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by Stockwatch Business Reporter

New York spot gold lost $12.90 to $1,255.50 Monday, dropping to a three-month low as the U.S. dollar climbed to a new year-high. In Canada, the TSX Venture Exchange lost 9.69 points to 985.20 and the TSX Gold Index lost 4.55 points to 183.87.

Canadian gold miners ended the day down. Goldcorp Inc. (G) dropped 46 cents to $27.54, Barrick Gold Corp. (ABX) lost 27 cents to $18.37, Iamgold Corp. (IMG) lost five cents to $3.88 and Agnico Eagle Mines Ltd. (AEM) dropped 86 cents to $37.08.

Ivan Bebek and Shawn Wallace's Cayden Resources Inc. (CYD) lost 12 cents to $2.95 on 100,000 shares. The company had big news, but it came after the closing bell. Agnico Eagle is going to buy the company for $205-million, or $3.79 a share, and Cayden approves of this. Agnico is after Cayden's El Barqueno and Morelos Sur gold properties in Mexico. The target also owns the Las Calles property, which is a small sliver of Mexican land that sits in between two of Goldcorp's Los Filos mine pits. Goldcorp will likely need to acquire Las Calles at some point in the future, and Mr. Bebek spent last summer talking up a potential $30-million sale. The Las Calles angle pushed the stock up to $1.80 from 66 cents, but then this year El Barqueno became a much more interesting story, thanks to several rounds of impressive gold and copper assays. The El Barqueno drill results have boosted the stock up from $1 in January. Cayden is now working on a first-ever resource estimate. Both Mr. Bebek and Mr. Wallace each own about three million Cayden shares, for which they will each be entitled to 270,000 shares of Agnico and $30,000, a total value of $12-million.

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