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by Stockwatch Business Reporter
New York spot gold fell $4.00 to $1,315.90 on Friday. The TSX Venture Exchange gained 1.14 points to 800.23 while the TSX Gold Index lost 2.93 points to 237.28. Canadian gold miners fell back again today, with Agnico Eagle Mines Ltd. (AEM) leading the retreat. It fell $1.56 to $70.95 on 1.27 million shares. Iamgold Corp. (IMG) was down again today. It fell 23 cents to $5.30 on 6.53 million shares.
Phillip Walford's Marathon Gold Corp. (MOZ), down three cents to 69 cents on 1.24 million shares, has arranged an $8-million bought deal financing in which it is selling 8.88 million flow-through shares at 90 cents. The placement is expected to close in late October. Mr. Walford, president and chief executive officer, says the cash is for exploration at the company's Valentine Lake gold project in central Newfoundland. The company is currently drilling at Valentine and it recently added a second rig to the program with the intention of significantly expanding its resource estimate before the end of March.
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