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by Stockwatch Business Reporter

New York spot gold fell $2.00 to $1,246.20 on Thursday. The TSX Venture Exchange gained 0.44 point to 801.36 while the TSX Gold Index dipped 1.77 points to 211.07. Most Canadian miners moved little today, but Endeavour Mining Corp. (EDV) took a hit, dropping $1.06 to $23.88 on 581,000 shares.

Sam Coetzer's Golden Star Resources Ltd. (GSC), down four cents to $1.10 on 855,000 shares, plans over 47,000 metres of new drilling on its Ghanaian gold projects this year. The company will spend $2.5-million (U.S.) on a 21,500-metre program of underground drilling at its Prestea project and $400,000 (U.S.) more on open-pit drilling at Prestea and Mampon. Golden Star also plans 17,000 metres of underground drilling at Wassa, at a cost of $3.6-million (U.S.). Mr. Coetzer, president and chief executive officer, says his company is turning part of its focus back to exploration, with three key objectives: increasing the lives of its mines in the short, medium and longer terms. He says the drilling is just the first phase of this program; more drilling may follow if the results are positive.

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