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by Stockwatch Business Reporter

New York spot gold rose $4.90 to $1,186.20 Monday. The TSX Venture Exchange lost 3.75 points to 678.39, while the TSX Gold Index rose a fraction of a point to 155.16.

Major Canadian gold miners ended the day mostly higher. Barrick Gold Corp. (ABX) gained 29 cents to $14.15, Agnico Eagle Mines Ltd. (AEM) gained 28 cents to $38.28 and Kinross Gold Corp. (K) added two cents to $2.91, while Goldcorp Inc. (G) dropped 16 cents to $20.56.

Goldcorp is planning to raise $998-million by selling its 25.6-per-cent stake in Kevin McArthur's Tahoe Resources Inc. (THO), up 54 cents to $18.49 on 2.08 million shares before being halted pending news. Goldcorp will sell its 58.05 million Tahoe shares at $17.20 each. It received the stock at a deemed value of $6 in 2010, along with $230-million in cash for the Escobal silver project in Guatemala. Tahoe brought Escobal to production last year. Mr. McArthur knew the project well, as he was previously a president of Goldcorp until he retired in December, 2008, for personal reasons. He listed Tahoe in 2010. He has since expanded the company's business to include gold mining. Tahoe paid $1-billion for Alex Black's Peruvian gold miner, Rio Alto Mining Ltd., this past February. The company has $66-million in working capital, and will receive none of the sale proceeds. Goldcorp has not said what it will do with this money, but it will boost its working capital to about $2-billion. The company has just under $10-billion in long-term debt. For his services last year, Tahoe's president, Mr. McArthur, received $1.1-million in salary and bonus. He used to receive over $2-million a year as the president of Goldcorp.

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