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by Stockwatch Business Reporter

New York spot gold broke free of its chains today -- just not in the right direction for gold bugs, as it lost $90.10 to $4,591.10. The TSX Venture Exchange dropped 24.53 points to 995.76 while the TSX gold index fell another 36.96 points to 861.20. Two months ago, both indices were duelling near the 1,100-point mark. Most precious metals miners lost more ground today. Aya Gold & Silver Inc. (AYA) fell 64 cents to $23.12 on 1.75 million shares while New Found Gold Corp. (NFG) dropped 15 cents to $2.66 on 719,000 shares.

Dan Barnholden's Luca Mining Corp. (LUCA) lost three cents to $1.37 on 1.65 million shares on word it has drilled a 118-metre zone grading 2.53 grams of gold and 77.89 grams of silver per tonne, plus 0.76 per cent copper, 1.99 per cent zinc and 0.57 per cent lead. The intercept came from underground drilling in the unmined Largo Norte zone of its Campo Morado mine in Guerrero, Mexico. A second hole did as well, with a 100.7-metre interval averaging 2.8 grams of gold and 90.72 grams of silver per tonne, plus 0.59 per cent copper, 2.59 per cent zinc and 0.71 per cent lead.

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