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by Stockwatch Business Reporter
New York spot gold was closed Monday, but the London fix was up $12.45 to $1,339.25. The TSX Venture Exchange gained 17.99 points to 896.19 while the TSX Gold Index added 3.16 points to 203.78. Goldcorp Inc. (G) led Canadian golds higher today, adding $1.21 to $19.10 on 7.02 million shares. Eldorado Gold Corp. (ELD) was also up, but it added just three cents to $1.63 on 4.26 million shares.
Stephen Stewart's Orefinders Resources Inc. (ORX), up one cent to 14 cents on 1.12 million shares, has a preliminary economic assessment of its Mirado gold project, southeast of Kirkland Lake in Northern Ontario. The study is based on an open-pit operation at the South zone, which the company touts as just 5 per cent of the project. (Promoters like making such claims, which dangle hope that the other 95 per cent of the ground is full ofore.) The study contemplates mining about one million tonnes of rock within the pit, which averages 2.33 grams of gold per tonne, or nearly 80,000 ounces. Mirado's full resource estimate contains 10.6 million tonnes averaging 1.29 grams of gold per tonne, or 442,000 ounces.
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