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by Stockwatch Business Reporter

New York spot gold dropped $6.30 to $1,862.30 on Friday. The TSX-V managed an 8.95-point gain to end the day at 695.26 while the TSX gold index fell 0.89 point to 358.78. Most Canadian gold miners followed bullion lower today, although Eldorado Gold Corp. (ELD) bucked the trend, adding 14 cents to $13.52 on 1.68 million shares. Most declines were modest, with Oceanagold Corp. (OGC) falling two cents to $2.18 on 6.36 million shares and Teranga Gold Corp. (TGX) dropping 13 cents to $13.66 on 437,000 shares. Analysts are bullish on Teranga, not so much on Oceanagold, but as is often the case, the market has its own ideas.

George Ogilvie's Battle North Gold Corp. (BNAU) lost three cents to $1.75 on 200,000 shares. Today's move was in sharp contrast with Thursday's 26-cent gain on 2.07 million shares that came on the heels of word that a 2.37-metre interval drilled at its Bateman project had returned 34.10 grams of gold per tonne. Much of the gold was embedded within a 0.5-metre zone that yielded 136 grams per tonne. That was the only bonanza-grade encounter in the latest holes that tested the McFinley and Pen zones, so the other tests produced more pedestrian assays: A second hole produced 6.88 grams per tonne over 2.5 metres and a third mustered 10.9 grams per tonne over 0.65 metre.

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