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by Stockwatch Business Reporter

New York spot gold lost $13.10 to $1,180.40 Friday, ending the week down $24. The TSX Venture Exchange slipped 1.86 points to 697.62 and the TSX Gold Index slipped 2.09 points to 161.77.

Major Canadian gold miners ended the day down. Goldcorp Inc. (G) dropped 57 cents to $23.14, Barrick Gold Corp. (ABX) lost 10 cents to $15.24, Centerra Gold Inc. (CG) lost 23 cents to $6.05 and Yamana Gold Inc. (YRI) fell 13 cents to $4.65.

Ewan Downie's Mega Precious Metals Inc. (MGP) rose 4.5 cents to nine cents on 18.86 million shares, after receiving a 10-cent-a-share ($17-million) takeover offer from Yamana Gold. Yamana is interested in Mega's three-million-ounce Monument Bay gold project in Manitoba, where the company currently awaits assays from winter drilling. With luck the Yamana takeover will not upset the Red Sucker Lake First Nation. It just reagreed to co-operate with the company, signing a new exploration agreement last fall. The band had signed an earlier agreement in 2010, one that came with jobs, 525,000 shares and $2.8-million in community spending, but in 2013 the Red Sucker decided it would no longer honour it. The band posted dozens of eviction notices, barricaded access roads and threatened Mega geologists, so much so that the company had to obtain a court injunction to stop the nuisance behaviours. The Red Sucker has since elected a new chief, Greg Harper, who seems more amenable to Monument Bay development.

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