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by Stockwatch Business Reporter

New York spot gold closed down $1.20 to $1,307.90 Monday in a day of light trading. In Canada, the TSX Venture Exchange rose 1.40 points to 998.87 and the TSX Gold Index edged up a fraction to 203.98.

Canadian gold miners had an up day. Iamgold Corp. (IMG) added two cents to $4.11, Alamos Gold Inc. (AGI) rose five cents to $10.61, Agnico Eagle Mines Ltd. (AEM) rose 18 cents to $42.41 and Harry Dobson's Kirkland Lake Gold Inc. (KGI) gained 35 cents to $4.50 after a pleasing first quarter.

Kirkland's Macassa gold mine in Ontario produced 39,000 ounces of gold in the three months ended July 31, up from 30,000 ounces last year. This improvement is largely the work of the company's president of nine months, George Ogilvie, who has been processing the mine's highest-grade ore. He aims to produce 155,000 ounces of gold this year, up from 120,000 ounces last year. Since he joined the company last November, Kirkland's stock has climbed from its 10-year low of $2.50; it was trading around $21 in mid-2011 before the company started missing its production targets. Along with other shareholders, Mr. Dobson, who saw his 3.76 million shares drop by $70-million in value, will be hopeful Mr. Ogilvie can continue the turnaround. Mr. Ogilivie is also the chairman of Mr. Dobson's Newfoundland gold-copper producer, Rambler Metals and Mining PLC (RAB: $0.42).

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