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by Stockwatch Business Reporter

New York spot gold lost $9.30 to $1,968.20 on Tuesday. The TSX Venture Exchange fell 0.92 point to 518.15 while the TSX gold index lost 5.47 points to 269.26. Today's ebb tide lowered most boats. Iamgold Corp. (IMG) dropped 13 cents to $3.32 on 1.54 million shares and Newmont Corp. (NGT) kept it company with a $1.28 drop to $50.63 on 1.26 million shares.

Neither company had news but one that did was Ero Copper Corp. (ERO). Ero slid $1.89 to $16.41 on 2.14 million shares on word it is selling 8.51 million shares at $12.35 (U.S.) in a $105-million (U.S.) bought-deal financing. The share price works out to about $17 (Canadian), and so Canadian investors exacted a discount of their own through the market today.

That homemade discount was evident with Shane Williams's West Red Lake Gold Mines Ltd. (WRLG) as well. The company said after the close yesterday that it was offering 19.24 million shares at 52 cents, seeking $10-million. Just after the open today, the company said oops, the placement is a 25-million-share offering for $13-million. Naturally, the market exacted the usual punishment for a fire sale placement, although just a few buyers got in at the 52-cent low today. West Red Lake ended the day down nine cents to 55 cents on 3.24 million shares.

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