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by Stockwatch Business Reporter

New York spot gold fell $29.30 to close at $2,741.30 on Monday, while the TSX Venture Exchange slid 18.41 points to 602.84 and the TSX gold index dropped 4.41 points to 372.07. Most gold miners listed in Canada lost ground today. First Quantum Minerals Inc. (FM) lost 76 cents to $18.10 on 3.37 million shares, while Aya Gold & Silver Inc. (AYA) fell 63 cents to $10.99 on 897,000 shares.

Garrett MacDonald's Maritime Resources Corp. (MAE) closed unchanged at 7.5 cents on 1.88 million shares on word that it has drilled a 6.3-metre near-surface interval averaging 41.6 grams of gold per tonne at its Hammerdown project, near Baie Verte in northwestern Newfoundland. Most of the gold sat in a two-metre stretch at the bottom of the zone -- but still within 10 metres of surface -- which averaged 127.53 grams per tonne. In other words, the other 4.3 metres ran just 1.63 grams per tonne.

A second hole also did well, with 11.1 grams of gold per tonne across 13.1 near-surface metres. All the gold sat in two mineralized zones -- one with 14.5 grams per tonne across 7.16 metres and the other with 40.87 grams per tonne over 1.01 metres. The other 2.9 metres were barren, but there was also an upper interval that contained 4.46 grams per tonne over 0.97 metre. Maritime also cheered three other holes among its 34 new holes as worthy of the highlight reel, but there were also 15 holes that were duds.

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