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by Stockwatch Business Reporter
New York spot gold lost $0.40 to $1,226.10 on Wednesday. The TSX Venture Exchange rose 5.83 points to 672.00 while the TSX Gold Index dropped 1.39 points to 163.49. Most Canadian gold miners lost ground again today, although Oceanagold Corp. (OGC) bucked the trend, adding two cents to $3.83 on 5.63 million shares. Tahoe Resources Inc. (THO) lost three cents to $3.22 on 2.82 million shares and Iamgold Corp. (IMG), which reported a $9.5-million (U.S.) third quarter loss, fell 39 cents to $4.37 on 4.53 million shares.
Ian Klassen's GMV Minerals Inc. (GMV) slumped 8.5 cents to 14.5 cents on 341,000 shares on the results of a "positive preliminary economic assessment" -- when are they ever deemed otherwise -- of its Mexican Hat gold project in Arizona. The (not so dreamy) dream sheet credited the project with a discounted net present value of $83.9-million (U.S.) after taxes, based on gold at $1,325 (U.S.) per ounce. The proposed five-year, 15,000-tonne-per-day mine carries a capital cost of $140-million (U.S.) and would yield an average of 94,000 ounces of gold over its life, based on a currently defined inferred resource of 32.88 million tonnes at 0.616 gram of gold per tonne for a total of 651,000 ounces.
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