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by Stockwatch Business Reporter

New York spot gold closed down $5.50 to $1,202.20 Wednesday, falling after the United States Federal Reserve released minutes from its last meeting. Fed members were unable to agree on the timing of a potential interest rate increase. Here in Canada, the TSX Venture Exchange lost a fraction to 688.88 and the TSX Gold Index lost 1.65 points to 162.10.

Canada's gold miners followed bullion down. Goldcorp Inc. (G) lost 16 cents to $23.65, Barrick Gold Corp. (ABX) lost four cents to $15.42, Agnico Eagle Mines Ltd. (AEM) dropped 81 cents to $36.29 and Kinross Gold Corp. (K) lost seven cents to $2.90.

Conrad Swanson's Gold Reach Resources Ltd. (GRV), up 2.5 cents to 35 cents on 1,000 shares, has appointed Dwayne Melrose as president. Mr. Melrose joined Gold Reach as a director one year ago, when he was still president of Mark O'Dea's True Gold Mining Inc. (TGM: $0.20). There, he helped the company ingratiate itself with Burkinabe locals, at least for a while, as Mr. O'Dea raised $200-million to build a gold mine at the company's Karma gold project. At first things went well for Mr. Melrose in Burkina Faso. He hosted several local dignitaries at a groundbreaking ceremony last May. He even managed to obtain the blessings of the country's then-president, Blaise Compaore. Unfortunately that rolodex entry is probably of little use -- five months later, in November, 2014, president Compaore was ousted by a military coup. By December, the locals had turned on True Gold as well, and the company was forced to reduce construction after what it called a "disturbance." By January it had to stop construction completely because of a "demonstration." Two thousand angry Muslims stormed the Karma site, setting it ablaze and causing $6-milion in damages. True Gold fired Mr. Melrose that month; it has yet to resume construction.

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