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by Stockwatch Business Reporter

New York spot gold closed down $8.40 to $1,304.50 Friday. It dipped to an intraday low of $1,292 early in the session before recovering slightly after reports the Ukrainian military destroyed a Russian convoy -- stoutly denied by Russia. In Canada, the TSX Venture Exchange lost a fraction of a point to 995.90 and the TSX Gold Index lost 1.83 points to 204.05.

Major Canadian gold mining companies ended mostly down. Barrick Gold Corp. (ABX) lost 19 cents to $20.64, Goldcorp Inc. (G) lost 46 cents to $31.14 and Yamana Gold Inc. (YRI) fell 10 cents to $9.46, while Iamgold Corp. (IMG) edged up four cents to $4.37.

Alan Hill's Teranga Gold Corp. (TGZ) remained unchanged at 72 cents on 1.77 million shares. The company has raised $165-million this year to expand production at its adjoining gold properties, Sabadola and OJVG, in Senegal. Sabadola is already in production, but the company is trying to bring OJVG to production by year-end. It needs to speed up. At Sabadola, grades are dwindling rapidly. In the second quarter, it produced only 39,000 ounces of gold, down from almost 70,000 ounces a year ago. Teranga says there are higher-grade zones next door at OJVG, but if it does not start mining soon it will need to lower its guidance. The company aims to produce 240,000 ounces of gold this year, but Sabadola has mined only 91,000 ounces so far, and will likely do worse in the second half. Teranga is also spending $820,000 this year on community development, as it has every year since Mr. Hill joined in late 2010. He is not taking any chances with the Senegalese locals, especially not after learning an expensive lesson in Romania. There, he ran Gabriel Resources Ltd. (GBU: $0.89) from 2005 to 2009. His first two years were good with the stock rising to an all-time high of $5.70 in 2007. The moment was brief. The stock crashed down to $1 weeks later when the government revoked the company's environmental permit. Gabriel has been fighting for its return ever since. Before Gabriel, Mr. Hill spent 20 years with Barrick where he brought several gold mines to production. He retired from that job in 2003.

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