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by Stockwatch Business Reporter

New York spot gold closed down $12.30 to $1,069.80 on Tuesday. The TSX Venture Exchange fell 6.81 points to 519.30 while the TSX Gold Index lost 6.33 points to 119.01. Barrick Gold Corp. (YRI) led the losers among Canadian gold miners today. It slumped 88 cents to $9.29 on 8.54 million shares. Kirkland Lake Gold Inc. (KGI) also took a hit. It slipped 60 cents to $4.63 on 1.29 million shares.

Duncan Middlemiss's St. Andrew Goldfields Ltd. (SAS) jumped 1.5 cents to 39.5 cents on 11.32 million shares on word it has agreed to a friendly takeover by George Ogilvie's Kirkland Lake Gold Inc. (KGI: $4.63). Kirkland is offering 0.0906 share for each St. Andrew share, a 25-per-cent premium to Monday's close. The arrangement will give St. Andrew's shareholders 29 per cent of Kirkland's stock. Mr. Middlemiss, St. Andrew's president and chief executive officer, says the deal gives his shareholders access to Kirkland Lake's cash flow from the Macassa mine while retaining exposure to its own mines. Mr. Ogilvie, Kirkland Lake's president and CEO, says much the same, only in reverse.

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