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by Stockwatch Business Reporter

New York spot gold rose $16.10 to $1,206.80 Monday, as the U.S. dollar retreated slightly from the four-year high it hit on Friday. The TSX Venture Exchange dropped 14.84 points to 867.98, while the TSX Gold Index added 1.73 points to 163.87.

Bigger Canadian gold miners ended some up, some down. Alamos Gold Inc. (AGI) rose 15 cents to $8.90, Goldcorp Inc. (G) rose 29 cents to $25.76, Barrick Gold Corp. (ABX) lost seven cents to $15.84 and Yamana Gold Inc. (YRI) slipped four cents to $6.48.

Michael Jones and Frank Hallam's West Kirkland Mining Inc. (WKM) slipped one-half cent to 10 cents on a busier-than-usual 1.04 million shares. The company is working on a prefeasibility study for its Hasbrouck gold project in Nevada. It acquired 75 per cent of Hasbrouck in April for $20-million from Allied Nevada Gold Corp. (ANV: $3.26). West Kirkland can buy the remaining 25-per-cent interest for $10-million any time over the next two years. The project came with two million ounces of gold, measured, indicated and inferred, as well as enough historical information to bypass a preliminary economic assessment. West Kirkland budget $5-million on its PFS, which it hopes to release early next year. The deposit is near surface, which means the first truckloads of ore can be brought straight to the leach pad. The company has $8-million in working capital, thanks to a $33-million financing it closed at 15 cents in April. It raised the money to make its first Hasbrouck payment. Before this, the company was hoping to build a low-cost, $24-million mine at its TUG gold project in Utah. TUG is a joint venture with Newmont Mining Corp., but is not viable unless the price of gold returns to $1,575 an ounce. Even up there, TUG has a small NPV of only $9-million.

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