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by Stockwatch Business Reporter

New York spot gold rose another $14.70 to $1,901.30 on Friday. The TSX-V rose 11.21 point to 691.41 while the TSX gold index added 11.13 points to 386.63. Yamana Gold Inc. (YRI) had a good day after increasing its quarterly dividend to seven U.S. cents per share from 6.25 U.S. cents, adding 72 cents to $8.47 on 11.21 million shares.

Peter Akerley's Erdene Resource Development Corp. (ERD) jumped 10 cents to 60 cents on 5.31 million shares on word that it has arranged to place 44.44 million shares at 45 cents, raising a total of $20-million. Mining financier Eric Sprott has agreed to buy 33.33 million of the shares, says Mr. Akerley, Erdene's president and chief executive officer, who naturally translates the investment as a "strong endorsement" of Erdene's Bayan Khundii gold project and the surrounding ground. The cash will be used for early construction work at Bayan Khundii, and for exploration as the company seeks to expand the high-grade resources at the project.

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