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by Stockwatch Business Reporter

New York spot gold retreated $19.70 Friday, ending the week at $4,105.70. The TSX Venture Exchange dipped 0.51 point to 963.72 today, while the TSX gold index fell 9.59 points to 704.04. Kinross Gold Corp. (K) helped lead the advance, as it gained 12 cents to $33.52 on 6.1 million shares. McEwen Inc. (MUX), on the other hand, dropped 95 cents to $27.38 on 121,000 shares.

Allied Gold Corp. (AAUC) added 58 cents to $25.32 on 616,000 shares on word it has closed its overnight marketed equity offering, selling 6.4 million new shares at $27.35 apiece, putting $175-million into its account. The cash, the company says, is for "optimization and growth initiatives" -- particularly to accelerate development of infrastructure for a new expansion of its Sadiola mine, but also to modify its Kurmuk plant and to "begin the transition to owner mining at one or more operations." For those looking for more promotable uses, the company also dangles the ever-enticing "general corporate purposes to take advantage of corporate and asset-based opportunities which may arise from time to time."

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