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by Stockwatch Business Reporter

New York spot gold lost $4.70 to $1,705.70 on Friday. The TSX-V moved lower, dropping 1.65 points to 584.43 while the TSX gold index shed 3.66 points to 245.45. The charts of Canadian gold miners kept their red hue again today. New Gold Inc. (NGD) continued its slide, dropping seven cents to 91 cents on 3.02 million shares today while Oceanagold Corp. (OGC) dropped 12 cents to $2.37 on 2.51 million shares.

Douglas MacQuarrie and David Anthony's Asante Gold Corp. (ASE) lost two cents to $1.28 on 29,000 shares following a brief morning halt called so the company could reveal a major financing. Asante has drawn down $100-million (U.S.) of a $140-million (U.S.) package just arranged with "strategic financial institutions in Ghana." The strategy, one assumes, is for the lenders to get as much interest as they can, with as much collateral as they can get.

If so, the lenders were successful. They get 7.53 per cent in annual interest and the loan must be repaid in four quarterly installments, the last coming due in a year. Asante will make the payments from its gold production -- $26.88-million (U.S.) in gold valued at the spot price less 7 per cent to cover this first $100-million (U.S.) drawdown.

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