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by Stockwatch Business Reporter
New York spot gold fell $7.80 to $1,314.80 on Monday. The TSX Venture Exchange fell 0.13 point to 783.63 while the TSX Gold Index dropped 3.84 points to 188.16. Detour Gold Corp. (DGC), down $4.55 Friday on discouraging guidance adjustments, fell another 76.5 cents to $9.28 on 8.16 million shares today.
Andrew Lee Smith's East Africa Metals Inc. (EAM), up 3.5 cents to 23 cents on 199,000 shares, has three preliminary economic assessments for its gold projects in Ethiopia. The largest of the three deposits, Mato Bula, would cost $54-million (U.S.) to put into production. The mine would produce 305,000 equivalent ounces of gold from 3.34 million tonnes of ore averaging 3.0 grams of gold and 0.7 gram of silver per tonne, plus 0.26 per cent copper. At Da Tambuk, a $34-million (U.S.) mine would produce 95,000 equivalent ounces of gold from 650,000 tonnes of ore, while a $17.2-million (U.S.) mine at Terakimti would yield 74,000 equivalent ounces. All three dream sheets show positive discounted net present values that total nearly $83-million (U.S.) after taxes.
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