In Last Night's Gold Summary
Gold Summary for July 29, 2015
2015-07-29 19:55 ET - Market Summary
by Stockwatch Business Reporter
New York spot gold closed up $1.20 to $1,096.70 Wednesday. The United States Federal Reserve has left its interest rates unchanged, noting that the American economy expanded moderately over the past month. In Canada, the TSX Venture Exchange lost 2.21 points to 584.76, while the TSX Gold Index added 2.42 points to 122.63.
Major Canadian gold miners had an up day. Barrick Gold Corp. (ABX) rose 46 cents to $9.38, Agnico Eagle Mines Ltd. (AEM) gained 42 cents to $30.29, Goldcorp Inc. (G) added 30 cents to $16.69 and Iamgold Corp. (IMG) added six cents to $1.88.
Benjamin Mossman's Banks Island Gold Ltd. (BOZ) slipped one-half cent to 8.5 cents on 161,000 shares. The company had a horrible week after several incorrect media reports about its Yellow Giant gold mine in British Columbia. Yellow Giant is not closed, as Global News reported several times on Monday and Tuesday, and spiced up with plenty of colourful commentary from a conservationist named Ian McAllister. Mr. McAllister frightened viewers with accusations that Banks Island spilled contaminated tailings, including "arsenic, chromium, copper, lead and many other chemicals" into salmon runs. Then he provided media outlets with photos of what he says is the company's tailings pond on top of a salmon river. He said he had to take the photos using a drone because Banks Island did not allow him onto the property. The company says the photos are of its Bob mining stope; it has no tailings pond at the Yellow Giant mine. B.C.'s mines inspector has since confirmed that no tailings were spilled at the project.
Banks Island says it did spill some sediment-laden water in June, while it was backfilling at its Bob zone. (It processes all mineralization into concentrate, and returns the waste rock back underground.) After the water spill, the B.C. Ministry of Environment issued a pollution abatement order to which Banks Island fully complied. The company also conducted several environmental tests, showing that the water and sediment harmed no fish. The company is still processing mineralization at its main Tell zone, but it will need to amend permits for the Bob, Discovery and Kim exploration zones.