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by Stockwatch Business Reporter

New York spot gold closed down 70 cents to $1,238.20 Friday, ending the week up $15. Here in Canada, the TSX Venture Exchange rose 18.2 points to 810.23, while the TSX Gold Index lost 5.59 points to 162.53.

Canadian gold miners ended another day down. Agnico Eagle Mines Ltd. (AEM) slid $1.84 to $32.34, Barrick Gold Corp. (ABX) dropped 38 cents to $15.12, Goldcorp Inc. (G) dropped $1.03 to $25.85 and Primero Mining Corp. (P) lost 35 cents to $5.01.

Primero's chief operating officer, Renaud Adams, has left to join Richmont Mines Inc. (RIC), up five cents to $2.73 on 164,000 shares, as president, effective Nov. 15. Richmont's shares tumbled from $14 in late 2011 to $1.05 by the end of 2013, but things are finally starting to pick up thanks to nine months of better-than-projected production. The company has produced 72,000 ounces of gold so far this year, prompting a 15,000-ounce increase in guidance to 90,000 ounces. Richmont has three gold mines, Island in Ontario, Beaufor in Quebec, and Monique also in Quebec. Mr. Adams's job will be expanding production at Island. Beaufor has already been in production for 18 years and Monique is a small-scale operation, designed by the company's previous president, Paul Carmel, to boost revenues for the short term.

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