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by Stockwatch Business Reporter

New York spot gold fell $3.00 to $1,338.10 on Monday. The TSX Venture Exchange dropped 12.87 points to 820.24 while the TSX Gold Index lost 2.83 points to 261.70. Canadian gold miners drifted lower, with New Gold Inc. (NGD) dropping 20 cents to $7.09 on 2.84 million shares. Agnico Eagle Mines Ltd. (AEM) bucked the trend, gaining 78 cents to $72.99 on 718,000 shares.

Douglas Forster's Newmarket Gold Inc. (NMI), up eight cents to $4.08 on 1.28 million shares, has received assays from underground drilling at its Cosmo mine in Australia. The assays, from over 13,800 metres of drilling across 45 holes, yielded up to 6.23 grams of gold across 21.45 metres in the Taipan zone, a new discovery on the property. The Redbelly Lode, another new find, produced up to 5.18 grams of gold per tonne over 8.75 metres. The bulk of the drilling centred on the Sliver zone, where assays of up to 8.76 grams per tonne over 7.55 metres "strongly support the potential" to expand the company's resources down-plunge from its existing reserve estimate for the Cosmo mine, says Mr. Forster, president and chief executive officer.

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