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by Stockwatch Business Reporter

New York spot gold closed up $11.80 to $1,081.80 on Thursday. The TSX Venture Exchange fell 2.43 points to 518.35 while the TSX Gold Index gained 2.95 points to 126.43. Most Canadian gold miners posted gains today. Alamos Gold Inc. (AGI) climbed 23 cents to $4.20 on 2.37 million shares, while Goldcorp Inc. (G) added 35 cents to $16.18 on 4.93 million shares.

Gordon Wylie and Howard Stevenson's Lydian International Ltd. (LYD), down one-half cent to 24.5 cents on 344,000 shares, has a new optimization study for its Amulsar gold project in Armenia. Mr. Stevenson, president and chief executive officer, says Lydian "set out to reduce capital expenditures without negatively impacting operating costs." As always with studies bearing the "optimization" moniker, it was deemed a success. (Mining realities are rarely as optimistic as the dream sheets that precede production.) Lydian now says its projected capital costs have been cut to $370-million (U.S.) from $426-million (U.S.) and cash costs are now predicted to be $509 (U.S.) per ounce, down from $642 (U.S.). Meanwhile, the total amount of gold to be produced remains essentially unchanged at 2.1 million ounces.

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