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by Stockwatch Business Reporter

New York spot gold fell $2.60 to $1,315.70 on Friday. The TSX Venture Exchange slid 5.80 points to 813.38 while the TSX Gold Index dropped 3.38 points to 178.36. Most Canadian gold miners lost ground today. Eldorado Gold Corp. (ELD), nearly $22 in 2011, dropped another 11 cents to $1.45 on 8.77 million shares. Guyana Goldfields Inc. (GUY) dropped 37 cents to $4.50 on 1.82 million shares.

Stuart Angus and John Lewins's K92 Mining Inc. (KNT), down one cent to 48.5 cents on 294,000 shares, has received assays of up to 53.34 grams of gold and 106 grams of silver per tonne, plus 1.16 per cent copper, over a true width of 4.75 metres at its Kora vein K2 on its Kainantu gold project in Papua New Guinea. The encouraging interval was bolstered by a 0.98-metre subinterval that averaged 159.4 grams of gold and 400 grams of silver per tonne, plus 3.94 per cent copper. The assays are from the most southerly hole drilled so far from the No. 2 underground drill cuddy. It also intercepted the K1 Kora vein, yielding 40.81 grams of gold and 16 grams of silver per tonne over a 3.27-metre true width. The assays support the company's theory that the high Kora grades continue farther to the south.

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