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by Stockwatch Business Reporter
New York spot gold fell $6.80 to $1,346.50 on Friday. The TSX Venture Exchange fell 4.03 points to 830.17 while the TSX Gold Index dipped 3.54 points to 187.41. Agnico Eagle Mines Ltd. (AEM) led Canadian golds lower. It fell $2.17 to $54.12 on 4.74 million shares.
Rob McEwen's McEwen Mining Inc. (MUX), down 16 cents to $2.85 on 684,000 shares, has received an updated feasibility study of its Gold Bar project in Nevada. The study shows a discounted net present value of $54-million (U.S.), based on a seven-year mine plan that would cost $80.8-million (U.S.) to achieve production. The operation would average just under 60,000 ounces per year. The plan is based on a reserve of 16.5 million tonnes at 1.01 grams of gold per tonne, or about 485,000 ounces. There is more gold available if the company can get at it, as the resource hosts 22.8 million tonnes measured and indicated at 0.95 gram per tonne and 4.8 million tonnes inferred at 0.82 gram per tonne, for a total of nearly 750,000 ounces.
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