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by Stockwatch Business Reporter
New York spot gold fell $1.80 to $1,338.10 on Tuesday. The TSX Venture Exchange fell 20.85 points to 858.33 while the TSX Gold Index lost 1.23 points to 193.47. Canadian gold miners suffered another bleak day. Endeavour Mining Corp. (EDV) slumped $3.30 to $21.80 on 3.59 million shares on word that it has arranged to sell $300-million (U.S.) of senior convertible notes, primarily to refinance its debt. Premier Gold Mines Ltd. (PG) was one of a few gainers today. It added 17 cents to $3.53 on 954,000 shares on word it plans a busy year hunting for gold.
Bill Fisher's Goldquest Mining Inc. (GQC), down one cent to 37 cents on 1.21 million shares, has received assays of up to 0.80 gram of gold and 3.90 grams of silver per tonne across 148.1 metres from another seven holes drilled into its Cachimbo discovery on the Tireo concessions in the Dominican Republic. That long intersection, which came from a stepout hole drilled east of previous drilling, contained higher-grade zones. Those subintervals including a 5.05-metre zone that averaged 8.4 grams of gold and 42.4 grams of silver per tonne and a 20.3-metre interval that assayed 1.74 grams of gold and five grams of silver per tonne. All seven holes returned precious metals accompanied by modest amounts of copper and zinc.
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