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by Stockwatch Business Reporter

New York spot gold closed down $1.30 to $1,187.20 Monday, as the U.S. dollar climbed higher after Japan said it is in a recession. The TSX Venture Exchange edged up 1.21 points to 777.84 and the TSX Gold Index rose 2.79 points to 150.53.

Canada's gold miners ended the day slightly higher. Alamos Gold Corp. (AGI) rose 22 cents to $8.76, Goldcorp Inc. (G) gained 19 cents to $23.23, Agnico Eagle Mines Ltd. (AEM) gained 73 cents to $29.04 and Yamana Gold Inc. (YRI) added 12 cents to $4.49.

Sean Roosen's Osisko Gold Royalties Ltd. (OR) dropped 56 cents to $14.86 on one million shares, after announcing plans to merge with Andre Gaumond's Virginia Mines Inc. (VGQ), up $3.59 to $13.66 on 977,000 shares. The companies have agreed to an all-share deal valued at $479-million. The merged company will take Osisko Gold's name and it will hold NSR royalties on two of the biggest gold mines in Quebec, Malartic and Eleonore. Osisko Gold holds a 5-per-cent NSR royalty on Malartic, which generated $9.5-million in royalty revenue for the third quarter. Malartic is expected to produce 520,000 ounces of gold this year. Virginia Mines holds a sliding-scale (2.2-per-cent to 3.5-per-cent) NSR royalty on the Eleonore gold mine, which Goldcorp brought to production last month. Eleonore should produce 60,000 ounces before year-end, and then Goldcorp aims to increase that to 600,000 ounces a year by 2016. It acquired the mine in 2006, paying $420-million for Mr. Gaumond's previous company, Virginia Gold Mines Inc. It then spun out the NSR royalty and Virginia's non-Eleonore assets to a new company, Virginia Mines Inc. President Gaumond has spent the past eight years exploring at the company's dozen gold properties in Northern Quebec. He will continue to be in charge of exploration at Osisko Gold.

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