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by Stockwatch Business Reporter

New York spot gold closed down $5.50 to $1,207.80 Thursday, as the U.S. dollar rose. The TSX Venture Exchange lost 5.95 points to 692.03 and the TSX Gold Index lost 3.54 points to 175.12.

Canadian gold miners ended the day mostly down after reporting their year-end results. Goldcorp Inc. (G) fell $2.29 to $26.65, Eldorado Gold Corp. (ELD) fell 28 cents to $6.26 and Alamos Gold Inc. (AGI) lost seven cents to $7.23. Barrick Gold Corp. (ABX) rose 82 cents to $16.03, after John Thornton revealed his plan to take Barrick "Back to the future." It consists of focusing purely on gold, eliminating bureaucracy and repaying $3-billion in debt.

Neil Woodyer and Frank Giustra's Endeavour Mining Corp. (EDV), up one cent to 57 cents on 879,000 shares, is about to make a construction decision regarding a gold mine at its Hounde project in Burkina Faso. There, the company has increased its reserves to 2.1 million ounces of gold proven and probable, up from 1.57 million ounces. It has also boosted the mine's cost to $325-million, up from $315-million. Endeavour obtained its Hounde mining permit on Feb. 5, so the company can start raising money. It hopes Hounde will increase production to 700,000 ounces a year by 2017. The company's other four gold mines, Youga in Burkina Faso, Nzema in Ghana, Tabakoto in Mali and Agbaou in the Ivory Coast, produced 466,000 ounces of gold last year, exceeding the company's 420,000-ounce target. Endeavour aims for 500,000 ounces this year. The company will release its full-year financials early next month, having warned that writedowns, because of the lower price of gold, are likely.

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