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by Stockwatch Business Reporter

New York spot gold rose $9 to $1,204.10 Thursday, rising on reports that Saudi Arabia bombed Yemen. Here in Canada, the TSX Venture Exchange added 2.32 points to 679.56, while the TSX Gold Index lost 3.09 points to 160.37.

Despite bullion's rise, Canadian gold miners had a down day. Agnico Eagle Mines Ltd. (AEM) dropped $1.32 to $36.36, Barrick Gold Corp. (ABX) slipped nine cents to $14.09, Yamana Gold Inc. (YRI) lost 16 cents to $4.88 and New Gold Inc. (NGD) lost 20 cents to $4.51.

Mark O'Dea's True Gold Mining Inc. (TGM) remained unchanged at 19 cents on 2.95 million shares. The company is appointing Christian Milau as its new chief executive officer, effective April 27. Mr. Milau comes from Endeavour Mining Corp. (EDV: $0.60), where he was executive vice-president and chief financial officer. There, he gained experience working in the Ivory Coast, Ghana, Mali and finally Burkina Faso, which is where True Gold has run into some difficulty. The company had to stop construction of its Karma gold mine in January, after 2,000 Muslims set the site ablaze. The majority of the "demonstrators" do not live near the mine, but they pilgrimage to a nearby mosque once a year for the birth of Muhammad. This year, the mosque's sheik persuaded them to attack Karma. True Gold thought it had obtained this sheik's blessing, but clearly it had not. The company does have the blessings of local government officials, who are now helping True Gold talk with the locals. Mr. Milau is used to a base salary of $425,000 a year at Endeavour, which seems exorbitant but could be worth it if he can restart construction and bring Karma to production. The company says the mine will take about 10 months to build.

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