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by Stockwatch Business Reporter

New York spot gold closed down $4.60 to $1,077.20 Friday. The TSX Venture Exchange gained 2.30 points to 520.65 while the TSX Gold Index lost 4.29 points to 122.14. Most Canadian gold miners slipped back today, led by Eldorado Gold Corp. (ELD), which lost 27 cents to $4.06 on 3.86 million shares. Agnico Eagle Mines Ltd. (AEM) dropped $1.04 to $34.92 on 1.02 million shares.

Luc Lessard's Falco Resources Ltd. (FPC), up one-half cent to 25.5 cents on 312,000 shares, has received assays of 4.0 grams of gold equivalent over 55.5 metres at its Horne 5 project in the Rouyn-Noranda region of Quebec. A second hole averaged 11.4 grams over 13.2 metres. Four new holes, a total of 3,000 metres, are planned to further investigate the results. Two will be wedge holes drilled on the same sites as the last two tests; the other two will be drilled at new sites. At last report, Falco listed 25.3 million tonnes inferred at Horne at an average of 3.46 grams of gold equivalent, a total of 2.8 million equivalent ounces.

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