 ET - Market Summary

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by Stockwatch Business Reporter

New York spot gold fell $23.90 to $1,939.70 on Wednesday while the TSX Venture Exchange dropped 0.30 point to 612.28. The TSX gold index also fell, dropping 5.28 points to close at 290.23. Canadian gold miners swam in a sea of red today. Torex Gold Resources Inc. (TXG), which dropped $1.44 to $20.74 on 420,000 shares, and McEwen Mining Inc. (MUX), which fell 62 cents to $10.28 on 34,000 shares, were typical of the day. None had news today.

Another company without material news was Heye Daun's Osino Resources Corp. (OSI), but today Mr. Daun, president and chief executive officer, said to expect some soon. Osino closed unchanged at $1.15 on 256,000 shares on word it will have its definitive feasibility study of the Twin Hills gold project in central Namibia by mid-June -- so in about a week, perhaps.

The new study follows a prefeasibility study completed last September that proposed a 13-year mine running at about 14,000 tonnes per day, and which carried a capital cost of about $375-million (U.S.). With gold production expected to average nearly 170,000 ounces per year, the bottom line was encouraging, with a discounted net present value of $503-million (U.S.) and an internal rate of return of 26 per cent, both after taxes and based on $1,700-per-ounce gold.

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