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by Stockwatch Business Reporter
New York spot gold closed down $3.90 to $1,103.60 on Thursday. The TSX Venture Exchange lost 2.58 points to 539.58 while the TSX Gold Index slipped 5.25 points to 125.83. All the main Canadian gold miners lost ground today. Yamana Gold Inc. (YRI) dipped 15 cents to $2.55 on 6.70 million shares. Detour Gold Corp. (DGC) held up better, dropping four cents to $13.47 on 2.89 million shares.
Fred Stanford's Torex Gold Resources Inc. (TXG) lost four cents to $1.20 on 3.68 million shares. Mr. Stanford, president and chief executive officer, says his company is "on the doorstep of production" at its El Limon Guajes (ELG) mine in Guerrero, Mexico. Torex could be knocking for a while, as Mr. Stanford says the first gold pour at ELG is expected "before year end" and after that, the company expects to deal with the inevitable problems that crop up during the ramp-up period that will follow. The construction has been going smoothly of late and the expected cost remains at the budgeted $800-million (U.S.), with effectively 100 per cent of the budget -- in other words not quite all of it -- having been committed.
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