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by Stockwatch Business Reporter

New York spot gold closed down $2.80 to $1,203.10 Tuesday, falling with the U.S. dollar. In Canada, the TSX Venture Exchange slipped 2.00 points to 702.30 and the TSX Gold Index fell 3.79 points to 174.19.

Major Canadian gold miners followed bullion down. Barrick Gold Corp. (ABX) lost 40 cents to $15.61, Goldcorp Inc. (G) fell 51 cents to $26.08 and Detour Gold Corp. (DGC) fell 20 cents to $11.40 and Yamana Gold Inc. (YRI) dropped four cents to $5.18.

After the market closed, Yamana had some good news regarding a nuisance matter in Argentina. A commercial court has annulled a previously announced award of up to $224-million that a court-appointed arbitrator granted to a man named Ricardo Auriemma in January. The damages, which stemmed from a decade-old breach of a contract lawsuit, surprised Yamana, which called them a "gross miscalculation." They also surprised Charles Koppel's Samco Gold Ltd. (SGA: $0.52), which had paid $1.6-million in exchange for a portion of any award. At $224-million, it was suddenly entitled to an unbelievable $88-million, but the stock lurched up a mere 37 cents to 77 cents. The company quickly made plans to use some of the money exploring, noting that financings had been difficult in the market. Now, it must return to those difficult market financings.

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