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by Stockwatch Business Reporter
New York spot gold, within hailing distance of the $1,900 mark last week, continued its retreat today, dropping another $1.40 today to $1,788.30. The TSX Venture Exchange broke free, adding 10.99 points to 970.48 while the TSX gold index lost 1.11 points to 288.41. Most Canadian gold miners moved lower today. Victoria Gold Corp. (VGCX), which got to $18.50 early last week, suffered its seventh consecutive loss today, dropping 17 cents to $16.16 on 237,000 shares. Centerra gold Inc. (CG) managed a 15-cent rise, ending the day at $9.35 on 878,000 shares.
Nolan Watson's Sandstorm Gold Ltd. (SSL) dropped six cents to $8 on 429,000 shares. The company has a feasibility study of its Hod Maden project in Turkey. The project is supported by a reserve of 8.7 million tonnes averaging 8.8 grams of gold per tonne and 1.5 per cent copper, about 2.45 million ounces of gold and 287 million pounds of copper. The study proposes a 13-year, $309-million (U.S.) mine that would run at about 2,200 tonnes per day, averaging 156,000 ounces of gold and nearly 20 million pounds of copper per year. The bottom line is pleasing -- they usually are -- with a discounted net present value of $1.05-billion (U.S.) after taxes.
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