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by Stockwatch Business Reporter

New York spot gold closed up $1.50 to $1,208.30 Tuesday, as the U.S. dollar slipped for a second day. The TSX Venture Exchange dropped 13.15 points to 854.83, a new five-year low. The TSX-V is now 176 points above its December, 2008, low of 678. The TSX Gold Index lost 4.82 points to 159.05.

Despite bullion's slight rise, Canadian gold miners ended the day down. Barrick Gold Corp. (ABX) dropped 60 cents to $15.24, Goldcorp Inc. (G) dropped 55 cents to $25.21, New Gold Inc. (NGD) slid 23 cents to $5.23, Yamana Gold Inc. (YRI) dropped 20 cents to $6.28 and Kinross Gold Corp. (K) lost 13 cents to $3.48.

The Chilean Supreme court has revoked Goldcorp's El Morro environmental permit, ordering the company to consult with the Diaguita, a local indigenous tribe. A lower court revoked the El Morro permit in early 2012, citing the same reason, but Goldcorp increased its consultation and obtained a reinstated permit last fall. The Indians, however, appealed, thanks to financing help and probably more from an NGO called Citizen Watch, and they have continued to fight the project. They said a mine at El Morro would destroy sacred land and pollute local rivers. They also compared El Morro to Barrick's Pascua Lama gold project on the Chile-Argentina border, which the Diaguita already helped stall. Barrick was almost the owner of El Morro. In 2010, it offered Xstrata PLC almost $500-million for its 70-per-cent El Morro interest, prompting Goldcorp to go the project's 30-per-cent owner New Gold, and lend it the money to exercise a right of first refusal on that 70 per cent. Barrick sued Goldcorp, alleging that it had pulled a fast one over the miner, but the move has since relieved Barrick of a second Chilean headache. Goldcorp has sunk $220-million into El Morro so far, and construction has been on hold since the 2012 permit revocation, pending the Diaguita's first appeal. The company must carry 30-per-cent-owner New Gold to production.

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