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by Stockwatch Business Reporter
New York spot gold dropped $18.80 to $1,209.10 Tuesday, as the U.S. dollar rose. The Chinese celebrate Lunar New Year tomorrow, but demand for physical bullion ahead of the holiday has remained unusually low this year. In Canada, the TSX Venture Exchange added 1.16 points to 697.67, while the TSX Gold Index lost 6.28 points to 174.04.
Major Canadian gold miners had a down day. Barrick Gold Corp. (ABX) lost 25 cents to $14.87, Goldcorp Inc. (G) dropped $1.15 to $28.20, Agnico Eagle Mines Ltd. (AEM) lost $1.97 to $38.69 and Yamana Gold Inc. (YRI) lost 25 cents to $4.90.
Bruce Bragagnolo's Mexican gold miner, Timmins Gold Corp. (TMM), dropped 13 cents to $1.15 on 5.93 million shares, after the company offered $140-million in cash and shares for Lukas Lundin's Newstrike Capital Inc. (NES), up four cents to $1 on 1.74 million shares. Timmins is after Newstrike's Ana Paula gold project in Mexico, where a mine will cost $164-million to build. It would also add 120,000 ounces of gold a year to Timmins's production. The company's San Francisco mine in Mexico produces around 125,000 ounces of gold a year, and Timmins has been looking to add to it. In December, the company bought the Caballo Blanco gold property in Mexico from Keith Piggot's Goldgroup Mining Inc. (GGA: $0.14) for $25-million. Goldgroup had been hoping to build an $80-million gold mine at Caballo, but got stuck in permitting, when it failed to convince locals that mining would not reignite any dormant volcanoes nearby, cause a nuclear disaster at the plant down the road or awake the spirits of 75 indigenous souls buried in the area. Timmins is hoping it can do better, pointing out its already good relationship with the Mexican environmental authority, and the money it spends in the community.
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