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by Stockwatch Business Reporter

New York spot gold lost $8.70, closing at $1,216.30 on Thursday. The TSX Venture Exchange fell 0.59 point to 742.44 while the TSX Gold Index lost 2.45 points to 194.54. Most Canadian golds lost ground, led by Agnico Eagle Mines Ltd. (AEM), which dropped $1.72 to $57.77 on 1.23 million shares. Richmont Mines Inc. (RIC) was one of the few beacons of green today. It gained 19 cents to $9.30 on 9.06 million shares.

Scott Perry's Centerra Gold Inc. (CG), down five cents to $6.82 on 2.52 million shares, and Ewan Downie's Premier Gold Mines Ltd. (PG), down 11 cents to $2.36 on 2.50 million shares, have a feasibility study of their equally shared Hardrock gold project near Geraldton, Ont. The study, based on a reserve of 141.7 million tonnes averaging 1.02 grams per tonne, supports an open-pit mine that would produce 4.2 million ounces over its 14.5-year life. (There are an additional 4.2 million ounces in indicated and inferred resources, primarily underground.) The study, which puts the cost of the mine at a whopping $1.25-billion, credits the project with a discounted net present value of $709-million after taxes.

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