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by Stockwatch Business Reporter

New York spot gold fell $14.50 on Friday, closing at $2,328.10. The TSX Venture Exchange retreated as well, dropping 4.09 points to 610.87 while the TSX gold index fell 3.39 points to 324.52. Most Canadian-listed gold miners moved lower today. Agnico Eagle Mines Ltd. (AEM) fell 92 cents to $92.95 on 3.5 million shares despite a one-month silence. Pan American Silver Corp. (PAAS) kept it company with a 40-cent drop to $30.01 on 2.19 million shares.

Elaine Ellingham's Omai Gold Mines Corp. (OMG) rose one-half cent to 14 cents on 608,000 shares. Omai was halted midday Thursday to await word the company has arranged the placement of 83.33 million shares at 12 cents apiece. The company is seeking the $10-million -- $11.5-million if the underwriters exercise their greenshoe option -- for exploration and development at its Omai project in Guyana, and for working capital. Most of the cash will go to advance the Wenot deposit, one of two deposits on the property, which received a preliminary economic assessment in April, and to the nearby Gilt Creek deposit, which was excluded from the dream sheet.

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