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by Stockwatch Business Reporter
New York spot gold fell $9.60 to $1,500.90 on Tuesday. The TSX Venture Exchange dropped 7.29 points to 587.40 while the TSX Gold Index slid 4.41 points to 246.54. Iamgold Corp. (IMG) dropped 13 cents to $4.39 on 5.76 million shares. The company has received assays of up to 1.26 grams of gold per tonne over 123.7 metres at its Nelligan joint venture, southwest of Chibougamau in Quebec. Vanstar Mining Resources Inc. (VSR), which holds a 49-per-cent interest in the project, lost two cents to 22.5 cents on 363,000 shares.
Steve Robertson's Sun Metals Corp. (SUNM) found its new Stardust assays captivating but many shareholders took the opportunity to flee. Sun Metals lost two cents to 49 cents on 4.16 million shares on assays from three new holes into the project in north-central British Columbia. The stepout tests were designed to establish continuity at the recently discovered 421 zone, and they apparently succeeded. All three holes produced promising grades of copper, but Mr. Robertson, president and chief executive officer, said that the gold content displayed by the assays "makes this discovery even more captivating."
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