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by Stockwatch Business Reporter
New York spot gold rose $6.30 to $1,322.60 on Friday. The TSX Venture Exchange rose 0.71 point to 783.76 while the TSX Gold Index lost 0.06 point to 191.83. Endeavour Mining Corp. (EDV) led Canadian gold miners higher today, adding 29 cents to $21.92 on 349,000 shares. The company, an on-again, off-again favourite of analysts, will reveal its first quarter results in mid-May. Endeavour has had a good run since it traded at just $3.80 in late 2014.
Michael Kenyon and Paul Martin's Detour Gold Corp. (DGC) tumbled to an intraday low of $9.63, tripping a regulatory circuit breaker on the way, before ending the day down $4.55 to $9.85 on 14.63 million shares. Detour triggered the slump by updating its guidance for this year and its mine plan for the next several years. For 2018, Detour has trimmed its production forecast to a mid-range target of 615,000 ounces, down from 625,000 ounces. It is also boosting its all-in sustaining cost estimate to a mid-range target of $1,240 (U.S.) per ounce, well above the previous estimate of $1,100 (U.S.) per ounce. As a result, Detour is trimming its projection of free cash flow before financing to $55-million (U.S.) from $115-million (U.S.).
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