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by Stockwatch Business Reporter
New York spot gold slipped $2.10 to $1,172.90 Thursday. The TSX Venture Exchange lost a fraction of a point to 679.59 and the TSX Gold Index lost 1.97 points to 152.57.
Gold miners in Canada followed bullion down. Barrick Gold Corp. (ABX) fell 20 cents to $13.57, Goldcorp Inc. (G) fell 36 cents to $20.45, Detour Gold Corp. (DGC) dropped 49 cents to $14.48 and New Gold Inc. (NGD) slipped one cent to $3.57.
Dick Whittington's Northern Vertex Mining Corp. (NEE) lost one-half cent to 20 cents on 1.21 million shares. The company is trying to raise $1.5-million for its Moss gold-silver property in Arizona. It will need to raise $33-million if it wants to build a small mine at Moss. According to a feasibility study released earlier this month, the company would be able to produce around 42,000 ounces of gold a year at a low $624 an ounce, all-in. Northern Vertex spent the past two years test heap leaching its Moss ore. The process recovered 4,200 ounces of gold and 19,000 ounces of silver, which together sold for $6.7-million. Moss's optioner and 30-per-cent owner, Patriot Gold Corp. (PGOL: $0.04 (U.S.)), has decided that it should get $2-million of those proceeds, and has filed for arbitration. Northern Vertex says Patriot is not entitled to anything because recoveries occurred at a loss and for test purposes. It hopes to solve the dispute quickly. Northern Vertex probably wishes to avoid Patriot becoming a problem, as the OTC Bulletin Board listing still owns 30 per cent of Moss.
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