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by Stockwatch Business Reporter

New York spot gold -- which ran well above $2,100 over the weekend, dropped $41.80 to $2,029.20 on Monday. The TSX Venture Exchange lost 2.10 points to 544.16 while the TSX gold index lost 5.69 points to 286.88. Most Canadian gold miners moved lower today, although China Gold international Resources Corp. (CGG) managed a 13-cent gain to $5.74 on 15,000 shares. Among those southbound today were Franco-Nevada Corp. (FNV), which fell $3.66 to $149.05 on 1.23 million shares, and Iamgold Corp.(IMG), which lost 16 cents to $3.41 on 1.79 million shares.

Richard Young's Argonaut Gold Inc. (AR) has arranged a bought-deal financing in which it is selling 210.5 million new shares at 38 cents apiece for an additional $80-million. As well, the underwriters have an option to sell an additional 13.16 million shares for a further $5-million. The cash, says Mr. Young, president and chief executive officer, is for further development and optimization of the Magino mine in Northern Ontario and Florida Canyon in Nevada. Investors naturally made their own deal today, sending Argonaut three cents lower to 40 cents on 23.45 million shares.

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