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by Stockwatch Business Reporter

New York spot gold fell $3.30 to $1,090.70 Thursday. The TSX Venture Exchange lost 10.66 points to 598.10 and the TSX Gold Index lost 4.76 points to 119.71.

Gold miners in Canada ended the day down. Agnico Eagle Mines Ltd. (AEM) dropped $1.22 to $29.16, Goldcorp Inc. (G) fell 57 cents to $16.66, Barrick Gold Corp. (ABX) fell 38 cents to $9.21 and Yamana Gold Inc. (YRI) lost 16 cents to $2.65.

Ned Goodman has resigned from Barrick's board to focus on a new business in resources and other hard assets. He and Sean Roosen are trying to combine five junior gold explorers into one cash-rich company that would carry on as Oban Mining Corp. (OBM: $0.085). After the amalgamation, Mr. Goodman and Mr. Roosen will become co-chairmen. Oban will have $65-million in cash and it aims to have two gold projects: Windfall Lake in Quebec and Whitney in Ontario. Acquiring Whitney, however, might prove more difficult after last week. The project's owner, Temex Resources Corp. (TME: $0.105), has received a competing takeover offer from Lake Shore Gold Corp. (LSG: $1.10). Lake Shore has offered 13 cents a Temex share, while Oban has offered only six cents. It has until July 30 to match Lake Shore's bid.

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