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by Stockwatch Business Reporter

New York spot gold closed up $6 to $1,221.10 Thursday, hitting a three-month high. The U.S. dollar fell after several disappointing economic reports, quashing hopes of an interest-rate increase this summer. In Canada, the TSX Venture Exchange lost 1.11 points to 692, while the TSX Gold Index rose a fraction to 170.59.

Canadian gold miners ended some up, some flat, some down. Goldcorp Inc. (G) gained 25 cents to $23.49, Iamgold Corp. (IMG) remained unchanged at $2.81, Kinross Gold Corp. (K) lost two cents to $3.02 and Agnico Eagle Mines Ltd. (AEM) lost eight cents to $40.75.

Agnico Eagle has arranged to buy 62.5 million shares (17.4 per cent) of Stan Bharti's Belo Sun Mining Corp. (BSX), up one cent to 22 cents on 341,000 shares. Agnico will pay 24 cents a share, giving Belo Sun an extra $15-million for its Volta Grande gold project in Brazil. A mine at Volta Grande would cost $298-million; its all-in cash costs are pegged at $779 an ounce, which is likely why Agnico is interested in the project. Last month, it bought 30 million 17-cent shares ($5.1-million) of Pershimco Resources Inc. (PRO: $0.21). Like Belo Sun, Pershimco has a gold project, Cerro Quema in Panama, with low projected all-in cash costs of around $631 an ounce. More Agnico investments are likely as the company has over $550-million in working capital and seems to be in a cheque-writing mood.

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