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by Stockwatch Business Reporter

New York spot gold fell $12.40 to $1,983.10 on Tuesday. The TSX Venture Exchange added 2.63 points to 516.07, while the TSX gold index dropped 5.57 points to 268.55. Most Canadian gold miners moved little today. First Quantum Minerals Ltd. (FM), down nearly $8 on 21.45 million shares Monday, fell another $3.93 to $16.07 on 19.64 million shares today. Today, the company acknowledged what the market figured out yesterday: Its ability to operate in Panama is now uncertain, as the country had called for a referendum that could potentially kill the company's Cobre Panama mine.

Collin Kettell and Denis Laviolette's New Found Gold Corp. (NFG) slid 78 cents to $5.17 on 1.18 million shares on word of a big share sale. The company is offering 7.73 million charity flow-through shares at $7.25 apiece, seeking $56-million for further work on its Queensway gold project in north-central Newfoundland. There could be more cash coming as well, as the bought-deal financing includes the customary greenshoe option allowing the underwriters to buy an additional $8.4-million of shares.

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