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by Stockwatch Business Reporter
New York spot gold lost another $10.80 Friday, closing at $1,763.20. The TSX Venture Exchange moved lower, dropping 1.27 points to 946.83 while the TSX gold index fell 3.78 points to 298.46. Most Canadian gold miners stayed a bit closer to home today after some greater excursions earlier in the week. Argonaut Gold Corp. (AR) rose five cents to $3.06 on 20 million shares while Kinross Gold Corp. (K) dropped 23 cents to $8 on 12.3 million shares.
Scott Trebilcock's Kore Mining Ltd. (KORE), up seven cents to 76 cents on 965,000 shares, has sold 8.42 million shares at 95 cents, raising $8-million primarily for "advancement of its gold assets in California." Kore's stock was trading for $1 when the company put together its (fortunately) bought-deal financing in mid-May, so the buyers are starting off with a loss on their books.
While they may not be happy, investors who paid $2 per share just before Christmas are probably apoplectic. Other backers who may not be quite as pleased today include Eric Sprott, the "cornerstone investor in Kore" who bought six million regular shares at $1 and one million flow-through shares at $1.50 at a discount last July.
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