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by Stockwatch Business Reporter

New York spot gold dropped $14.80 to $1,155 Tuesday, hitting a 3.5-month low. The TSX Venture Exchange dropped 10.50 points to 652.83 and the TSX Gold Index dropped 5.34 points to 149.32.

Canadian gold miners had a down day. Barrick Gold Corp. (ABX) lost 63 cents to $13.10, Eldorado Gold Corp. (ELD) lost 19 cents to $5.50, Agnico Eagle Mines Ltd. (AEM) dropped $1.49 to $36.16 and New Gold Inc. (NGD) dropped 29 cents to $3.25.

Bruce Bragagnolo's Timmins Gold Corp. (TMM) dropped four cents to 66 cents on 1.04 million shares. The company has been struggling to produce gold at its San Francisco gold mine in Mexico, where grades are decreasing and all-in costs are increasing. They crept up to $1,055 an ounce in the first quarter, up from $790 one year ago. Timmins would like to expand gold production, and to help do so it has bought two Mexican gold projects. Last December, it paid $25-million for Goldgroup Mining Inc.'s (GGA: $0.105) Caballo Blanco project in Veracruz. A mine there will cost $80-million, and Timmins can get to work just as soon as it obtains permits. Goldgroup had some difficulty with its permitting process stalling a couple of year ago after locals started complaining about the mine reigniting nearby dormant volcanoes and reawakening the souls of 75 indigenous people buried down the road. If the company can handle lava and ghosts, it should also be able to handle gangsters. In April, it bought Lukas Lundin's Newstrike Capital Inc. for $140-million. Newstrike came with the Ana Paula gold project in gang-plagued Guerrero state, where workers of both Torex Gold Resources Inc. (TXG: $1.17) and Goldcorp were kidnapped this year.

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