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by Stockwatch Business Reporter

New York spot gold stumbled Tuesday, dropping $65.20 to $3,935.20 by the afternoon break. The TSX Venture Exchange collapsed 44.3 points to end the day at 888.87, while the TSX gold index lost 27.18 points to 664.30. Remember the good old days when the gold index topped 800 points and the TSX-V broke 1,030? Well, those days were barely two weeks ago. Iamgold Corp. (IMG) slid 78 cents to $15.45 on 5.73 million shares and it had plenty of company on the southward trek.

Patrick Godin's New Gold Inc. (NGD), which said early yesterday that it would merge with Coeur Mining Inc. (CDE) -- news that the market gave mixed reviews -- tumbled 92 cents to $9.31 on 11.6 million shares today. Coeur is offering about one-half share for each New Gold share, so the two companies are now joined at the proverbial hip. Coeur lost $1.315 (U.S.) to $13.80 (U.S.) on 30.2 million shares today.

Benoit La Salle's Aya Gold & Silver Inc. (AYA) slumped $1.29 to $14.18 on 2.61 million shares on news of a preliminary economic assessment of its Boumadine project in Morocco. Boumadine hosts 5.17 million tonnes indicated at 2.78 grams of gold and 91 grams of silver per tonne, along with modest grades of base metals. Another 29.2 million tonnes are inferred at slightly lower grades. In all, Boumadine hosts nearly three million ounces of gold and 92 million ounces of silver, and along with the base metals, this works out to about five million equivalent ounces of gold.

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