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by Stockwatch Business Reporter

New York spot gold fell $11.20 Monday, closing at $2,642.10. The TSX Venture Exchange fell 3.01 points to 592.25 while the TSX gold index dropped 2.86 points to 364.11. Most Canadian listed gold miners retreated today, so shareholders of McEwen Mining Inc. (MUX) were probably pleased with their company's 57.5-cent gain to $13.26 on 140,000 shares.

Much of today's downdraft can be attributed to word from Ibrahim Traore, the President of Burkina Faso, who muttered that certain mining permits in the country might potentially be revoked. (By all means, Mr. President, the road to prosperity is paved with the success stories of Third World dictators nationalizing foreign investments -- just ask a Venezuelan, or, closer to home, a Zimbabwean.)

And so, gold miners with projects in Burkina Faso took a hit on the news. Endeavour Mining PLC (EDV) slid to an intraday low of $28.96, prompting the company to say that it "remains a trusted partner" to Burkina Faso, adding that it can confirm it is "not currently aware of any plans to revoke any of its mining permits." Endeavour's stock stabilized but ended the day down $1 to $30.66 on 2.17 million shares.

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