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by Stockwatch Business Reporter

New York spot gold fell $5.10 to $1,198.60 Tuesday. The TSX Venture Exchange dropped 11.68 points to 792.87 while the TSX Gold Index fell 5.66 points to 197.56. Detour Gold Corp. (DGC) led Canadian gold miners lower, shedding $1.03 to $14.66 on 1.86 million shares. McEwen Mining Inc. (MUX) also fell hard, dropping 43 cents to $4 on 1.13 million shares.

Dominic Verdejo's Noka Resources Inc. (NX), up one cent to nine cents on 2.08 million shares, has acquired an option on "strategic high-grade gold properties" adjacent to the Springpole gold deposit in the Red Lake district of Northwestern Ontario. Noka can acquire a 100-per-cent interest in the Birch project from Pelangio Exploration Inc. (PX: $0.045) through staged payments of $375,000 in cash and 4.5 million shares over four years. It must also spend $1.3-million on exploration over that time. Alos, Noka can acquire a 100-per-cent interest in the Uchi project from a private company by paying $75,000 cash and issuing 1.25 million shares over four years.

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