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by Stockwatch Business Reporter

New York spot gold closed up $6.90 to $1,189.30 Monday, rising as the U.S. dollar fell. The TSX Venture Exchange lost three points to 670.56, while the TSX Gold Index rose 2.01 points to 166.79.

Major Canadian gold miners followed bullion higher. Goldcorp Inc. (G) rose 33 cents to $24.63, Barrick Gold Corp. (ABX) gained 25 cents to $14.27, Yamana Gold Inc. (YRI) gained 20 cents to $5.09 and Iamgold Corp. (IMG) added three cents to $2.69.

Iamgold has sold its 1-per-cent gross proceeds royalty on the Diavik diamond mine in the Northwest Territories (owned by Rio Tinto PLC and Dominon Diamond Corp.) to Sandstorm Gold Ltd. (SSL: $4.16) for $56.8-million. Sandstorm will pay $52.5-million cash and three million warrants. The gold streamer has $89-million in working capital and says the Diavik royalty, its first diamond royalty, should bring in about $8-million a year. For Iamgold this sale is part of the company's plan to refocus on gold. It sold its niobium mine in Quebec last fall to a group led by Aaron Regent's Magris Resources for $500-million, and since then president Steven Letwin has been looking for new assets. Iamgold has $800-million in working capital, which is soon to be $852-million.

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