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by Stockwatch Business Reporter
New York spot gold rose $7.10 to $1,339.00 on Monday. The TSX Venture Exchange fell 8.45 points to 803.23 while the TSX Gold Index slipped 1.10 points to 187.64. McEwen Mining Inc. (MUX), up 12 cents to $2.75 on 602,000 shares and Centerra Gold Inc. (CG), up 16 cents to $6.43 on 1.48 million shares, led Canadian gold miners higher today. Agnico Eagle Mines Ltd. (AEM) went the other way, dropping 79 cents to $56.12 on 1.01 million shares.
David Vincent and Greg Hahn's Canamex Gold Corp. (CSQ), down one-half cent to 17.5 cents on 136,000 shares, is offering one million gold royalty tokens at $6.25. The tokens, which will be redeemable in lots of 200 for a one-ounce bar of fine gold, are linked to production from the company's Bruner gold project in Nevada. Canamex calculates the market premium to the offering price at 35 per cent, in part to cover the risks of what is essentially a royalty on Bruner: The tokens will have a 13-year term, implying that they will have no value if Canamex fails to get its Bruner project into production within that time.
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