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by Stockwatch Business Reporter

New York spot gold closed down $6.50 to $1,133.40 Monday. The TSX Venture Exchange fell 0.15 point to 549.76 while the TSX Gold Index dropped 2.25 points to 126.15. Most Canadian gold explorers lost ground. Alamos Gold Inc. (AGI) fell 48 cents to $5.65 on 1.25 million shares while Kinross Gold Corp. (K) slipped 12 cents to $2.30 on 7.1 million shares. Yamana Gold Inc. (YRI), one of the few gainers, added seven cents to $2.33 on 6.4 million shares.

Bruce Bragagnolo and Arturo Bonillas's Timmins Gold Corp. (TMM), up seven cents to 34 cents on 10.7 million shares, is acquiring the El Sauzal processing plant from Goldcorp Inc. (G: $17.59) for $8-million in cash and stock to be paid over the next year. The news came on the heels of Timmins's most active day ever: it dropped three cents to 27 cents on 25.6 million shares Friday. Mr. Bragagnolo, chief executive officer, says the purchase will allow Timmins to save up to $60-million (U.S.) in capital expenditures when it builds its Ana Paula gold mine in Guerrero, Mexico. Ana Paula hosts 41 million tonnes measured and indicated at 1.4 grams of gold and 5.37 grams of silver per tonne, with 1.9 million tonnes inferred at slightly lower grades.

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