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by Stockwatch Business Reporter

New York spot gold fell $13.50 to $1,263.20 on Thursday. The TSX Venture Exchange gained 4.11 points to 673.59 while the TSX Gold Index slipped 5.40 points to 220.59. Most Canadian gold miners had an off day, although Detour Gold Corp. (DGC) did gain nine cents to $29.38 on 1.08 million shares. Alacer Gold Corp. (ASR) lost 18 cents to $3.26 on 1.44 million shares while Kinross Gold Corp. (K) lost 21 cents to $6.53 on 11.30 million shares.

Eira Thomas's Kaminak Gold Corp. (KAM) jumped 52 cents to $2.50 on 23.53 million shares on word it will merge with Goldcorp Inc. (G), which fell 93 cents to $23.15 on 5.97 million shares. Each Kaminak shareholder will receive 0.10896 share of Goldcorp for each of their Kaminak shares, a 40-per-cent premium over the recent average share price. David Garofalo, president and chief executive officer of Goldcorp, says the acquisition is consistent with his company's strategy of "partnering with junior exploration companies" to identify and develop mining districts. Kaminak's Coffee project in central Yukon is the district in question, but the merger is clearly a friendly takeover, not a partnership.

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