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by Stockwatch Business Reporter
New York spot gold lost $14.00 to $1,241.00 on Wednesday. The TSX Venture Exchange lost 12.15 points to 728.19 while the TSX Gold Index lost 4.08 points to 189.76. Detour Gold Corp. (DGC) added two cents to $12.45 on 1.27 million shares. The company may be facing a dissident bid for control from Paulson and Co., a significant shareholder, after its tough spring. Detour's stock plummeted below $10 from above $15 in late April after it said that its Detour Lake mine would produce less gold than expected this year and was facing higher than expected operating costs. The company is also having difficulties getting some needed permits. Detour's president and chief executive officer, Paul Martin, retired at the end of May, with Michael Kenyon taking over on an interim basis and Alex Morrison handling Mr. Kenyon's duties as chairman. The dissidents apparently want to replace the entire board.
Robert Carrington's Newrange Gold Corp. (NRG) was down two cents to 16 cents on 121,000 shares. The stock fell 5.5 cents to 17.5 cents on 187,000 shares Tuesday following a three-hour halt called so the company could reveal assays from its step-out drill program at the Pamlico project in Nevada. The assays ranged as high as 1.48 grams of gold per tonne over 39.6 metres from one of seven holes drilled at Pamlico Ridge. Much of that gold came from a three-metre subinterval that averaged 7.67 grams per tonne. Four of the holes did not return any gold, although the company said that these tests did not reach their target depths.
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