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by Stockwatch Business Reporter

New York spot gold slumped $21.80, closing at $1,190.30 on Wednesday. The TSX Venture Exchange fell 2.54 points to 730.09 while the TSX Gold Index fell 8.61 points to 187.13. The market for Canadian gold miners was a sea of red today, with Endeavour Mining Corp. (EDV) off $1.48 to $20.08 on 611,000 shares and Kinross Gold Corp. (K) down 38 cents to $4.26 on 12.80 million shares.

Walter Berukoff's Lion One Metals Ltd. (LIO), up one cent to 76 cents on 73,000 shares, has received assays of up to 71.41 grams of gold over 8.41 metres at its Tuvatu gold project in Fiji. The promising hit was primarily the result of a 4.56-metre interval that assayed 126.67 grams per tonne. Drilling continues at the project, as part of the company's program that includes dewatering and underground development. Stephen Mann, managing director, says the initial assays from infill drilling further confirm the high grades and continuity of the near surface mineralization, adding that the company's drilling objective is to increase confidence in the resource ahead of mine development.

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