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by Stockwatch Business Reporter

New York spot gold dropped $7 to $1,094 Wednesday. The TSX Venture Exchange lost 5.92 points to 608.76, while the TSX Gold Index rose a fraction of a point to 124.47.

Major Canadian gold miners ended some down, others up slightly. Barrick Gold Corp. (ABX) lost nine cents to $9.59, Iamgold Corp. (IMG) lost 11 cents to $1.65, Goldcorp Inc. (G) gained 16 cents to $17.23 and Eldorado Gold Corp. (ELD) added two cents to $4.27.

Doug Forster and Blayne Johnson's Newmarket Gold Inc. (NMI) dropped nine cents to 82 cents on 228,000 shares. The company has assays, including 17.8 metres of 7.06 grams per tonne gold, from its Cosmo and Stawell gold mines in Australia. It has been drilling around both mines this month in hopes of increasing gold resources and eventually expanding production. Newmarket acquired three Australian gold mines, Cosmo, Stawell and Fosterville, earlier in July, when it merged with Rodney Lamond's Crocodile Gold Corp. The merged stock briefly hit $1.35, but it has been falling since with the price of gold. According to the Croc, cash costs were $938 an ounce all-in during the first quarter. Newmarket will release second-quarter numbers next week. It aims to produce 220,000 ounces of gold this year. Lukas Lundin, Randall Oliphant and Raymond Threlkeld are all Newmarket directors. Crocodile's Mr. Lamond has joined as chief operating officer. At Crocodile he was making $333,000 a year in salary, which means he is entitled to a $666,000 change-of-control payment.

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