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by Stockwatch Business Reporter

New York spot gold closed up $9.50 to $1,193 Tuesday. Greece managed to make a 757-million-euro payment to the International Monetary Fund this morning, after the Greek government ordered local authorities, universities and hospitals to place cash reserves into one account. In Canada, the TSX Venture Exchange added 1.07 points to 691.82 and the TSX Gold Index edged up a fraction to 166.83.

Canadian gold miners followed bullion higher. Goldcorp Inc. (G) added 24 cents to $22.74, Detour Gold Corp. (DGC) added 20 cents to $13.53, Agnico Eagle Mines Ltd. (AEM) gained 98 cents to $40.22 and Eldorado Gold Corp. (ELD) rose five cents to $6.17.

Bill Zisch's Midway Gold Corp. (MDW) dropped 5.5 cents to 29.5 cents on 285,000 shares. The stock, which has fallen from $1.32 last fall, continues to struggle. The company's Pan gold mine in Nevada poured its first gold on March 26, and has since produced 4,300 ounces. This is about 2,000 ounces below target. Grade has been one of the bigger disappointments, so the company hired an independent engineering firm to review Pan's resources. The project has only 503,000 ounces of gold, measured and indicated, down from 788,000 ounces as first thought. New president Zisch, who took over from a retiring Kenneth Brunk in December, plans more drilling in hopes of expanding the resource. He is also working on an updated mine plan, in hopes of increasing production. His first four months with the company have been full of growing pains, but he did manage to obtain final mining permits, fix a water well and start production. He owns no shares, but he does have an option to buy 1.75 million, exercisable at 75 cents. The option was valued at $500,000 when Mr. Zisch first joined the company; it was part of a $1-million signing bonus, of which the other $500,000 was paid in cash, fortunately. His salary is $400,000 a year.

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