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by Stockwatch Business Reporter

New York spot gold closed down $4.70 to $1,298.90 Tuesday, despite continuing geopolitical problems. The United States and the European Union have placed further sanctions on Russia and fighting in Gaza carries on. In Canada, the TSX Venture Exchange lost 3.36 points to 1,016.50 and the TSX Gold Index lost a fraction to 201.69.

Major Canadian gold miners had a flat day. Barrick Gold Corp. (ABX) added one cent to $20.17, Goldcorp Inc. (G) slipped 13 cents to $30.60, Iamgold Corp. (IMG) remained unchanged at $4.11 and Centerra Gold Inc. (CG) added two cents to $6.32.

Barkerville Gold Mines Ltd. (BGM) dropped six cents to 41 cents on 546,000 shares, after Frank Callaghan, the company's president of 23 years, submitted his written resignation. Director Norman Anderson has assumed the roles of interim president and interim chief executive officer for now, while Mr. Callaghan will stay on as a director. He explained that "Barkerville Gold Mines has entered a new phase as a producer, . . . I feel now is the appropriate time to bring in an executive management team that can lead the company through what could be a much larger development." Its development so far has been a handful of gold bars from the QR mine and last week's first 400 ounces of gold from Bonanza Ledge. The company highlighted 14 of Mr. Callaghan's most notable achievements, including how he led the company through a 14-month securities commission review following a June, 2012, resource estimate announcement. (He also led the company to make that resource estimate announcement, which contained 10 million ounces of gold indicated and a potential 90 million inferred, both of which the commission said were misleading and non-compliant.) Interim CEO Anderson made sure to diplomatically thank Mr. Callaghan today for his "many years of selfless hard work and care . . . ." His selfless hard work last year came with a $240,000 salary, plus $1.2-million in fees charged by his private companies for exploration, deferred development, loan interest and administrative expenses. His son Sean also received $68,000 as he learned the business.

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