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by Stockwatch Business Reporter
New York spot gold fell $8.80 to $1,294.50 on Monday. The TSX Venture Exchange lost 4.95 points to 792.49 while the TSX Gold Index dipped 3.09 points to 199.69. Gainers were in short supply among Canadian gold miners today. Yamana Gold Inc. (YRI) did manage a two-cent gain to $3.31 on 7.52 million shares. Agnico Eagle Mines Ltd. (AEM) led the retreat. It fell $1.33 to $57 on 853,000 shares. Torex Gold Resources Inc. (TXG) also took a hit. It lost 88 cents to $18.83 on 658,000 shares.
Luc Lessard's Falco Resources Ltd. (FPC), down eight cents to $1.16 on 1.35 million shares, has received a feasibility study for its Horne 5 gold project in the Rouyn-Noranda region of Quebec. The study is based upon a 15,790-tonne-per-day operation that would average 219,000 ounces per year over a projected life of 15 years. The $802-million mine is projected to yield a discounted net present value of $602-million after taxes. Mr. Lessard, president and chief executive officer, says that he and his crew are very pleased with the study as it shows the "robust economics of bringing this world-class project back into production." (The old Horne mine produced 11.6 million ounces of gold and 2.5 billion pounds of copper over 50 years, until it closed in 1976.)
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