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by Stockwatch Business Reporter

New York spot gold closed down $12.60 to $1,059.00 on Friday. The TSX Venture Exchange fell 0.26 point to 521.99 while the TSX Gold Index lost 2.94 points to 122.53. Alamos Gold Inc. (AGI) was one of the few bright spots among Canadian gold miners today. It gained one cent, not that bright, to $4.07 on 828,000 shares. Barrick Gold Corp. (ABX) lost 43 cents to $9.47 on 3.44 million shares.

Dr. Jon North's Northquest Ltd. (NQ), up one cent to 15 cents on 115,000 shares, is expecting an imminent takeover bid from its majority shareholder, Nikolai Zelenski's Netherlands-based Nordgold NV. Nordgold has just exercised 1.39 million warrants at 24 cents, five million at 27 cents and another 11.1 million at 30 cents, giving it 55.6 million shares, or 52.3 per cent of the company's stock. Dr. North, chairman and chief executive officer of Northquest, says that according to a deal between the two companies, Nordgold must now offer to buy out the minority shareholders at a price of approximately 25 cents per share.

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