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by Stockwatch Business Reporter

New York spot gold closed down $3.90 to $1,304.40 Monday, slipping on some speculation that the United States Federal Reserve might increase interest rates later this week. Here in Canada, the TSX Venture Exchange added 2.41 points to 1,019.85 and the TSX Gold Index rose 1.55 points to 202.34.

Major Canadian gold miners ended some up, some down. Goldcorp Inc. (G) rose 22 cents to $30.73 and Iamgold Corp. (IMG) gained four cents to $4.11, while Barrick Gold Corp. (ABX) slipped two cents to $20.18 and Eldorado Gold Corp. (ELD) slipped nine cents to $8.32.

Ari Sussman's Continental Gold Ltd. (CNL) climbed nine cents to $4.06 on 712,000 shares, after another round of assays, including 1.35 metres of 190.5 grams per tonne gold, from infill drilling at the company's Buritica gold property in Colombia. Continental is hoping this drill program will push some of its 4.2 million ounces of inferred gold into the more-concrete measured and indicated categories. Buritica has 2.8 million ounces of M+I gold so far. The company also has $100-million in cash, some of which it is using for a preliminary economic assessment, expected this fall. Mr. Sussman has proven he is capable at raising money, but he has yet to prove himself as a mine builder. His previous company, Colossus Minerals Inc., tried to build a $100-million mine at its Serra Pelada gold project in Brazil, but it turned out to be a disaster. Fortunately, Mr. Sussman was not there for the worst parts. He resigned in October, 2012, explaining that he was leaving the company fully financed and within one year of production (he had helped raise $400-million during his seven years with the company). As that next year progressed, Colossus ran into a small flow of water that quickly grew into a multimillion-dollar flooding problem. The stock tumbled to 18 cents from $5.70, and the company was forced to suspend production indefinitely. This year, it ran out of money and had to file for bankruptcy.

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