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by Stockwatch Business Reporter

New York spot gold closed down $5 to $1,232.10 Tuesday, coming off a $13 rise Monday. The TSX Venture Exchange dropped 24.05 points to 803.08, while the TSX Gold Index rose 5.66 points to 168.26.

Major Canadian gold miners ended the day higher. Agnico-Eagle Mines Ltd. (AEM) gained $1.16 to $33.98, Goldcorp Inc. (G) gained 74 cents to $26.74, Eldorado Gold Corp. (ELD) rose 23 cents to $8.40 and Iamgold Corp. (IMG) added 16 cents to $2.76.

Benoit Desormeaux's Semafo Inc. (SMF) rose 15 cents to $4.16 on 5.74 million shares. The company has made a hostile takeover bid for Orbis Gold Ltd., offering shareholders 65 Australian cents a share or $162-million (Australian). Semafo, which has $130-million in working capital, is after Orbis's Natougou gold project in Burkina Faso, where a scoping study has pegged all-in cash costs at a profitable $619 an ounce. Semafo is already producing its own profitable ounces in Burkina Faso, at its Mana gold mine. There, cash costs in the third quarter were a low $560 an ounce, down from $1,220 a year ago. The company attributes the decrease to cost cutting and a new high-grade pit, Siou. Pleasing third-quarter production numbers today prompted the company to boost its 2014 guidance by 10,000 ounces to 235,000 ounces.

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