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by Stockwatch Business Reporter
New York spot gold lost $22.40 to $1,467.90 on Thursday. The TSX Venture Exchange fell 4.83 points to 533.80 while the TSX Gold Index slid 7.23 points to 234.66. Kinross Gold Corp. (K) said late yesterday that it earned $60.8-million (U.S.) in its third quarter and is on track to hit its guidance. Today, it slumped 80 cents to $5.55 on 18.93 million shares. Pan American Silver Corp. (PAAS) was one of the few bright lights today. It rose 78 cents to $22.93 on 1.83 million shares.
Marshall Koval's Lumina Gold Corp. (LUM), up three cents to 59 cents on 202,000 shares, has a revised resource estimate for the Cangrejos deposit and a maiden calculation for the nearby Gran Bestia deposit, which combine to form the Cangrejos project in southern Ecuador. At Cangrejos, the company now lists 469 million tonnes indicated at 0.77 gram of gold equivalent per tonne and another 255 million tonnes inferred at 0.55 gram per tonne. At Gran Bestia, Lumina has 99 million tonnes at 0.58 gram of gold equivalent per tonne and 221 million tonnes inferred at 0.49 gram per tonne. In all, the two deposits now host 16.6 million ounces of gold, 22.7 million ounces of silver, nearly 2.2 billion pounds of copper and 40.8 million pounds of molybdenum.
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