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by Stockwatch Business Reporter
New York spot gold rose $12.50 to $1,855.90 on Tuesday, while the TSX Venture Exchange managed a 13.28-point gain to 898.61 and the TSX gold index inched 0.56 point higher to 317.60.
Most Canadian gold miners nevertheless lost ground today, with George Burns's Eldorado Gold Corp. (ELD) falling 38 cents to $15.59 on 1.21 million shares. It has been a tough three days for Eldorado. It was trading at $18.43 just a week ago, but its stock shed $1.38 Friday and another 70 cents yesterday. The slump followed word that the company had hit the lower end of its production guidance, recovering nearly 529,000 ounces of gold last year. Mr. Burns, president and chief executive officer, was predictably pleased, given the "unprecedented external challenges," but investors were not as enthused.
Robert Carrington and Robert Archer's Newrange Gold Corp. (NRG) had an even tougher day, slumping 2.5 cents to 11.5 cents on 3.19 million shares on new assays from its Pamlico gold project in Nevada. At Gold Box Canyon, the best that seven holes could muster was a 15.25-metre interval averaging 0.115 gram of gold and 1.62 grams of silver per tonne. Only two other holes returned what the company optimistically termed "highlights," but the gold grade was less than a lowly 0.1 gram per tonne.
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