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by Stockwatch Business Reporter

New York spot gold fell $5.80 to $1,222.80 on Tuesday. The TSX Venture Exchange fell 2.72 points to 627.46 while the TSX Gold Index gained 1.10 points to 162.20. Guyana Goldfields Inc. (GUY) fell hard, dropping $1.44 to $1.62 on 28.16 million shares. The company had a tough third quarter and has trimmed its 2018 production guidance to just over 150,000 ounces, a drop of up to 30,000 ounces thanks to lower than expected grades.

Phillip Walford's Marathon Gold Corp. (MOZ), down two cents to 74 cents on 163,000 shares, has a revised preliminary economic assessment for its Valentine Lake gold project in Newfoundland. The updated dream sheet comes just five months after the earlier edition. It shows a discounted net present value of $493-million after taxes, compared with the original estimate of $367-million, thanks to an optimized equal mix of milling and heap leaching, with each process handling 9,000 tonnes of ore per day. The capital cost of the proposed 18,000-tonne-per-day mine went the other way, dropping to $355-million from $380-million.

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