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by Stockwatch Business Reporter
New York spot fell $12.00 to $1,327.90 on Monday. The TSX Venture Exchange fell 2.11 points to 594.43 while the TSX Gold Index lost 2.65 points to 196.77. Most Canadian gold miners moved lower with bullion today. Yamana Gold Inc. (YRI) helped lead the retreat, dropping 12 cents to $2.57 on 5.63 million shares. New Gold Inc. (NGD) went the other way, adding four cents to 94 cents on 1.82 million shares.
Passing the buck is not working well for Mehmet Nazif Gunal and Serhan Umurhan's Avesoro Resources Inc. (ASO). Avesoro crashed 92 cents to 60 cents on 91,000 shares after the company cut its production guidance to a 190,000-ounce midpoint from 220,000 ounces. The nearly 15-per-cent cut is the result of changes at the company's Youga mine in Burkina Faso and its New Liberty mine in Liberia, implemented primarily because of significant ore dilution at Youga. (Youga's mill feed grade has been about 30 per cent below the budgeted 2.94-gram-per-tonne grade.)
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