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by Stockwatch Business Reporter

New York spot gold fell $7.90 to $1,276.00 on Monday. The TSX Venture Exchange fell 6.86 points to 818.06 while the TSX Gold Index dipped 4.78 points to 212.83. Canadian gold miners followed bullion lower today, led by Tahoe Resources Inc. (THO), which lost 44 cents to $11.17 on 2.87 million shares, and Richmont Mines Inc. (RIC), which lost 40 cents to $10.06 on 798,000 shares.

Benoit Desormeaux's Semafo Inc. (SMF) tumbled 62 cents to $3.32 on 18.15 million shares. The company had a disappointing first quarter at its Mana mine in Burkina Faso and it has slashed its guidance for 2017 as a result. Mana produced 240,000 ounces of gold last year and the company predicted it would yield between 215,000 and 235,000 ounces this year. The mine managed just 55,400 ounces in the first quarter and Semafo says it now expects just 45,000 ounces this quarter and between 190,000 and 205,000 ounces this year. Naturally, the projected costs are now as high as $960 (U.S.) per ounce, from the earlier forecast of $835 (U.S.) per ounce, compounding the disappointment.

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