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by Stockwatch Business Reporter

New York spot gold fell $13.20 to $1,227.80 on Thursday. The TSX Venture Exchange gained 0.47 point to 825.88 while the TSX Gold Index slipped 4.67 points to 226.18. Most Canadian gold miners lost ground today, with Iamgold Corp. (IMG) leading the retreat. It lost 30 cents to $6.44 on 5.71 million shares.

Scott McLean's Transition Metals Corp. (XTM), down 1.5 cents to 18 cents on 824,000 shares, has received the results of a 1.23-tonne test of vein material collected at the West Matachewan project in Northeastern Ontario. (Transition Metals owns a 65-per-cent interest in Canadian Gold Miner, the private company that owns the project.) The sample assayed a hefty 240 grams of gold per tonne, a result that sent Transition's stock up 6.5 cents Wednesday to 19.5 cents on 1.30 million shares. The grade was hardly a surprise, as previous small tests of the vein material produced individual grab sample assays as high as 12,700 grams of gold per tonne, with chip sampling assays running as high as 2,060 grams of gold over 0.8 metre.

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