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by Stockwatch Business Reporter
New York spot gold closed down $3.60 to $1,182 Thursday. The TSX Venture Exchange slipped a fraction to 682.13 and the TSX Gold Index lost 2.43 points to 155.27.
Gold miners in Canada followed bullion down. Barrick Gold Corp. (ABX) dropped 38 cents to $13.87, Agnico Eagle Mines Ltd. (AEM) dropped 42 cents to $38.30, Eldorado Gold Corp. (ELD) fell 22 cents to $5.33 and Yamana Gold Inc. (YRI) slipped 20 cents to $3.99.
Robert Baxter's Indico Resources Ltd. (IDI) lost 1.5 cents to 14 cents on 171,000 shares. The company is about to raise $3-million by selling 40 million 7.5-cent units to Guido Del Castillo's Aruntani SAC of Peru. Aruntani gave life to Indico's two-cent stock on April 30, when the miner decided to option 70 per cent of Indico's Ocana gold-copper-moly project in Peru for $18.6-million in exploration. The news boosted the value of president Baxter's 3.33 million shares by $400,000. Aruntani has yet to begin work, but today it appointed its general manager, Luis Alva, to Indico's board. Indico paid Mr. Baxter $240,000 last year. He used to received $350,000 a year at his previous company, Norsemont Mining Inc., which he sold to HudBay Minerals Ltd. (HBM: $11.47) for $520-million in 2011. He joined Indico a year after the sale, in which he received around $7-million for his 2.3 million Norsemont shares.
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