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Clarification Backfires for China Gold Intl.; Shares Slip 9% Since Updated News Release Distributed

China Gold International Resources Corp. Ltd. (CGG.TO) is down more than 6% today, extending yesterday's slide that began when the junior miner sought to clarify assay results from drilling at its CSH gold mine in Inner Mongolia, China, by removing composite averages included in a news release distributed on Monday.

China Gold shares rose a combined 36 cents on Monday and Tuesday to $2.41 each following the original Dec. 19 release. After the second news release went out Wednesday, the stock slid 21 cents and resulting in a net change of 15 cents per share so far this week.

The 2011 drill program is intended to expand the existing resource estimates for the CSH open-pit mine and included a 185.58-meter intercept grading 0.93 grams gold per ton of ore.

and another intercept grading 0.77 grams per ton over 177.3 meters.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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