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by Stockwatch Business Reporter

New York spot gold lost $17.80 to $1,208 Tuesday. The TSX Venture Exchange slipped a fraction to 694.99 and the TSX Gold Index lost 3.54 points to 166.94.

Canadian gold miners ended the day down. Goldcorp Inc. (G) dropped 56 cents to $22.76, Barrick Gold Corp. (ABX) dropped 54 cents to $15.26, Eldorado Gold Corp. (ELD) lost 24 cents to $5.92 and Iamgold Corp. (IMG) lost 12 cents to $2.67.

Mark O'Dea's True Gold Mining Inc. (TGM) rose two cents to 22 cents on 2.29 million shares. After a four-month stoppage, the company has resumed work at its Karma gold mine in Burkina Faso. It began with site cleanup and repairs, caused by the 2,000 Muslim pilgrims who set fire to the site in January causing $6-million in damages. After the cleanup, which should take two weeks, True Gold will rehire its local workers and resume full construction. Praise Allah. True Gold aims to pour its first gold in March, 2016. The Burkinabe government is mostly to thank, for it spent the past four months negotiating with locals and clearing up all misconceptions, such as rumours that the company planned to destroy a local mosque. The Karma pit is about a kilometre from the mosque, but True Gold has been respectful of worshippers. It built a four-metre-high sound barrier and made plans to use low-intensity mining equipment so as to not interrupt the five-times-a-day prayer services. The company also plans to mine the pit near the mosque for only 18 months; the mine's life is 8.5 years.

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