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by Stockwatch Business Reporter

New York spot gold lost $22.30 to $1,267.70 on Tuesday. The TSX Venture Exchange lost 7.17 points to 708.23 while the TSX Gold Index slipped 5.45 points to 225.68. Canadian gold miners moved downward with bullion, but the declines were not as sharp. Barrick Gold Corp. (ABX) lost 76 cents to $24.54 on 6.73 million shares and Yamana Gold Inc. (YRI) lost 17 cents to $6.02 on 7.68 million shares.

Phillip Walford's Marathon Gold Corp. (MOZ), up eight cents to 46 cents on 1.04 million shares, has received assays of up to 20.17 grams of gold per tonne over 7.2 metres from drilling at its Marathon deposit at Valentine Lake in west-central Newfoundland. The assay is from a 140-metre extension of a hole drilled last year. The extension encountered the high-grade gold, the best result so far, at a depth of 200 metres. Mr. Walford, president and chief executive officer, says the result is exciting, as the company continues to seek a "critical mass of open-pit resources" at Marathon.

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