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by Stockwatch Business Reporter

New York spot gold rose $1.70 to $1,200.30 Friday, ending the week up $19. The TSX Venture Exchange rose 1.27 points to 683.89, while the TSX Gold Index slipped 3.08 points to 154.84.

Canadian gold miners ended the day down. Goldcorp Inc. (G) lost 61 cents to $20.12, Agnico Eagle Mines Ltd. (AEM) dropped 94 cents to $38.08, Kinross Gold Corp. (K) lost 14 cents to $2.80 and Detour Gold Corp. (DGC) fell 97 cents to $14.92.

Jean Martineau's Peruvian toll miller, Dynacor Gold Mines Inc. (DNG), rose three cents to $2.18 on 36,000 shares. The stock hit an all-time high of $2.55 in March, but it has sold off recently. Heavier-than-usual rain in Peru have reduced ore supply at the company's toll mill. Dynacor still aims to produce 80,000 ounces of gold this year, up from 69,000 ounces last year. The company is building a second Peruvian toll mill, which will begin production in the fall. This month, the company has also been dealing with a dissident: David Sandberg and his New York investment company, Red Oak Partners LLC. Red Oak owns 2.65 million Dynacor shares or 7 per cent of the company, and it would like to appoint two directors. It has nominated Mr. Sandberg in place of Rene Branchaud, Dynacor's chairman of eight years. To appeal to investors, Mr. Sandberg has promised to take only 50 per cent of Mr. Branchaud's fees. The chairman receives only $14,700 a year. Dynacor pays its president, Mr. Martineau, $225,000 a year, but Red Oak is not trying to replace him.

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