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by Stockwatch Business Reporter

New York spot gold lost $21.90 to $1,332.70 on Tuesday. The TSX Venture Exchange fell 9.56 points to 749.59 while the TSX Gold Index lost 12.03 points to 265.21. Most Canadian gold miners followed bullion lower. Barrick Gold Corp. (ABX) tumbled $2.03 to $26.89 on 12.22 million shares while Kinross Gold Corp. (K) fell 38 cents to $6.92 on 13.92 million shares.

Robert McLeod's IDM Mining Ltd. (IDM), up one cent to 22.5 cents on 3.03 million shares, has received a preliminary economic assessment for its Red Mountain gold project in northwestern British Columbia. (The new dream sheet supersedes one the company completed two years ago.) The plan calls for a mine designed to extract 1,500 tonnes per day for eight months per year from underground, with the processing plant running continuously at a rate of 1,000 tonnes per day. Mr. McLeod, president and chief executive officer, says the study confirms the potential for a near-term, low-cost, high-grade underground gold and silver mine.

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