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by Stockwatch Business Reporter
New York spot gold rose $14.30 to $1,510.50 on Monday. The TSX Venture Exchange added 1.87 points to 594.69 while the TSX Gold Index fell 1.37 points to 251.02. Barrick Gold Corp. (ABX) lost 16 cents to $23.80 on 6.80 million shares despite its $194-million (U.S.) profit in the second quarter and its declaration of a four-U.S.-cent dividend.
Paul Harbidge, senior vice-president of exploration for Goldcorp Inc. until it merged with Newmont Mining Corp. this spring, has found a new job. He is now the president and chief executive officer of Ashwath Mehra's GT Gold Corp. (GTT), replacing Steve Burleton. Investors responded favourably to the news that the company will have a career geologist running the show, sending GT Gold up four cents to $1.27 on 861,000 shares. There is no doubt that Mr. Harbidge knows rocks -- he has a lengthy academic career and spent the past three years at Goldcorp. Mr. Mehra, executive chairman, and the departing Mr. Burleton offered the obligatory quotes of good cheer to promote the change.
Mr. Mehra pointed to Mr. Harbidge's "impressive experience and credentials," adding that he is looking forward to "leveraging his technical expertise" as GT Gold advances its Tatogga project in northwestern British Columbia. Mr. Mehra also had kind words for Mr. Burleton, on his way out the door, stating that under his leadership, the company "has grown quickly and beyond expectation." (So, it appears that Mr. Harbidge comes with much higher expectations.)
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