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by Stockwatch Business Reporter

New York spot gold lost $2.50 to $1,230.90 Tuesday, ending the day down after hitting a three-month high early in the session. The TSX Venture Exchange lost 9.34 points to 670.65 and the TSX Gold Index fell 8.97 points to 165.35.

Canadian gold mining companies had a down day. Agnico Eagle Mines Ltd. (AEM) fell $1.45 to $35.55, Alamos Gold Inc. (AGI) fell 73 cents to $9.10, Kinross Gold Corp. (K) fell 33 cents to $3.81 and Barrick Gold Corp. (ABX) fell 82 cents to $12.76.

Eira Thomas's Kaminak Gold Corp. (KAM) slipped one cent to 90 cents on 342,000 shares. The company has assays, including 22.86 metres of 3.99 grams per tonne gold, from infill drilling at its Coffee deposit in the Yukon. There, Kaminak has 4.2 million ounces of gold, but 3.4 million of them are in the inferred category, which means it must move some up to indicated to complete a feasbility study. Kaminak budgets $30-million for the report, which Ms. Thomas hopes to have by the end of the year. She has been with the company for two years now, during which time she helped Kaminak raise over $30-million. This fall, she closed a $13.5-million unit financing from Ross Beaty and Lukas Lundin. Ms. Thomas has also managed to boost Kaminak's Coffee resource by one million ounces of gold, and complete a preliminary economic assessment that shows a mine would be economic even if gold falls to $1,000 an ounce. Unfortunately, during her two years with the company, the stock has fallen from $1.50. It is far from its all-time high of $4.71, which it hit in mid-2011, thanks to pleasing Coffee assays, a higher gold price and plenty of hype surrounding Kinross's $140-million takeover of Underworld Resources Inc. Underworld's Golden Saddle property sits 27 kilometres from Coffee; it had 1.5 million ounces of gold at the time of the takeover. Analysts used to call Kaminak "The Next Underworld," but now they are calling it a potential takeover candidate, pointing out that unlike most Yukon projects, Coffee is accessible by road and barge year round.

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