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by Stockwatch Business Reporter
New York spot gold fell $3.50 to $1,959.20 on Wednesday. The TSX Venture Exchange rose 1.02 points to 517.97 while the TSX gold index dropped 2.03 points to 264.75. Most Canadian gold miners moved lower today. Argonaut Gold Inc. (AR), which fell 1.5 cents to 44.5 cents on 8.64 million shares Tuesday on word it lost $471,000 (U.S.) in its third quarter, lost another two cents to 42.5 cents on 9.06 million shares today. The company briefly topped 75 cents at the start of September but has been ratcheting lower since then despite its Magino mine finally reaching commercial production. Eleven years ago, Argonaut had an $11 stock, but a series of cost overruns and delays at Magino have taken a toll.
Well that certainly left a mark. Darwin Green and Brock Colterjohn's Onyx Gold Corp. (ONYX) crashed 17.5 cents to 20 cents on 2.08 million shares on assays from the King Tut property in Yukon. The best result from the nine-hole drill program this year returned 0.3 gram of gold and 0.5 gram of silver per tonne over 32.5 metres at the Golden Mask target. There were longer hits -- two topped 100 metres in the Main Tut target, but the best was a 187-metre interval grading 0.13 gram of gold and 0.2 gram of silver per tonne.
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