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by Stockwatch Business Reporter

New York spot gold dipped $58.10 Thursday, taking a break at $5,082.10. The TSX Venture Exchange took a hit, falling 19.36 points to 1,060.16, while the TSX gold index slid 36.69 points to 978.01. New Gold Inc. (NGD) helped lead the retreat, falling 80 cents to $15.30 on 4.08 million shares. Americas Gold and Silver Corp. (USA) kept it company, dropping $1.28 to $11.62 on 3.66 million shares.

Keith Boyle's New Found Gold Corp. (NFG) lost nine cents to $3.43 on 1.47 million shares on word that it has a tentative arrangement to borrow up to $75-million (U.S.) to finance development of its Queensway gold project in north-central Newfoundland. The plan calls for a first tranche of $50-million (U.S.) to be provided at closing, and a second tranche -- with certain conditions satisfied -- covering an additional $25-million (U.S.). Both tranches are subject to an annual administrative fee of 0.5 per cent and they will bear interest at 9.25 per cent, payable quarterly. The loan will have a two-year term that may be extended for an additional six months.

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