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by Stockwatch Business Reporter
New York spot gold gained $14.40 to $1,334.20 on Tuesday. The TSX Venture Exchange gained 4.38 points to 843.57 while the TSX Gold Index rose 2.08 points to 185.84. McEwen Mining Inc. (MUX) helped lead Canadian gold miners higher today. It added 11 cents to $2.68 on 529,000 shares. Tahoe Resources Inc. (THO) lost seven cents to $6.43 on 1.34 million shares.
Bruce McLeod's Sabina Gold and Silver Corp. (SBB), unchanged at $1.78 on 278,000 shares, has started drilling at its Goose deposit on the Back River gold project in Nunavut. This is a first phase of drilling planned for this year, which will span 6,000 metres. Mr. McLeod, president and chief executive officer, says that a focus of the program will be a follow-up on the successes at the Umwelt Vault and Llama extension targets. Drilling last spring produced up to 16.86 grams of gold per tonne over 13.5 metres at Vault and 9.48 grams per tonne over 38.55 metres at Llama. Mr. McLeod says that the drilling last year demonstrated the potential for new discovery and "high-impact additions" to the mine life at Goose, adding that the company can continue to expand its resources by exploring along the known gold trends and newly emerging trends that are priorities for drilling this year. A bigger, second phase of drilling will start in summer, spanning about 20,000 metres.
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