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by Stockwatch Business Reporter
New York spot gold jumped another $5.30 to $1,280.40 on Friday. The TSX Venture Exchange surged higher, adding 14.81 points to 552.09, but the TSX Gold Index slipped 3.31 points to 183.42. Most Canadian gold miners shrugged off bullion's advance. Barrick Gold Corp. (ABX) dropped $1.05 to $17.63 on 42.96 million shares. Investors heard on Christmas Eve that the company was slashing its Toronto head office ahead of its not-yet-completed merger with Randgold Resources Ltd. Detour Gold Corp. (DGC) bucked the trend, adding 13 cents to $11.44 on 947,000 shares. The company had a change of control earlier this month, with a group led by Paulson and Co. taking charge.
Nick Appleyard and Mark Jones's Tristar Gold Inc. (TSG), up one-half cent to 13.5 cents on 13,000 shares, has completed its preliminary economic assessment of the Castelo de Sonhos gold project in Para, Brazil. The study is backed by a resource of 17.7 million tonnes indicated at 1.2 grams of gold per tonne and nearly 40 million tonnes inferred at one gram per tonne, about two million ounces. About half that gold will be mined, according to the dream sheet, which is based on an 8,250-tonne-per-day mine that would cost $184-million (U.S.) to build. The nine-year operation would average nearly 160,000 ounces of gold per year over the first four years and about 100,000 ounces per year the rest of the way, resulting in a discounted net present value of $264-million (U.S.) after taxes.
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